iFund- Daily Market Commentary

2019-06-19 01:13
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18/6/2019

Presidents of China and US have communicated by telephone. Trump and Xi Jinping agreed to meet during the G-20 summit in Japan next week to restart trade negotiations, driving up the price of US stocks and offshore renminbi. European Central Bank President Mario Draghi said that if the economic prospect does not improve, the central bank may need to increase the stimulus measures, the dovish speech pushed up the expectations of interest rates cut, European stocks generally rose.

      • The Dow Jones Industrial Average closed at 26,465.54 points, up 353.11 points or 1.35%. The Standard & Poor’s 500 Index closed at 2,917.75 points, up 28.08 points or 0.97%. The Nasdaq index closed at 7,953.88 points, up 108.86 points or 1.39%.
      • China and the United States confirmed that presidents of the two countries will meet at the G-20 summit in Japan next week in order to restart trade negotiations after a month-long stalemate. Trump said that he had a “very good” telephone conversation with Xi Jinping, and the respective teams of the US and China will start negotiations before the G-20 Summit.
      • The hearing on the issue of imposing tariffs on $300 billion Chinese comes to the second day, officials of corporate and industry groups said that the tariff list includes printing materials.

     

      • The UK’s FTSE 100 index closed at 7,443.04 points, up 85.73 points or 1.17%. The Frankfurt DAX index closed at 12,331.75 points, up 245.93 points or 2.03%. The French CAC40 index closed at 5,509.73 points, up 118.78 points or 2.20%.
      • European Central Bank President Draghi said that if the economic prospect does not improve, the euro zone will need additional stimulus measures. Three central bank officials in the euro zone said that if action is needed, a rate cut may be the first choice.
      • Trump blamed the euro zone and China of gaining economic advantage by weakening the local currency. Moreover, Trump is discontent with the promise of European Central Bank President Draghi on the monetary stimulus plan.
      • Japan’s Nikkei 225 index closed at 20,972.71 points, down 151.29 points or 0.72%. The yen closed at 108.290 against the US dollar, up 0.369%.
      • The Japanese government maintained its economic assessment unchanged in June, saying that the economy is recovering at a moderate rate, but exports and production remain weak.
      • The Shanghai Composite Index closed at 2,890.16 points, up 2.54 points or 0.09%. The Shanghai and Shenzhen 300 Index closed at 3,667.62 points, up 12.80 points or 0.35%. The RMB closed at 6.927 against 1 US dollar, down 0.025%.
      • Caixin reported that the People’s Bank of China and the China Securities Regulatory Commission convened a meeting with banks and brokers on Tuesday to encourage the provision of inter-bank liquidity and ease the liquidity structure of the market.
      • Huawei Vice President claimed that it will purchase more components from Europe and Asia, Huawei has been able to replace many US components with its own processor, but Europe can provide valuable software.







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