iFund- Daily Market Commentary

2019-06-12 01:17
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11/6/2019

After the ultimatum of the G20 summit meeting, Trump once again put pressure on Beijing, pointing out that unless it returned to the previous consensus, it would rather not reach an agreement. Moreover, other officials are also downgrading the possibility of finalizing the agreement on the G20. Trump continued to blame at the Federal Reserve and reprimanded that the interest rate is too high.

      • The Dow Jones Industrial Average closed at 26.048.51 points, down 14.17 points or 0.05%. The Standard & Poor’s 500 Index closed at 2,885.72 points, down 1.01 points or 0.03%. The Nasdaq index closed at 7,822.57 points, down 0.60 points or 0.01%.
      • Trump said that he shelved the trade agreement with China. Unless China returns to the conditions negotiated earlier this year, the US will not reach an agreement with China.
      • Trump issued a tweet on Tuesday, slamming the Fed’s interest rate is too high, complaining that the euro and other currencies are depreciating against the US dollar.

     

      • The UK’s FTSE 100 index closed at 7,398.45 points, up 22.91 points or 0.31%. The Frankfurt DAX index closed at 12,155.81 points, up 110.43 points or 0.92%. The French CAC40 index closed at 5,408.45 points, up 25.95 points or 0.48%.
      • European Central Bank official Kazimir said the euro zone is not facing a recession or deflation. The Bank of England reiterated that tensions in Brexit issue and global trade issue caused downside risk to the UK’s economy.
      • Prime Minister of Italy said that he determined to reduce the deficit in 2019 to 2.1% of GDP, hoping to avoid the disciplinary procedures initiated by the European Union for Italy due to excessive debt.
      • Japan’s Nikkei 225 index closed at 21,204.28 points, up 69.86 points or 0.33%. The yen closed at 108.740 against the US dollar, down 0.120%.
      • According to a survey conducted by the Cabinet Office of Japan, after the seasonal adjustment, Japan’s May Service Industry Index failed to continue the previous rebound, decreased from 45.3 in April to 44.1, the lowest level since June 2016, lower than the market expectations of 45.4.
      • The Shanghai Composite Index closed at 2,925.72 points, up 73.59 points or 2.58%. The Shanghai and Shenzhen 300 Index closed at 3,719.28 points, up 108.54 points or 3.01%. The RMB closed at 6.913 against 1 US dollar, up 0.273%.
      • China will announce inflation data for May today.It is expected the CPI will increase from 2.5% in April to 2.7%, reflecting the increase in pork and vegetable prices. However, it is expected the PPI growth rate will be slowdown from 0.9% to 0.6%.
      • China Securities Journal reported that China Development and Reform Commission and other ministries and commissions will investigate the strategic mineral resources such as rare earths from June 10.







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