iFund- Daily Market Commentary

2019-06-28 01:16
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27/6/2019

The G-20 Summit starts in Osaka today. The leaders of China and the US will meet at 11:30 (Japan local time) on Saturday. The White House economic adviser Kudlow said that there is no precondition for the Sino-US talks, and the enforcement mechanism must be part of the negotiations.

      • The Dow Jones Industrial Average closed at 26.526.58 points, down 10.24 points or 0.04%. The Standard & Poor’s 500 Index closed at 2,924.92 points, up 11.14 points or 0.38%. The Nasdaq index closed at 7,967.76 points, up 57.79 points or 0.73%.
      • White House Economic Advisor Kudlow claimed that the G-20 talks between Xi Jinping and Trump will be held without any preconditions. If no agreement is reached, the United States may continue to impose additional tariffs on Chinese goods, and the enforcement mechanism must be included in the negotiations.
      • San Francisco Federal Reserve Governor Daly said that it is too early to judge the necessity or scale of interest rate cuts. According to Bloomberg’s survey on economists’ view, the Fed is expected to cut interest rates twice in September and December, respectively, at 25 basis points each.
      • The UK’s FTSE 100 index closed at 7,402.33 points, down 14.06 points or 0.19%. The Frankfurt DAX index closed at 12,271.03 points, up 25.71 points or 0.21%. The French CAC40 index closed at 5,493.61 points, down 7.11 points or 0.13%.
      • The Eurozone Confidence Index fell to its lowest level within last three years in June. As trade tensions deepened and the global economic outlook became more cautious, dragging down the corporate and consumer confidence.
      • According to data from the European Commission, the Eurozone Economic Sentiment Index in June fell to 103.3 from 105.2 in May, hitting a new low since August 2016, falling below market expectations of 104.8.
      • Japan’s Nikkei 225 index closed at 21,338.17 points, up 251.58 points or 1.19%. The yen closed at 107.840 against the US dollar, down 0.139%.
      • Japan’s Ministry of Economy, Trade and Industry announced that after seasonal adjustment, Japan’s retail sales in May rose by 0.3% from a 0.1% drop in April, but it is still lower than the market expectation of 0.6%.
      • The Shanghai Composite Index closed at 2,996.79 points, up 20.51 points or 0.69%. The Shanghai and Shenzhen 300 Index closed at 3,834.82 points, up 40.49 points or 1.07%. The RMB closed at 6.879 against 1 US dollar, down 0.039%.
      • The second quarter regular meeting of the People’s Bank of China: There have been positive changes in the structural adjustment of the domestic economy and finance industry, but there are still some deep-seated problems and prominent contradictions. It is necessary to pay close attention to the domestic situation, and implement counter-cyclical adjustments in a timely and appropriate manner. The sound monetary policy should be moderately appropriate.
      • Xi Jinping told South Korean President Wen Zaijun that China supports the DPRK and the United States to hold a new round of leaders’ meeting and hopes that the two sides will show flexibility and strive for talks.





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