iFund- Daily Market Commentary

2019-06-11 01:14
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10/6/2019

Trump threatened that if Xi Jinping does not meet with him at the G-20 summit, he will impose tariffs on China again. Vice President Peng Si said that the United States will continue to stand firm and be in a very strong position on China. . Saudi Arabia and Russia are committed to preventing oil prices from falling below $40.

      • The Dow Jones Industrial Average closed at 26,062.68 points, up 78.74 points or 0.30%. The Standard & Poor’s 500 Index closed at 2,886.73 points, up 13.39 points or 0.47%. The Nasdaq index closed at 7,823.17 points, up 81.07 points or 1.05%.
      • Trump threatened that if Chinese President Xi Jinping did not meet with him at the G-20 summit, he would impose tariffs on China again.
      • Trump said that French wine can enter the United States without any tariff, while American wines are subject to tariffs in France. This arrangement is unfair. The United States might want to “do something about the French wine tariff”.

     

      • The UK’s FTSE 100 index closed at 7,375.54 points, up 43.60 points or 0.59%. The Frankfurt DAX index closed at 12,045.38 points, up 0.00 points or 0.00%. The French CAC40 index closed at 5,382.50 points, up 18.45 points or 0.34%.
      • The UK economy contracted for the second consecutive month, with manufacturing output hitting its biggest decline within the past 17 years. The boosting effect brought by the pick-up before the Brexit was dissipated, and automakers advanced the plan to close the factory ahead of schedule.
      • Statistics from the British Bureau of Statistics show that the UK’s Gross Domestic Product (GDP) contracted to 0.4% in April, and the market originally expected to maintain a contraction of 0.1% in March.

     

      • Japan’s Nikkei 225 index closed at 21,134.42 points, up 249.71 points or 1.20%. The yen closed at 108.610 against the US dollar, down 0.055%.
      • Japanese Prime Minister Shinzo Abe said that the 2% inflation target has not been reached, but the “real” goal has been achieved.

     

      • The Shanghai Composite Index closed at 2,852.13 points, up 24.33 points or 0.86%. The Shanghai and Shenzhen 300 Index closed at 3,610.74 points, up 46.06 points or 1.29%. The RMB closed at 6.932 against 1 US dollar, down 0.323%.
      • The State Council of China has requested a larger increase in the size of special bonds, while emphasizing that it will not engage in “big flood irrigation” policy. Beside, it allows special bonds to be eligible for significant project capital.
      • Fitch reported that if China blacklists US companies or bans the export of rare earth metals to the US, it could have devastating effects on the US technology industry and some Chinese industries.







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