iFund- Daily Market Commentary

2019-07-25 08:08
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24/7/2019

The White House confirmed that trade representative Wright Heze and finance minister Mnuchin will travel to China for economic and trade consultations on next week. Mnuchin said that the strong dollar is beneficial to the US economy in the long run. The new British Prime Minister Johnson will invite his Brexit allies to join the cabinet, insisting that the Brexit agreement should be good, otherwise simply do not have it.

  • The Dow Jones Industrial Average closed at 27,269.97 points, down 79.22 points or 0.29%. The Standard & Poor’s 500 Index closed at 3,019.56 points, up 14.09 points or 0.47%. The Nasdaq index closed at 8,321.50 points, up 70.10 points or 0.85%.
  • The White House confirmed that US Trade Representative Wright Heze and Finance Minister Mnuchin will travel to Shanghai next week to hold economic and trade consultations with China from July 30.
  • Mnuchin claimed that strong dollar is good for the US economy in the long run, and it will not promote a weak dollar policy in the short term. It is predicted that the United States will introduce more cryptocurrency regulations.

  • The UK’s FTSE 100 index closed at 7,501.46 points, down 55.40 points or 0.73%. The Frankfurt DAX index closed at 12,522.89 points, up 32.15 points or 0.26%. The French CAC40 index closed at 5,605.87 points, down 12.29 points or 0.22%.
  • The new British Prime Minister Boris Johnson said that if no-deal Brexit is the only way to leave the EU on time, UK should prepare for this possibility.
  • Boris Johnson appointed former British Home Secretary Sajid Javid as the Chancellor of the Exchequer, responsible for managing the economic affairs of the UK before and after the Brexit.

  • Japan’s Nikkei 225 index closed at 21,709.57 points, up 88.69 points or 0.41%. The yen closed at 108.065 against the US dollar, down 0.051%.
  • Japan’s consultation period for moving South Korea out of the white list ended on Wednesday, it might add more powerful weapons to the trade conflict between the two countries.
  • The Shanghai Composite Index closed at 2,923.28 points, up 23.34 points or 0.80%. The Shanghai and Shenzhen 300 Index closed at 3,819.83 points, up 29.92 points or 0.79%. The RMB closed at 6.875 against 1 US dollar, down 0.087%.
  • It is reported that China’s telecommunications equipment maker Huawei’s revenue in the first half of the year increased by about 30% year-on-year, slowing down from the 39% growth in the first quarter of this year, but still higher than last year.
  • CCTV reported that the Central Reform Commission is calling for strengthening the protection of intellectual property rights and establishing a comprehensive network management system.






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