iFund- Daily Market Commentary

2019-07-17 02:45
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15/7/2019

U.S. Treasury Secretary Mnuchin is expected to hold a conference call with Chinese representatives this week. If the discussion is progressing, he and trade representative Wright Heze will travel to Beijing for trade negotiations. White House economic adviser Kudlow said the United States expects China to announce large-scale purchases of US agricultural products.

      • The Dow Jones Industrial Average closed at 27,359.16 points, up 27.13 points or 0.10%. The S&P 500 Index closed at 3014.30 points, up 0.53 points or 0.02%. The Nasdaq index closed at 8258.19 points, up 14.04 points or 0.17%.
      • US Finance Minister Mnuchin said that the Trump administration has a “serious concerns” about Facebook’s cryptocurrency Libra. The Treasury is concerned that the cryptocurrency will be used by terrorists.
      • The US stock market has hit record highs. According to Bloomberg data, the S&P 500 ETF attracted $6 billion inflow in a week.
      • The UK’s FTSE 100 index closed at 7,531.72 points, up 25.75 points or 0.34%. The DAX index closed at 12387.34 points, up 64.02 points or 0.52%. The CAC40 index closed at 5,578.21 points, up 5.35 points or 0.10%.
      • A European official said that the chief representative of the Brexit negotiations held one of the toughest talks in the past three years and predicted that the negotiating atmosphere would be more hostile under the new leadership of British government.
      • The British Chancellor of the Exchequer Hammond said that the next prime minister will not be able to quickly reach a trade agreement with the United States after the Brexit.
      • The Japanese stock market closed yesterday. The yen closed at 107.92 against the US dollar, down 0.4%.
      • After implementing restrictions on the export of three semiconductor raw materials to South Korea, Japan may expand its export restrictions on South Korea.
          • The Shanghai Composite Index closed at 2,942.19 points, up 11.64 points or 0.40%. The Shanghai and Shenzhen 300 Index closed at 3,824.19 points, up 15.46 points or 0.41%. The RMB closed at 6.88 against 1 US dollar, down 0.07%.
          • The official Chinese media reported that some US military companies were subject to sanctions for participating in arms sales to Taiwan.
          • China end-June yuan forex positions at PBOC balance sheet were 21.2 trillion, a decrease of 6.2 billion yuan from the previous month.







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