iFund- Daily Market Commentary

2019-06-21 01:18
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20/6/2019

Trump said that it is a “big mistake” for Iran to shoot down the US drones. However, Trump downplayed his speech and said that it could be done by a “sloppy and stupid” person. The tensions in the Middle East pushed up the price of WTI crude oil. Trump expects Powell will finally cut interest rates, and this expectation has pushed the US stocks to record highs, while the Bloomberg dollar exchange rate index hit a three-month low.

      • The Dow Jones Industrial Average closed at 26,753.17 points, up 249.17 points or 0.94%. The Standard & Poor’s 500 Index closed at 2,954.18 points, up 27.72 points or 0.95%. The Nasdaq index closed at 8,051.34 points, up 64.02 points or 0.80%.
      • Trump said that it is a “big mistake” for Iran to shoot down the US drones. However, Trump downplayed his speech and said that it could be done by a “sloppy and stupid” person. Russian President Putin warned that a war between the United States and Iran would be “catastrophic” for the Middle East countries.
      • Trump said on Thursday that it is expected the Fed President Powell will finally cut interest rates and said “he should have done this earlier, and he will eventually do the right thing.”

     

      • The UK’s FTSE 100 index closed at 7,424.44 points, up 20.90 points or 0.28%. The Frankfurt DAX index closed at 12,355.39 points, up 46.86 points or 0.38%. The French CAC40 index closed at 5,535.57 points, up 17.12 points or 0.31%.
      • The governor of European Central Bank Governing Council Rehn said that unless the economic situation in the euro zone improves, the ECB is ready to use all “appropriate” tools to support the economy.
      • Boris Johnson and Jeremy Hunt enter the final competition for the British Conservative Party, and the winner will become the British Prime Minister.
      • Japan’s Nikkei 225 index closed at 21,462.86 points, up 128.99 points or 0.60%. The yen closed at 107.780 against the US dollar, up 0.575%.
      • Japan’s Ministry of Economy, Trade and Industry announced that, after seasonal adjustment, Japan’s All Industrial Activity Index rose by 0.9% in April from the previous value of 0.3% decrease, to 106.6, the largest increase within last half year, and better than the market expectations of 0.7% increase.
      • The Shanghai Composite Index closed at 2,987.12 points, up 69.32 points or 2.38%. The Shanghai and Shenzhen 300 Index closed at 3,828.52 points, up 112.58 points or 3.03%. The RMB closed at 6.856 against 1 US dollar, up 0.700%.
      • The Chinese Ministry of Commerce said that the economic and trade consultation team’s representatives of the China and US will communicate according to the instructions of the two presidents. According to the South China Morning Post report, the Sino-US negotiating team is expected to conduct consultations in Osaka as early as next Tuesday to prepare for the meeting between Xi Jinping and Trump at G-20 Summit.
      • IMF announced that as more Chinese financial assets are included in the international market index, there may be as many as $450 billion benchmark-driven portfolio inflows to China in the next 2-3 years.








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