iFund- Daily Market Commentary

2019-06-05 01:14
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Federal Reserve Chairman Powell hinted that he is holding an open attitude to cut interest rates when necessary, fueling market expectations for interest rate cuts, and US stocks hit their biggest growth since January. The Mexican foreign minister is expected that there is 80% chance to reach a tariff avoidance solution with the United States, and the Mexican president also expressed optimism.

      • The Dow Jones Industrial Average closed at 25,332.18 points, up 512.40 points or 2.06%. The Standard & Poor’s 500 Index closed at 2,803.27 points, up 58.82 points or 2.14%. The Nasdaq index closed at 7,527.12 points, up 194.10 points or 2.65%.
      • Federal Reserve Chairman Powell hinted that he would be open to have interest rate cuts when necessary and would closely monitor the trade disputes in order to take appropriate measures to maintain economic growth.
      • The Mexican Foreign Minister expects that there is 80% probability that Mexico would reach a solution with the US. The Mexican president also said that he believes that the United States and Mexico can reach an agreement to avoid tariffs by the deadline of next week.

      • The UK’s FTSE 100 index closed at 7,214.29 points, up 29.49 points or 0.41%. The Frankfurt DAX index closed at 11,971.17 points, up 178.36 points or 1.51%. The French CAC40 index closed at 5,268.26 points, up 26.80 points or 0.51%.
      • The British Conservative Party issued a statement, planning to elect a new party leader and prime minister in the week of July 22, and will hold multiple rounds of voting to eliminate candidates on June 13, 18, 19 and 20.
      • The slowdown rate of euro zone’s inflation in May exceeded expectations, further exacerbating the pressure on the European Central Bank. The European Central Bank is assessing the economic downside risk  and determining  whether to introduce stimulus measures.

      • Japan’s Nikkei 225 index closed at 20,408.54 points, down 2.34 points or 0.01%. The yen closed at 107.950 against the US dollar, up 0.324%.
      • According to data from the Cabinet Office of Japan, Japan’s final Gross Domestic Product (GDP) of 2018 will be revised down by 0.2 percentage points to 0.6%.

        • The Shanghai Composite Index closed at 2,862.28 points, down 27.80 points or 0.96%. The Shanghai and Shenzhen 300 Index closed at 3,598.47 points, down 33.54 points or 0.92%. The RMB closed at 6.909 against 1 US dollar, down 0.023%.
        • Spokesperson of the Ministry of Commerce of the People’s Republic of China claimed that the US government disregards global interests, adhering to the “US priority” and  wanting to suppress other country’s enterprises.
        • US officials claimed that US Treasury Secretary Mnuchin will meet Chinese officials at the G20 summit this week, but there is no plan to hold talks between them.

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