iFund- Daily Market Commentary

2019-07-09 06:09
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8/7/2019

Deutsche Bank’s large-scale restructuring plan was welcomed by the credit market and the risk indicators fell to new lows. Iran threatened that it will increase the enrichment of uranium to 20%. The South Korean president urged Japan to lift export restrictions, otherwise it will take countermeasures. It is reported that the Shanghai Stock Exchange restricts issuers from structured repurchase financing through agreement repurchase.

      • The Dow Jones Industrial Average closed at 26,806.14 points, down 115.98 points or 0.43%. The Standard & Poor’s 500 Index closed at 2,975.95 points, down 14.46 points or 0.48%. The Nasdaq index closed at 8,098.38 points, down 63.41 points or 0.78%.
      • The US Department of Commerce survey found that Chinese and Mexican prefabricated structural steel exporters received subsidies, so it is proposed to impose tariffs on structural steels produced in China and Mexico, and the final decision will be announced on or around November 19.
      • US consumer debt continued to grow in May, mainly due to the largest growth in revolving credit since October, indicating that Americans’ still has a good expectation for economic prospects, which supports the continued consumer spending.
      • The UK’s FTSE 100 index closed at 7,549.27 points, down 3.87 points or 0.05%. The Frankfurt DAX index closed at 12,543.51 points, down 25.02 points or 0.20%. The French CAC40 index closed at 5,589.19 points, down 4.53 points or 0.08%.
      • ECB policymakers reiterated their willingness to adopt monetary stimulating policies, but they hinted that no agreement has been reached on when or how to act.
      • The memo written by the British ambassador to Washington was leaked, in which described the Trump administration as “incompetent.” Trump said that the United States will no longer deal with the British ambassador. British Prime Minister Theresa May said that she would give full support to the ambassador to the United States.
      • Japan’s Nikkei 225 index closed at 21,534.35 points, down 212.03 points or 0.98%. The yen closed at 108.530 against the US dollar, down 0.442%.
      • According to a survey from the Cabinet Office of Japan, after the seasonal adjustment, Japan’s Service Industry Index in June hit a three-year low, from 44.1 in May to 44, but it is still higher than the market expectation of 43.6.
      • The Shanghai Composite Index closed at 2,933.36 points, down 77.70 points or 2.58%. The Shanghai and Shenzhen 300 Index closed at 3,802.79 points, down 90.41 points or 2.32%. The RMB closed at 6.881 against 1 US dollar, down 0.074%.
      • Bloomberg economist claimed that the corporate borrowing costs did not fall after the fall in interest rates in China’s money market. The reason is that although the central bank has injected more liquidity into the market, the desire of banks to lend money to the corporate is weakening.
      • The People’s Bank of China announced that foreign exchange reserves in June were US$ 3119.2 billion, slightly higher than market expectations of US$ 3110 billion.







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