iFund- Daily Market Commentary

2019-05-30 01:25
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29/5/2019

US Special Prosecutor Muller refused to give a conclusion on whether Trump obstructed the administration of justice, but said that the “Russian interference in the 2016 United States elections” investigation did not completely clarify the relationship for the president. US Secretary of State Pompeo said that the United States may or may not reach a trade agreement with China. The EU said that Italy may be punished for debt problems and asked the government to give an explanation. Huawei advocates that the US ban is unconstitutional and responds to pressure by legal means.

      • The Dow Jones Industrial Average closed at 25,126.41 points, down 221.36 points or 0.87%. The Standard & Poor’s 500 Index closed at 2,783.02 points, down 19.37 points or 0.69%. The Nasdaq index closed at 7,547.31 points, down 60.04 points or 0.79%.
      • US Special Prosecutor Muller announced his resignation and closed the office. He refused to give a conclusion on whether Trump obstructed the administration of justice, but  said that the “Russian interference in the 2016 United States elections” investigation did not completely clarify the relationship for the president.
      • US Secretary of State Pompeo said that the United States may or may not reach a trade agreement with China. The only focus of Trump’s concern is to resist unfair trade relations with China. Even if China strengthens its armaments, China and the United States will not be able to fire in the near future.

      • The UK’s FTSE 100 index closed at 7,185.30 points, down 83.65 points or 1.15%. The Frankfurt DAX index closed at 11,837.81 points, down 189.24 points or 1.57%. The French CAC40 index closed at 5,222.12 points, down 90.57 points or 1.70%.
      • The EU confirmed that Italy may be penalized for debt problems. The European Commission confirmed that it will initiate the first step of the disciplinary procedure and asked the Italian government to explain why it failed to control the debt before making the final decision next week.
      • The European Central Bank Deputy Governor Guindos said that the ECB’s goal is still to restore “normal” monetary policy, but the task has become more difficult in the past year. The main risk comes from outside the Eurozone.

      • Japan’s Nikkei 225 index closed at 21,003.37 points, down 256.77 points or 1.21%. The yen closed at 109.400 against the US dollar, down 0.009%.
      • 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 2,914.70 points, up 4.78 points or 0.16%. The Shanghai and Shenzhen 300 Index closed at 3,663.91 points, down 8.35 points or 0.23%. The renminbi closed at 6.909 against 1 US dollar, up 0.027%.
      • Huawei responded legally to the US allegations of assisting the Chinese government in espionage and asked a judge in Texas to rule that the US government’s ban on the purchase of equipment by federal agencies and contractors is unconstitutional.
      • According to the Chinese official media,  CCTV and Xinhua News Agency, Chinese President Xi Jinping held a meeting with  Central Comprehensively Deepening Reforms Commission and delivered a speech. China will innovate and improve macroeconomic regulation and control, maintain the economy in a reasonable range, and strengthen the ability of innovation, opening up and cooperation .









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