iFund- Daily Market Commentary

2019-06-27 01:18
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26/6/2019

Chinese President Xi Jinping travel to Japan today to attend the G20 Summit on Friday. Trump warned that if it is fail to make progress on the trade agreement between China and the US, the US will impose a large tariff on China’s exports. Trump once again blamed the chairman of the Federal Reserve, Powell, and reiterated he has the right to downgrade or dismiss Powell.

      • The Dow Jones Industrial Average closed at 26.536.82 points, down 11.40 points or 0.04%. The Standard & Poor’s 500 Index closed at 2,913.78 points, down 3.60 points or 0.12%. The Nasdaq index closed at 7,909.97 points, up 25.25 points or 0.32%.
      • Trump warned that if it is fail to make progress on the trade agreement between China and the US, the US will impose a large tariff on China’s exports.
      • Trump said that the Fed should let the European Central Bank President Draghi to be the chairman, not Powell. He reiterates that he has the right to downgrade or dismiss Powell.

     

      • The UK’s FTSE 100 index closed at 7,416.39 points, down 6.04 points or 0.08%. The Frankfurt DAX index closed at 12,245.32 points, up 16.88 points or 0.14%. The French CAC40 index closed at 5,500.72 points, down 13.85 points or 0.25%.
      • Bank of England Governor Carney claimed that the current policy is not excessively loose. He believe that the market will not surprise when the Bank of England exits from quantitative easing.
      • Boris Johnson, the popular candidate for the next prime minister of the United Kingdom, said that the probability of no agreement to leave the European Union is only one in a million. He also claimed whether an agreement is reached or not, he will let the UK leave the EU on October 31.
      • Japan’s Nikkei 225 index closed at 21,086.59 points, down 107.22 points or 0.51%. The yen closed at 107.690 against the US dollar, down 0.669%.
      • 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 2,976.28 points, down 5.79 points or 0.19%. The Shanghai and Shenzhen 300 Index closed at 3,794.33 points, down 6.98 points or 0.18%. The RMB closed at 6.876 against 1 US dollar, up 0.051%.
      • The State Council of China has requested to reduce the actual interest rate of financing for small and micro enterprises, and the pilot deployment supports the expansion of intellectual property rights pledge financing and manufacturing credit , which may strengthen the protection and utilization of intellectual property rights and promote employment expansion.
      • China’s bulk commodity trade was severely affected by the trade situation before the G-20 summit. In May, US soybean imports fell by 44% from the previous month. Rare earth and rare earth products that exported to the United States also fell to their lowest level within last three months.





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