iFund- Daily Market Commentary

2019-05-16 01:05
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It is reported Trump may postpone the decision to impose auto tariffs on EU and Japan, avoiding to intensify the confrontation with allies. The US Department of Commerce has included Huawei as a “list of entities” on the grounds of national security threats, meaning that US companies will need special licenses to sell products to Huawei. Besides, Trump’s additional administrative orders may also limit Huawei’s and ZTE’s sales of equipment in the United States.

      • The Dow Jones Industrial Average closed at 25,648.02 points, up 115.97 points or 0.45%. The Standard & Poor’s 500 Index closed at 2,850.96 points, up 16.55 points or 0.58%. The Nasdaq index closed at 7,822.15 points, up 87.65 points or 1.13%.
      • According to informed sources, Trump is expected to postpone the decision to impose auto tariffs on EU and Japan, which may be delayed by up to six months. This movement aims to prevent further aggravating confrontation with allies in the moment of Sino-US trade conflict.
      • US Finance Minister Mnuchin said that there is no plan to travel to China to discuss trade matters. Regarding the trade agreement, he said that there is still a lot of work to be done. He claimed that he has hope towards the trade talk, but he refuses to say that he is confident on it.

      • The UK’s FTSE 100 index closed at 7,296.95 points, up 55.35 points or 0.76%. The Frankfurt DAX index closed at 12,099.57 points, up 107.95 points or 0.90%. The French CAC40 index closed at 5,374.26 points, up 32.91 points or 0.62%.
      • Italian government officials said that President Matarella is worried about the prospects for the 2020 budget and how Italy will pay its debts. If the Italian government collapses, the general election will be held earlier in September.
      • Eurostat announced that the euro zone’s first quarter Gross Domestic Product (GDP) growth rate has increased from 0.2% in the last quarter to 0.4% in this quarter.

      • Japan’s Nikkei 225 index closed at 21,188.56 points, up 121.33 points or 0.58%. The yen closed at 109.360 against the US dollar, up 0.293%.
      • According to data from the Bank of Japan, Japan’s M2 money supply unexpectedly accelerated to 2.6% in April, a six-month high, higher than the market expectation of 2.3% increase. Moreover, the M3 money supply also unexpectedly accelerated to 2.2% year-on-year, higher than the market expectation of 2.1% increase.

      • The Shanghai Composite Index closed at 2,938.68 points, up 55.07 points or 1.91%. The Shanghai and Shenzhen 300 Index closed at 3,727.09 points, up 81.94 points or 2.25%. The RMB closed at 6.880 against 1 US dollar, up 0.036%.
      • China’s US Treasury bonds fell for the first time within the last four months in March, down $10.4 billion from the previous month to $1.12 trillion, the lowest level since 2017.
      • Yan Shuang said that the trade dispute was provoked by the United States. The actions of the Chinese side are entirely a legitimate counter-measure against the unreasonable behavior of the United States and are aimed at safeguarding multilateralism and the free trade system.

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