iFund- Daily Market Commentary

2019-05-21 01:10
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The British Home Secretary hinted that he might have the same view with US  on the issue of Huawei and might adopt a tougher stance than the European allies. The Chinese ambassador to the EU warned that it is a wrong act for the United States to constrain Huawei. China will not stand idly by and will make the necessary response. It is reported that the US, Europe and Japan are discussing on an agreement to curb China’s industrial subsidies.

      • The Dow Jones Industrial Average closed at 25,679.90 points, down 84.10 points or 0.33%. The Standard & Poor’s 500 Index closed at 2,840.23 points, down 19.30 points or 0.67%. The Nasdaq index closed at 7,702.38 points, down 113.91 points or 1.46%.
      • The University of Michigan announced that the initial Consumer Confidence Index for May was 102.4, far higher than the market expectation of 97.5 and last month’s 97.2, it is the highest level since 2004.
      • According to informed person’s claim, the United States, the European Union, and Japan are discussing on an agreement to curb national industrial subsidies, aiming to ultimately limit China’s support for private companies. Trade officials from the three major economies will discuss the draft text in Paris on May 23.

      • The UK’s FTSE 100 index closed at 7,310.88 points, down 37.74 points or 0.51%. The Frankfurt DAX index closed at 12,041.29 points, down 197.65 points or 1.61%. The French CAC40 index closed at 5,358.59 points, down 79.64 points or 1.46%.
      • The British Home Secretary has hinted that he might hold a similar view with US on the issue of whether to ban Huawei, and the United Kingdom may adopt a tougher stance against Huawei than its European allies.
      • According to informed person’s claim, British Prime Minister Theresa May is considering to have a customs plan to gain the Labor Party’s support for its Brexit agreement, including further strengthening of tariff links with the EU.

      • Japan’s Nikkei 225 index closed at 21,301.73 points, up 51.64 points or 0.24%. The yen closed at 109.920 against the US dollar, down 0.246%.
      • According to data from the Cabinet Office of Japan, Japan’s final Gross Domestic Product (GDP) for 2018 will be revised down by 0.2 percentage points to 0.6%.

      • The Shanghai Composite Index closed at 2,870.60 points, down 11.69 points or 0.41%. The Shanghai and Shenzhen 300 Index closed at 3,617.79 points, down 30.97 points or 0.85%. The RMB closed at 6.916 against 1 US dollar, down 0.019%.
      • The Chinese ambassador to the European Union said that it is a wrong act for the United States to constrain Huawei. China will make the necessary response and will not stand idly by and will not let the corporate rights and interests suffer.
      • At the regular press conference, Foreign Ministry Spokesperson Yan Shuang said that the US trade protectionism measures will have a certain impact on the Chinese economy, but it can be completely overcome.

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