iFund- Daily Market Commentary

2019-08-02 02:00
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Trump said on the eve of the Fed policy meeting that “a small extent of interest rate cut is not enough.” The Bank of Japan is going to hold a monetary policy meeting. Markets expect Bank of Japan (BoJ) will evaluate the impact of the Fed’s policy decisions before further implementing policy measures. The risk of no-deal Brexit has escalated. The UK Prime Minister Johnson issued an ultimatum on the Brexit negotiations, dragging down the pound and British bond yields sharply.

  • The Dow Jones Industrial Average closed at 27,221.35 points, up 28.90 points or 0.11%. The Standard & Poor’s 500 Index closed at 3,020.97 points, down 4.89 points or 0.16%. The Nasdaq index closed at 8,293.33 points, down 36.88 points or 0.44%.
  • US President Trump once again criticized the Fed, saying that “small rate cuts is not enough.”
  • US companies have lowered their third-quarter earnings outlook. Markets worried about the outlook for the second half.

  • The UK’s FTSE 100 index closed at 7,686.61 points, up 137.55 points or 1.82%. The Frankfurt DAX index closed at 12,417.47 points, down 2.43 points or 0.02%. The French CAC40 index closed at 5,601.10 points, down 8.95 points or 0.16%.
  • British Prime Minister Johnson said that unless the EU leaders give up the current Brexit agreement, he would not start Brexit negotiations with the EU.
  • The Italian Statistical Office announced that Italy’s average hourly wage in June slowed to 0.7% year-on-year.

  • Japan’s Nikkei 225 index closed at 21,616.80 points, down 41.35 points or 0.19%. The yen closed at 108.825 against the US dollar, up 0.156%.
  • Due to weak exports, the Japanese government lowered its GDP forecast for this fiscal year to 0.9%.

  • The Shanghai Composite Index closed at 2,941.01 points, down 3.53 points or 0.12%. The Shanghai and Shenzhen 300 Index closed at 3,854.27 points, down 4.30 points or 0.11%. The RMB closed at 6.895 against the US dollar, down 0.21%.
  • US and Chinese officials began to resume negotiations in Shanghai today. Xinhua News Agency commented that sincerity was the key to the negotiations.
  • The General Administration of Customs of China announced that it would allow soybean imports throughout Russia.


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