iFund- Daily Market Commentary

2019-05-22 01:13
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21/5/2019

Teresa May made the final attempt for the parliament to pass her Brexit agreement before stepping down, but her hopes of a second referendum on the Brexit are bound to fail. Trump is preparing to provide a new round of assistance to farmers who have been hit by the trade war. The People’s Bank of China announced that  it will issue an offshore central bank bills in the near future, releasing a signal to curb the excessive depreciation of renminbi.

      • The Dow Jones Industrial Average closed at 25,877.33 points, up 197.43 points or 0.77%. The Standard & Poor’s 500 Index closed at 2,864.36 points, up 24.13 points or 0.85%. The Nasdaq index closed at 7,785.72 points, up 83.35 points or 1.08%.
      • It is said that the Trump administration is preparing to announce a new round of aid programs for farmers affected by the trade war on Thursday, with a total amount of more than $15 billion.
      • It is reported the Trump administration had shelved the measure of putting Huawei on the blacklist because it feared that the move might interfere with trade negotiations with China, but ultimately took actions after the last round of US-China negotiations stalled.

      • The UK’s FTSE 100 index closed at 7,328.92 points, up 18.04 points or 0.25%. The Frankfurt DAX index closed at 12,143.47 points, up 102.18 points or 0.85%. The French CAC40 index closed at 5,385.46 points, up 26.87 points or 0.50%.
      • British Prime Minister Theresa May promised to let the parliament vote on whether to hold a second referendum on the Brexit, but only if the parliamentarians first support her Brexit agreement. Conservative MPs, Labor Party leaders, and Northern Ireland allies who support Brexit are unanimously opposed.
      • According to data from the European Central Bank, the current account surplus in the Eurozone in March was further narrowed to 24.7 billion euros (previous value surplus was revised to 27.9 billion euros), but still higher than the market expected surplus of 24.2 billion euros. During the period, the commodity surplus further narrowed to 24.5 billion euros (previous value surplus of about 25.7 billion euros),and service surplus increased to 7.7 billion euros.

      • Japan’s Nikkei 225 index closed at 21,272.45 points, down 29.28 points or 0.14%. The yen closed at 110.290 against the US dollar, down 0.335%.
      • According to the data from Japan Department Stores Association (JDSA), after the number of stores was adjusted, the total sales of Japan’s large department stores ended growth for two consecutive months, down 1.1% year-on-year (previously rising 0.1%) to 444.8 billion yen in April. During the period, the total sales of department stores in Tokyo fell 0.8% year-on-year to approximately 126.172 billion yen, but reversed the previous value and rebounded 0.6%.

        • The Shanghai Composite Index closed at 2,905.97 points, up 35.37 points or 1.23%. The Shanghai and Shenzhen 300 Index closed at 3,666.78 points, up 48.99 points or 1.35%. The RMB closed at 6.908 against 1 US dollar, up 0.122%.
        • Cui Tiankai, Chinese ambassador to the United States, said that the door to trade negotiations with the United States remains open. According to Xinhua News Agency, China’s counter-attack measures against the United States are not bluffing; China’s economic resilience is good, and there are sufficient policy tools to deal with the deeper impact of the trade war.
        • The People’s Bank of China announced that it will issue offshore central bank bills again, but the details of the time and scale of issuance have not been mentioned. Analysts pointed out that the issuance of offshore central bank bills outside the plan is intended to control the excessive depreciation of renminbi.







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