iFund- Daily Market Commentary

2019-05-28 01:51
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Trump said the United States is “not ready” to reach a trade agreement with China. The EU has vowed to boycott any US measures to curb EU auto exports. Italy failed to control its debt which may lead to a fine of up to 3.5 billion euros by the EU. British Labor Party leader Corbin expressed support for a referendum on any Brexit agreement. It is reported that Alibaba is considering raising $20 billion in a second listing in Hong Kong. MSCI’s expansion of China’s A-shares into the weights will take effect  after closing today.

      • The US stock market was closed on May 27th.
      • US President Trump said that the United States is not ready to reach a trade agreement with China and said that at some point in the future, the United States and China will definitely reach a good trade agreement because China can not withstand hundreds of billions of dollars in tariffs.

      • The UK’s FTSE 100 index closed at 7,277.37 points, up 46.69 points or 0.65%. The Frankfurt DAX index closed at 12071.18 points, up 60.14 points or 0.50%. The French CAC40 index closed at 5336.19 points, up 19.68 points or 0.37%.
      • The EU will hold a special summit on Tuesday to discuss the new leaders of the European Commission, the European Central Bank and the European Council. Margrethe Vestager, EU’s antitrust health commissioner known for investigating US technology giants, may be the first female president of the European Commission.
      • The EU has vowed to boycott any US measures to curb EU auto and auto parts exports, highlighting the risk of increased transatlantic trade tensions.

      • Japan’s Nikkei 225 index closed at 21182.58 points, up 65.36 points or 0.31%. The yen closed at 109.490 against the US dollar, down 0.0.190%.
      • According to the data from the Cabinet Office of Japan, after the seasonal adjustment the final value of Japan’s leading indicators in March was unexpectedly revised down to 95.9, which was the lowest since April 2016. The market originally expected the previous value of 97.1 to fall down to 96.3. During the period, the final value of the synchronous indicator was also revised down from 100.5 in February to 99.4, the lowest since September 2016; the final value of the lagging indicator was also revised down from 104.5 in February to 104.3 (initial value slightly increased to 104.6).

      • The Shanghai Composite Index closed at 2,892.38 points, up 39.38 points or 1.38%. The Shanghai and Shenzhen 300 Index closed at 3637.20 points, up 43.29 points or 1.20%. The RMB closed at 6.899 against 1 US dollar, down 0.001%.
      • It is said that Alibaba Group is considering raising $20 billion in a second listing in Hong Kong.
      • A spokesman for the Chinese Ministry of Foreign Affairs said that some departments and agencies of the US government have unfounded obstacles to normal humanities and exchanges between China and the United States.
      • The People’s Bank of China and the Ministry of Finance will tender 80 billion yuan of treasury cash management commercial bank time deposits on May 30.

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