iFund- Daily Market Commentary

2019-06-04 02:56
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Global manufacturing is shrinking. IHS Markit’s global manufacturing PMI fell to 49.8 in May. In addition, driven by regulatory news, the FANG in the US stock market fell sharply.

      • The Dow Jones Industrial Average closed at 24,819.78 points, up 4.74 points or 0.02%. The Standard & Poor’s 500 Index closed at 2,744.45 points, down 7.61 points or 0.28%. The Nasdaq index closed at 7,333.02 points, down 120.13 points or 1.61%.
      • St. Louis Fed President James Bullard said the Fed may need to lower interest rates to boost inflation and resist the risk of economic downturns due to escalating trade wars.
      • The outgoing White House Council of Economic Advisers, Kevin Hassett, said trade war and a growing budget deficit have lowered the probability of US economy growth target of 3% this year.

      • The UK’s FTSE 100 index closed at 7,184.80 points, up 23.09 points or 0.32%. The Frankfurt DAX index closed at 11,792.81 points, up 65.97 points or 0.56%. The French CAC40 index closed at 5,241.46 points, up 33.83 points or 0.65%.
      • Media said that the UK would reject the US request to ban Huawei.
      • Italian Prime Minister Conte said that members of the ruling coalition must end feud, or he would resign.

      • Japan’s Nikkei 225 index closed at 20,410.88 points, down 190.11 points or 0.92%. The yen closed at 108.300 against the US dollar, up 0.416%.
      • The Nikkei/Markit data showed that Japan’s manufacturing purchasing managers’ index (PMI) fell to 49.8 in May and fell back to contraction.

      • The Shanghai Composite Index closed at 2,890.08 points, down 8.61 points or 0.30%. The Shanghai and Shenzhen 300 Index closed at 3,632.01 points, up 2.22 points or 0.06%. The RMB closed at 6.907 against 1 US dollar, up 0.075%.
      • Trump said that many companies are leaving China to avoid paying customs duties and travel to other countries, including the United States.
      • The Ministry of Education of China issued an early warning of study abroad, saying that some of the Chinese visas for students studying in the United States were restricted. .

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