iFund- Daily Market Commentary

2019-07-26 01:19
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25/7/2019

The European Central Bank decided to keep interest rates unchanged, which increased the possibility of cutting interest rates and even restarting quantitative easing in the future. However, Draghi did not issue a clear quantitative easing signal at the press conference.

  • The Dow Jones Industrial Average closed at 27,140.98 points, down 128.99 points or 0.47%. The Standard & Poor’s 500 Index closed at 3,003.67 points, down 15.89 points or 0.53%. The Nasdaq index closed at 8,238.54 points, down 82.96 points or 1.00%.
  • The US House of Representatives passed a budget bill to suspend the debt ceiling and has submitted it to the Senate. Senate Majority Leader McConnell expects the Senate will pass the bill next week.
  • The US will release the second-quarter GDP data on Friday, which is expected to fall to the lowest level since Trump’s presidency due to the trade wars.

  • The UK’s FTSE 100 index closed at 7,489.05 points, down 12.41 points or 0.17%. The Frankfurt DAX index closed at 12,362.10 points, down 160.79 points or 1.28%. The French CAC40 index closed at 5,578.05 points, down 27.82 points or 0.50%.
  • The European Central Bank decided to keep interest rates unchanged and it is expected that the interest rate will remain at current “or lower” levels until the end of June 2020, increasing the possibility of interest rate cut in September.
  • The risk of no-deal Brexit is increasing. The Brexit agreement proposed by Prime Minister Johnson is rejected by the parliament and must abandon the Irish backup plan, but this request was rejected by the EU.

  • Japan’s Nikkei 225 index closed at 21,756.55 points, up 46.98 points or 0.22%. The yen closed at 108.550 against the US dollar, up 0.449%.
  • 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 2,937.36 points, up 14.08 points or 0.48%. The Shanghai and Shenzhen 300 Index closed at 3,851.07 points, up 31.23 points or 0.82%. The RMB closed at 6.874 against 1 US dollar, down 0.015%.
  • According to informed sources, the Chinese government has approved some domestic companies to purchase corn, cotton, sorghum and pork from the United States and exempt punitive tariffs the goods.
  • Chinese regulators claimed that there are too many trading venues and they will resolutely prevent the risk of financial asset trading venues.

 




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