iFund- Daily Market Commentary

2019-06-26 01:17
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25/6/2019

It is reported that Trump and Xi Jinping may agree to restart trade negotiations at the G20 summit officially. The United States may be willing to postpone tariffs on China’s $300 billion worth goods. Federal Reserve Chairman Powell reiterated that the risk of economic prospects has risen and it provides reasons for interest rate cut. Trump continues to issue a tough threat against Iran, saying that if Iran launches an attack, the United States will use “overwhelming power”.

      • The Dow Jones Industrial Average closed at 26,548.22 points, down 179.32 points or 0.67%. The Standard & Poor’s 500 Index closed at 2,917.38 points, down 27.97 points or 0.95%. The Nasdaq index closed at 7,884.72 points, down 120.98 points or 1.51%.
      • A senior US government official revealed that Trump and Chinese President Xi Jinping may agree to restart trade negotiations during the G20 summit. However, the United States will not accept tariff conditions in the negotiation, it is expected the two leaders will not reach a trade agreement during the meeting.
      • Federal Reserve Chairman Powell reiterated that the risk of economic prospects has risen and it provides reasons for interest rate cut.

     

      • The UK’s FTSE 100 index closed at 7,422.43 points, up 5.74 points or 0.08%. The Frankfurt DAX index closed at 12,228.44 points, down 46.13 points or 0.38%. The French CAC40 index closed at 5,514.57 points, down 7.14 points or 0.13%.
      • The Ifo Institute for Economic Research announced that, after the seasonal adjustment, Germany’s Ifo Business Climate Index fell for three consecutive months, from 97.9 in May to 97.4 in June, but it is still in line with market expectations.
      • Statistics from the French Statistical Office (INSEE) showed that France’s Manufacturing Confidence Index unexpectedly fell to 102 in June from 104 in May, much lower than the market expectations of 104.
      • Japan’s Nikkei 225 index closed at 21,193.81 points, down 92.18 points or 0.43%. The yen closed at 106.970 against the US dollar, up 0.308%.
      • According to data from the Bank of Japan, the growth rate of Japan’s Corporate Service Price Index unexpectedly slowed to 0.8% year-on-year in May, hit one year low, and it is also lower than the market expectation of 1% growth.
      • The Shanghai Composite Index closed at 2,982.07 points, down 26.07 points or 0.87%. The Shanghai and Shenzhen 300 Index closed at 3,801.31 points, down 39.96 points or 1.04%. The RMB closed at 6.879 against 1 US dollar, up 0.006%.
      • According to informed person, the Chinese government is considering to include FedEx into the list of unreliable entities. Preparations are now basically in place, and it is still waiting for the final decision of up the top leadership.
      • Chinese Foreign Ministry spokesperson Yan Shuang hosted a regular press conference. He claimed the teams of China and the US are in accordance with the instructions of the two heads of state and will meet and arrange for communication before G20 Summit.









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