iFund- Daily Market Commentary

2019-05-29 01:38
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China accused the United States of abusing the national security case of the WTO, and the former White House chief strategist, Bannon, urged Trump to “do everything he can” to fight with China on trade. The US-China trade war is likely to prolong the fear which may accelerate the rising of US bond, and the key part of the yield curve is further deeper into the negative range. US stocks hit a two-month low.

      • The Dow Jones Industrial Average closed at 25,347.77 points, down 237.92 points or 0.93%. The Standard & Poor’s 500 Index closed at 2,802.39 points, down 23.67 points or 0.84%. The Nasdaq index closed at 7,607.35 points, down 29.66 points or 0.39%.
      • The U.S. Treasury Department issued a semi-annual foreign exchange report to Congress in which once again China was not listed as a currency manipulator. And the number of countries that were assessed as exchange rate manipulator increased from 12 to 21.
      • Overnight US economic data: The 20-city house price index rose by nearly 2.7% year-on-year in March, and the growth rate slowed for the 12th consecutive month, the lowest since August 2012.

      • The UK’s FTSE 100 index closed at 7,268.95 points, down 8.78 points or 0.12%. The Frankfurt DAX index closed at 12,027.05 points, down 44.13 points or 0.37%. The French CAC40 index closed at 5,312.69 points, down 23.50 points or 0.44%.
      • The competition for the top leadership position of the European Union has warmed up. The German-backed chairman of the European Commission, Manfred Weber, has been widely opposed. France urged Michel Barnier, the EU’s chief British Brexit negotiator, to be promoted to the chairmanship of the committee.
      • The ECB Governing Council and the governor of the Bank of Spain said that the global and Eurozone economic growth is facing downside risks, and the Eurozone inflation rate may remain at a relatively low level for some time.

      • Japan’s Nikkei 225 index closed at 21,260.14 points, up 77.56 points or 0.37%. The yen closed at 109.390 against the US dollar, up 0.091%.
      • According to the data from the Bank of Japan, the increase of Japan’s corporate service price index unexpectedly slowed to 0.9% year-on-year in April, which is an 11-month low and a decline of 0.2% by month ending two-month rise (previous value continued rising 0.7% to at least one-year high), while the market originally expected a slight increase of 1.2% .

      • The Shanghai Composite Index closed at 2,909.91 points, up 17.53 points or 0.61%. The Shanghai and Shenzhen 300 Index closed at 3,672.26 points, up 35.06 points or 0.96%. The RMB closed at 6.911 against 1 US dollar, down 0.171%.
      • Hu Xijin, chief editor of the Global Times, said in a tweet that China is “seriously” considering restricting the export of rare earths to the United States and may take other countermeasures in the future.
      • Guo Shuqing, chairman of the China Banking Regulatory Commission, said in an interview with Xinhua News Agency that the short-term fluctuation of the RMB exchange rate is normal. The fundamentals of China’s economy have determined that the RMB cannot continue to depreciate. The speculative short-selling of the RMB will inevitably suffer huge losses.

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