iFund- Daily Market Commentary

2019-07-10 10:55
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9/7/2019

Federal Reserve Chairman Powell will present semi-annual testimony in Congress on Wednesday and Thursday, he may release more signal on policy loose prospects. The White House economic adviser Kudlow said that he would not consider replacing Powell for the time being.

      • The Dow Jones Industrial Average closed at 26,783.49 points, down 22.65 points or 0.08%. The Standard & Poor’s 500 Index closed at 2,979.63 points, up 3.68 points or 0.12%. The Nasdaq index closed at 8,141.73 points, up 43.35 points or 0.54%.
      • Federal Reserve Chairman Powell will issue semi-annual testimony in Congress on Wednesday and Thursday, he may reveal a clearer signal on interest rate cuts.
      • The US government’s informed official said that trade representative Wright Heze and finance minister Mnuchin had a telephone conversation with Chinese Vice Premier Liu He and Commerce Minister Zhong Shan on Tuesday. This was the first high-level contact between the two sides since the two heads agreed to the truce last month.
      • The UK’s FTSE 100 index closed at 7,536.47 points, down 12.80 points or 0.17%. The Frankfurt DAX index closed at 12,436.55 points, down 106.96 points or 0.85%. The French CAC40 index closed at 5,572.10 points, down 17.09 points or 0.31%.
      • The British House of Commons passed an amendment aimed at preventing the next prime minister from instigating no-deal Brexit at the end of October by suspending parliament.
      • Lane, chief economist of the European Central Bank, claimed that the European Central Bank does not believe that the euro zone is in recession. He also claimed the central bank has the tools to deal with the downward trend if necessary.
      • Japan’s Nikkei 225 index closed at 21,565.15 points, up 30.80 points or 0.14%. The yen closed at 108.800 against the US dollar, down 0.248%.
      • Japan and South Korea may start talks on trade disputes on Friday. The South Korean Minister of Industry hopes that the two sides can meet in Tokyo, and the Japanese Minister of Economy and Economics said that Japan is holding an open attitude towards the working-level talks, but has no intention of withdrawing the relevant measures implemented last week on the three special materials.
        • The Shanghai Composite Index closed at 2,928.23 points, down 5.13 points or 0.18%. The Shanghai and Shenzhen 300 Index closed at 3,793.13 points, down 9.66 points or 0.25%. The RMB closed at 6.886 against 1 US dollar, down 0.062%.
        • According to informed sources, Huawei plans to obtain a $1.5 billion equivalent loan from several Chinese banks. According to Bloomberg data, this will be the first time Huawei has entered the offshore syndicated loan market without the help of a foreign bank.
        • China announced opinions on the enhancement of information sharing among relevant market players in the Science and Technology Board. The regulators can obtain and share the information of the companies proposed to be listed on the Science and Technology Board and related intermediary agencies and responsible persons’ information.







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