iFund- Daily Market Commentary

2019-06-18 01:09
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Chinese President Xi Jinping will go to North Korea to meet with Kim Jong-un on the eve of the G-20 summit. US Secretary of Commerce Ross said that although he believes that he will eventually reach an agreement with China, the market should not hope there are breakthroughs on the Sino-US trade issue at the G-20 summit. China’s holding of US debt in April fell to its lowest level within last two years.

      • The Dow Jones Industrial Average closed at 26,112.53 points, up 22.92 points or 0.09%. The Standard & Poor’s 500 Index closed at 2,889.67 points, up 2.69 points or 0.09%. The Nasdaq index closed at 7,845.02 points, up 48.37 points or 0.62%.
      • US Secretary of Commerce Ross claimed that US will eventually reach an agreement with China, but he don’t expect that there are breakthroughs on the Sino-US trade issue in G-20 summit. There are other issues that China and US need to be discussed, such as the North Korean issue and the Hong Kong issue.
      • According to the data from US Treasury Department, before the escalation in Sino-US trade war in May, China’s holding of US debt in April had fallen to its lowest level within last two years. The total amount of US Treasury bonds held during the period fell by US$7.5 billion to US$1.11 trillion.


      • The UK’s FTSE 100 index closed at 7,357.31 points, up 11.53 points or 0.16%. The Frankfurt DAX index closed at 12,085.82 points, down 10.58 points or 0.09%. The French CAC40 index closed at 5,390.95 points, up 23.33 points or 0.43%.
      • Iran warned Europe that it will break through the 2015 nuclear deal restrictions after 10 days, unless European countries take action to ease the pressure of United States’s sanctions on Iran.
      • European Central Bank official Coeure said that if it is necessary to support the economy, the ECB will take action and may even face such a choice within a few months.
      • Japan’s Nikkei 225 index closed at 21,124.00 points, up 7.11 points or 0.03%. The yen closed at 108.690 against the US dollar, down 0.442%.
      • Japan’s Ministry of Economy, Trade and Industry announced that after seasonal adjustment, Japan’s third-industry activity index ended its two consecutive months’s drop in April, with a monthly bombing of 0.8% to 107.3 (previously revised up only 0.2%), hitting the one year high, and also better than the market expectations of 0.4% rebound.
      • The Shanghai Composite Index closed at 2,887.62 points, up 5.56 points or 0.20%. The Shanghai and Shenzhen 300 Index closed at 3,654.82 points, down 0.06 points or 0.00%. The RMB closed at 6.925 against 1 US dollar, down 0.017%.
      • Chinese President Xi Jinping will have a state visit to North Korea on June 20-21 and will meet with North Korean leader, Kim Jong-un. This is the first visit of the top Chinese leader to North Korea within last 14 years.
      • Ren Zhengfei, the founder of Huawei, expects that the US ban will cause the company’s revenue to fall by about $30 billion in the next two years. However, Huawei will strive to maintain its R&D budget without layoffs or major asset sales.

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