iFund- Daily Market Commentary

2019-05-17 01:13
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The US Commerce Secretary said that measures against Huawei will take effect on Friday, and the case is not part of the S-US trade negotiations. Saudi Arabia accused Iran of ordering Hussein’s attack on the oil facilities in Saudi Arabia, and the crude oil price rose to a two-week high. The British Labor Party said that if they can’t reach an agreement with Theresa May, the Labor Party will vote against the Brexit draft.

      • The Dow Jones Industrial Average closed at 25,862.68 points, up 214.66 points or 0.84%. The Standard & Poor’s 500 Index closed at 2,876.32 points, up 25.36 points or 0.89%. The Nasdaq index closed at 7,898.05 points, up 75.90 points or 0.97%.
      • US Commerce Secretary Ross said that measures against Huawei will take effect this Friday and require special permission from the Ministry of Commerce to deliver products, software or services to Huawei. He claimed that the above action is an enforcement action, not part of the Sino-US trade negotiations.
      • According to US economic data, the number of new home exceeded expectations in April, and the building permits also rose, indicating a positive growth in the residential market in the second quarter. The Philadelphia Fed manufacturing index rose to 16.6 in May, far exceeding expectations.

      • The UK’s FTSE 100 index closed at 7,353.51 points, up 56.56 points or 0.78%. The Frankfurt DAX index closed at 12,310.37 points, up 210.80 points or 1.74%. The French CAC40 index closed at 5,448.11 points, up 73.85 points or 1.37%.
      • A spokesperson of the Labor Party said that if Theresa May did not reach an agreement with the Labor Party first, Labour Party’s MPs would vote against the Brexit Agreement.
      • The European Central Bank once again called for discussions on European security asset issue, helping the euro zone’s financial markets to withstand future crises. However, Germany has opposed to this, fearing that this will lead to new risks.

      • Japan’s Nikkei 225 index closed at 21,062.98 points, down 125.58 points or 0.59%. The yen closed at 109.640 against the US dollar, down 0.255%.
      • According to the data of Bank of Japan, after the seasonal adjustment, Japan’s Domestic Corporate Goods Price Index (CGPI) rose by 0.3% in April for the third consecutive month, higher than market expectations of a 0.2% increase.

      • The Shanghai Composite Index closed at 2,955.71 points, up 17.03 points or 0.58%. The Shanghai and Shenzhen 300 Index closed at 3,743.96 points, up 16.87 points or 0.45%. The RMB closed at 6.878 against 1 US dollar, up 0.016%.
      • The Chinese Ministry of Commerce declared that if the United States imposes tariffs on the rest of China’s imported products, China will make the necessary counter-measures.
      • Sine the Sino-US trade situation becomes tense, economists worried that China will goes into a worst situation. They warned that if the trade war becomes tense, China’s economic growth rate may slow down significantly, debts soar, and foreign companies will withdraw from China.

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