iFund- Daily Market Commentary

2019-07-11 04:42
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Federal Reserve Chairman Powell hinted at the House of Representatives hearing that the Fed is preparing for a interest rate cut. Besides, the June employment report did not change the Fed’s dovish position. Besides, Powell reiterated that he will not resign. The minutes of the Fed meeting showed that many officials believed that the reason for the interest rate cut was enhanced.

      • The Dow Jones Industrial Average closed at 26,860.20 points, up 76.71 points or 0.29%. The Standard & Poor’s 500 Index closed at 2,993.07 points, up 13.44 points or 0.45%. The Nasdaq index closed at 8,202.53 points, up 60.80 points or 0.75%.
      • Fed Chairman Powell hinted at the House of Representatives hearing that the Fed is preparing to implement the first interest rate cut in a decade. He said that the June employment report did not change the Fed’s view, inflation is still too low, and trade issue is only one of the global risk.
      • Trump claimed that Iran has been secretly carrying out uranium enrichment activities, and the United States will soon substantially increase sanctions against Tehran. However, Iranian Foreign Minister Zarif said that the United States needs to stop adopting “economic terrorism” against Iran, and Iran will not agree to hold talks under duress.
      • The UK’s FTSE 100 index closed at 7,530.69 points, down 5.78 points or 0.08%. The Frankfurt DAX index closed at 12,373.41 points, down 63.14 points or 0.51%. The French CAC40 index closed at 5,567.59 points, down 4.51 points or 0.08%.
      • The EU lowered its forecast for economic growth and inflation in the Eurozone in 2020, reflecting the Eurozone economy is weak now.
      • The President-elect of the European Commission said that he hoped that Britain would change its mind and eventually choose to stay in the EU. If the UK chooses to leave, it must leave with the best possible conditions, with a clear indication that she will try to prevent the UK from no-deal Brexit.
      • Japan’s Nikkei 225 index closed at 21,533.48 points, down 31.67 points or 0.15%. The yen closed at 108.920 against the US dollar, down 0.110%.
      • According to the Conference Board, Japan’s Leading Indicator (LEI) for May fell for three consecutive months, to 95.6, hitting the record low of at least one year.
          • The Shanghai Composite Index closed at 2,915.30 points, down 12.93 points or 0.44%. The Shanghai and Shenzhen 300 Index closed at 3,786.74 points, down 6.39 points or 0.17%. The RMB closed at 6.883 against 1 US dollar, up 0.032%.
          • Chinese Finance Minister Liu Kun said that he believe China’s economic growth rate will remain in the range of 6% to 6.5%. China is reforming the financial system to attract more capital.
          • The U.S. Department of Commerce said it will issue licenses to allow companies to export products to Huawei in a condition of not threatening US national security, but it will not remove Huawei from the “blacklist” of export controls.

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