iFund- Daily Market Commentary

2019-07-08 03:21
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4/7/2019

European Central Bank officials continue to hint that expansionary policy will be adopted, and the German 10-year bond yield fell below the ECB deposit rate for the first time. Boris Johnson, candidate for the next prime minister of the United Kingdom, said that fulfilling the Brexit will be the key to maintaining unity in Britain.

      • US Independence Day, US stock markets closed for one day.
      • The US will release June non-farm payroll employment data on Friday, which will be an important guidance to the Fed’s interest rate decision this month. According to the Bloomberg survey, the number of new jobs is expected to reach 160,000, up from 75,000 in May. Besides, the unemployment rate is expected to be flat at 3.6%.
      • According to data from the American human resources consulting firm Challenger, Gray & Christmas, the number of layoffs planned by US companies in June fell by 28% month-on-month to just 41.77 million.
      • The UK’s FTSE 100 index closed at 7,603.58 points, down 5.74 points or 0.08%. The Frankfurt DAX index closed at 12,629.90 points, up 13.66 points or 0.11%. The French CAC40 index closed at 5,620.73 points, up 1.92 points or 0.03%.
      • European Central Bank Management Committee, Olli Rehn, said that the slowdown of the euro zone’s economic growth should no longer be seen as a temporary phenomenon, and the central bank should be prepared for the possibility of a worsening situation.
      • Boris Johnson, the popular candidate for the next prime minister of the United Kingdom, said that fulfilling the Brexit decision will be the key to maintaining unity in Britain.
      • Japan’s Nikkei 225 index closed at 21,702.45 points, up 64.29 points or 0.30%. The yen closed at 107.790 against the US dollar, down 0.148%.
      • Japanese Prime Minister Shinzo Abe said that there is no need to raise the sales tax to more than 10% in the next 10 years, as this may hinder the government’s efforts to rectify the state’s fiscal position.
      • The Shanghai Composite Index closed at 3,005.25 points, down 10.01 points or 0.33%. The Shanghai and Shenzhen 300 Index closed at 3,873.10 points, down 20.43 points or 0.52%. The RMB closed at 6.873 against 1 US dollar, up 0.122%.
      • Spokesperson for the Chinese Ministry of Commerce said that if China and the United States can reach an agreement, the US unilaterally imposed tariffs must be abolished. Also, he claimed China hoped that the US will implement the promise of allowing products to be sold to Huawei.
      • Zhou Liang, Vice Chairman of China Banking Regulatory Commission, claimed that all business of Baoshang Bank has returned to normal, and the small and medium-sized financial institutions have been running smoothly. In the first half of 2019, new RMB loans were more than 9 trillion yuan. The current non-performing loan ratio of the banking industry is stable at around 2%.




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