iFund- Daily Market Commentary

2019-08-20 09:33
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The result of the Argentine primary election showed that the current president, Markri, was defeated, causing the country’s asset prices fell sharply and the default risk rose sharply. The protests in Hong Kong has escalated, the Hong Kong airport canceled the remaining flights on Monday, and the airport reopened on Tuesday morning. Geopolitical turmoil pushed up the price of US debt, and the 30-year yield was approaching historical lows.

  • The Dow Jones Industrial Average closed at 25,897.71 points, down 389.73 points or 1.48%. The Standard & Poor’s 500 Index closed at 2,883.09 points, down 35.56 points or 1.22%. The Nasdaq index closed at 7,863.41 points, down 95.73 points or 1.20%.
  • The US budget deficit for the first 10 months of this fiscal year increased to $866.8 billion US dollars, a 27% increase over the same period of last year and has exceeded the sum of the previous fiscal year.
  • The US Commerce Department announced that the Producer Price Index (PPI) rose by 0.2% in July after seasonal adjustment, in line with market expectations.

  • The UK’s FTSE 100 index closed at 7,226.72 points, down 27.13 points or 0.37%. The Frankfurt DAX index closed at 11,679.68 points, down 14.12 points or 0.12%. The French CAC40 index closed at 5,310.31 points, down 17.61 points or 0.33%.
  • The EU began investigating whether stainless steel coil exporters in China, Taiwan and Indonesia are selling products at a price that lower than the cost price in Europe.
  • The results of the Argentine primary election showed that the populist opposition candidate unexpectedly led the current president, Markri. The Argentine peso fell to the lowest record against the US dollar.

  • Japan’s Nikkei 225 index closed at 20,684.82 points, up 0.00 points or 0.00%. The yen closed at 105.130 against the US dollar, up 0.599%.
  • Jibun Bank/Markit data showed that after the seasonal adjustment, Japan’s Service Purchasing Managers Index (PMI) unexpectedly fell to 51.8 in July from 51.9 in June, lower than the market expectation of 52.3.

  • The Shanghai Composite Index closed at 2,814.99 points, up 40.24 points or 1.45%. The Shanghai and Shenzhen 300 Index closed at 3,699.11 points, up 65.58 points or 1.80%. The RMB closed at 7.058 against 1 US dollar, up 0.003%.
  • The protests in Hong Kong has escalated and the Hong Kong Airport Authority cancelled the remaining flights on Monday. The airport reopened on Tuesday morning. Cathay Pacific Airways cancelled more than 200 flights to and from Hong Kong on Tuesday.
  • Pan Gongsheng, deputy governor of the People’s Bank of China, said that the United States has accused China as currency manipulation, which is a political operation under the background of protectionism and unilateralism. He also claimed that the RMB exchange rate will return to the fundamentals.

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