iFund- Daily Market Commentary

2019-07-03 01:17
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EU leaders nominated IMF President Christine Lagarde and German Defense Minister Von Der Leyen to take charge of the European Central Bank and the European Commission respectively. Lagarde will become the first female president of the European Central Bank. Bank of England Governor Carney warned of economic downside risks. Federal Reserve official Mester opposed the interest rate cut in July, and it is reported that the European Central Bank is not eager to cut interest rate this month.

      • The Dow Jones Industrial Average closed at 26,786.68 points, up 69.25 points or 0.26%. The Standard & Poor’s 500 Index closed at 2,973.01 points, up 8.68 points or 0.29%. The Nasdaq index closed at 8,109.09 points, up 17.93 points or 0.22%.
      • Trump will nominate Judy Shelton, director of the European Bank for Reconstruction and Development, and Christopher Waller, St. Louis Fed official, as the member of the Federal Reserve.
      • Trump’s trade adviser Navarro said that the representatives of China and the United States are moving in the right direction, but the negotiations will take time. Huawei is still on the list of banned entities. Navarro claimed that it is not important to allow the sale of “chips” to Huawei, but Huawei is trying to dominate 5G.
      • The UK’s FTSE 100 index closed at 7,559.19 points, up 61.69 points or 0.82%. The Frankfurt DAX index closed at 12,526.72 points, up 5.34 points or 0.04%. The French CAC40 index closed at 5,576.82 points, up 8.91 points or 0.16%.
      • EU leaders nominated IMF President Christine Lagarde to replace Draghi as the first female president of the European Central Bank. Lagarde will temporarily abandon the IMF’s presidential function during the nomination period.
      • Bank of England Governor Carney warned that the escalation of trade tensions has increased the downside risks to global and UK economies, and that once a general slowdown has shown, central banks may require a major policy response.
      • Japan’s Nikkei 225 index closed at 21,754.27 points, up 24.30 points or 0.11%. The yen closed at 108.260 against the US dollar, up 0.000%.
      • Nikkei/Markit data showed that due to the Sino-US trade tension and the weak performance of global auto industry, Japan’s Manufacturing Purchasing Managers’ Index (PMI) unexpectedly deteriorated to 49.3 in June, lower than the market expectation of 49.5.
      • The Shanghai Composite Index closed at 3,043.94 points, down 0.96 points or 0.03%. The Shanghai and Shenzhen 300 Index closed at 3,937.17 points, up 1.36 points or 0.03%. The RMB closed at 6.876 against 1 US dollar, down 0.467%.
      • Chinese Premier Li Keqiang claimed that the global protectionism arise. The Chinese economy is facing new downward pressure. He is highly concerned about the difficulties and impacts it brings to the small and medium-sized enterprises and private enterprises. Measures must be taken to significantly reduce the financing costs of small and medium-sized enterprises and private enterprises.
      • Excessive fundraising of A-share is always happen in Chinese Technology Innovation Board. According to the data from Bloomberg, the four new shares of the Technology Innovation Board that have been priced as of July 2 have a excessive fundraising of nearly 50%.

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