Trump continues to accuse the Fed of “incompetence” and demanded faster and larger scale of interest rate cuts. The Chicago Fed governor said that the headwind since last week’s rate cut may support further easing policy. Crude oil futures tumbled, and Saudi Arabia has discussed options with other oil-producing countries to curb falling oil prices. Former Chinese central bank monetary policy commissioner Huang Yiping said that the depreciation of the yuan boost the monetary policy.
- The Dow Jones Industrial Average closed at 26,007.07 points, down 22.45 points or 0.09%. The Standard & Poor’s 500 Index closed at 2,883.98 points, up 2.21 points or 0.08%. The Nasdaq index closed at 7,862.83 points, up 29.56 points or 0.38%.
- US President Trump continues to accuse the Fed of “incompetence” and demanded faster and larger scale of interest rate cuts.
- US Secretary of State Pompeo said that the United States has confidence that the UK will limit its 5G network participants to those that support the shared values of the two countries.
- The UK’s FTSE 100 index closed at 7,198.70 points, up 27.01 points or 0.38%. The Frankfurt DAX index closed at 11,650.15 points, up 82.19 points or 0.71%. The French CAC40 index closed at 5,266.51 points, up 31.86 points or 0.61%.
- According to data from Halifax, the UK’s largest mortgage lender, after the seasonal adjustment, the UK’s Halifax house price index unexpectedly fell for two consecutive months in July, but the monthly decline rate narrowed to 0.2%, lower than the market expectations of 0.2% increase.
- According to the data of the French central bank, after the seasonal adjustment, France’s current account in June changed from a surplus account to a deficit account, re-emerging the deficit of 800 million euros, exceeding the market expectation of the a 560 million euros deficit.
- Japan’s Nikkei 225 index closed at 20,516.56 points, down 68.75 points or 0.33%. The yen closed at 106.210 against the US dollar, up 0.122%.
- According to Japan’s Ministry of Finance, as of the end of July of this year, Japan’s total foreign exchange reserves fell by $5.827 billion, from $1.322279 trillion in June to 1.316452 trillion yuan in July.
- The Shanghai Composite Index closed at 2,768.68 points, down 8.88 points or 0.32%. The Shanghai and Shenzhen 300 Index closed at 3,621.43 points, down 14.90 points or 0.41%. The RMB closed at 7.047 against 1 US dollar, down 0.214%.
- China will release trade data for July today. The imports counted in US dollar are expected to be decreased. And the trade surplus is expected to shrink, reflecting the trade pressure brought by the United States to impose tariffs on Chinese goods.
- Former Chinese central bank monetary policy commissioner Huang Yiping said that the renminbi depreciation boost the domestic monetary policy, and future exchange rate movements will depend on the progress of trade negotiations and economic fundamentals.