iFund- Daily Market Commentary

2019-06-13 01:20
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12/6/2019

Trump said that the deadline for Sino-US talks should be decided by him. If no agreement can be reached, tariffs will be imposed on more goods. The US core inflation has been cooled down, which provides reasons for the Fed to cut interest rates. Dozens of people were injured in protests and demonstrations in Hong Kong. The Hong Kong government headquarters will be temporarily closed.

      • The Dow Jones Industrial Average closed at 26,004.83 points, down 43.68 points or 0.17%. The Standard & Poor’s 500 Index closed at 2,879.84 points, down 5.88 points or 0.20%. The Nasdaq index closed at 7,792.72 points, down 29.85 points or 0.38%.
      • Trump said that the deadline for Sino-US talks should be decided by him. He also claimed he is expected to have a trade agreement with China, if not the US will impose tariffs on more goods. Trump predicts that companies such as General Motors that manufacture products in China will soon start moving to the United States.
      • US Commerce Secretary Ross said that the trade agreement involving Huawei will not resolve the pending lawsuit against Huawei’s chief financial officer Meng Xizhou, nor will it resolve Huawei’s position on the US Department of Commerce’s export control entity list.

     

      • The UK’s FTSE 100 index closed at 7,367.62 points, down 30.83 points or 0.42%. The Frankfurt DAX index closed at 12,115.68 points, down 40.13 points or 0.33%. The French CAC40 index closed at 5,374.92 points, down 33.53 points or 0.62%.
      • According to the survey data of market research firm, Sentix, the euro zone’s investor confidence index fell into a negative value, from 5.3 in May to negative 3.3, a four-month low, lower than the market expectations of 2.5.
      • Statistics from the British Bureau of Statistics show that the UK’s Gross Domestic Product (GDP) contracted by 0.4% in April, much more than the market expectations of 0.1% contraction.
      • Japan’s Nikkei 225 index closed at 21,129.72 points, down 74.56 points or 0.35%. The yen closed at 108.350 against the US dollar, up 0.360%.
      • According to the Conference Board data, after the seasonal adjustment, Japan’s Leading Economic Indicator for April (LEI) continued to drop 0.8% month-on-month (previous value down 0.6%) to 95.8.
      • The Shanghai Composite Index closed at 2,909.38 points, down 16.34 points or 0.56%. The Shanghai and Shenzhen 300 Index closed at 3,691.10 points, down 28.18 points or 0.76%. The RMB closed at 6.920 against 1 US dollar, down 0.095%.
      • China’s social financing scale and new RMB loans in May were lower than expected. Bloomberg economists said that the credit data crisis, the medium and long-term lending activities of enterprises have slowed down, and the window of RRR cuts is still exist in June.
      • CCTV reported that the State Council of China has requested an active increase in imports and research to expand the cross-border e-commerce comprehensive pilot zone.







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