iFund- Daily Market Commentary

2019-08-12 06:39
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It is reported that after China suspended the purchase of US agricultural products, the United States postponed the decision on Huawei’s supply license. Trump said that he was dissatisfied with the strong US dollar, and the Bloomberg US dollar exchange rate index hit the biggest drop in three weeks. Saudi Arabia plans to curb oil supply in September to stabilize the market supply, boosting oil prices rebounded strongly from a seven-month low. Italian Deputy Prime Minister Salvini declared that an early election is needed.

  • The Dow Jones Industrial Average closed at 26,378.19 points, up 371.12 points or 1.43%. The Standard & Poor’s 500 Index closed at 2,938.09 points, up 54.11 points or 1.88%. The Nasdaq index closed at 8,039.16 points, up 176.33 points or 2.24%.
  • According to informed sources, after China announced a moratorium on the purchase of US agricultural products, the White House postponed the decision on whether to allow US companies to restart business with Huawei.
  • US President Trump expressed dissatisfaction with the strong US dollar and once again called on the Fed to cut interest rates sharply to drive down the US dollar.
  • The UK’s FTSE 100 index closed at 7,285.90 points, up 87.20 points or 1.21%. The Frankfurt DAX index closed at 11,845.41 points, up 195.26 points or 1.68%. The French CAC40 index closed at 5,387.96 points, up 121.45 points or 2.31%.
  • Italian Deputy Prime Minister Salvini said that the government led by Prime Minister Conte no longer has majority support and needs to hold a general election in advance.
  • The German Ministry of Finance said that the government did not decide to abandon the policy of balanced budget. There have been reports that Germany is considering relaxing finances.
  • Japan’s Nikkei 225 index closed at 20,593.35 points, up 76.79 points or 0.37%. The yen closed at 106.090 against the US dollar, up 0.113%.
  • 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 2,794.55 points, up 25.87 points or 0.93%. The Shanghai and Shenzhen 300 Index closed at 3,669.29 points, up 47.86 points or 1.32%. The RMB closed at 7.046 against 1 US dollar, up 0.014%.
  • China will release July inflation data today, and the CPI growth is expected to remain at 2.7%. The PPI is expected to fall for the first time in the past three years, affected by the decrease in commodity prices.
  • The China Securities Regulatory Commission issued a Weibo statement saying that China will further expand the opening of the commodity futures market in an orderly manner. At present, there is no plan to significantly ease the investment restrictions on foreign investors in stock index futures.

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