iFund- Daily Market Commentary

2019-08-16 08:14
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13/8/2019

The United States delayed the 10% tariff on some Chinese goods until mid-December to avoid affecting Christmas season sales. Trump said that the Sino-US trade negotiators had a fruitful call on Tuesday. The signs of easing of trade conflicts boosted the prices of US stocks and crude oil, while US debt and the yen fell, and the offshore renminbi once rose above 7.

    • The Dow Jones Industrial Average closed at 26,279.91 points, up 372.54 points or 1.44%. The Standard & Poor’s 500 Index closed at 2,926.32 points, up 42.57 points or 1.48%. The Nasdaq index closed at 8,016.36 points, up 152.95 points or 1.95%.
    • The US government announced that the 10% tariff on Chinese goods, such as mobile phones and notebook computers, will be postponed until December 15.
    • The US core CPI rose by 0.3% in July, exceeding the economists’ median forecast, and the year-on-year increase hit a six-month high.

  • The UK’s FTSE 100 index closed at 7,250.90 points, up 24.18 points or 0.33%. The Frankfurt DAX index closed at 11,750.13 points, up 70.45 points or 0.60%. The French CAC40 index closed at 5,363.07 points, up 52.76 points or 0.99%.
  • The growth rate of wages in the UK has accelerated to the highest level since 2008. The number of employed people increased by 115,000 during the past three months to June, far exceeding expectations.
  • According to data from the European Economic Research Center (ZEW), the Eurozone ZEW economic sentiment index fell from negative 20.2 in June to negative 43.6 in July, far worse than the market expectation of negative 21.7.

  • Japan’s Nikkei 225 index closed at 20,455.44 points, down 229.38 points or 11.1%. The yen closed at 105.220 against the US dollar, down 0.086%.
  • Japan’s Ministry of Economy, Trade and Industry announced that after seasonal adjustment, Japan’s third industry activity index fell by 0.1% month-on-month to 106.9, lower than market expectations of a 0.2% drop.

  • The Shanghai Composite Index closed at 2,797.26 points, down 17.73 points or 0.63%. The Shanghai and Shenzhen 300 Index closed at 3,665.75 points, down 33.35 points or 0.90%. The RMB closed at 7.065 against 1 US dollar, down 0.092%.
  • Liu Guoqiang, deputy governor of the People’s Bank of China, wrote in the Financial Times that the central bank responded to the downward pressure on the renminbi by communicating with the media and market participants to maintain the “basic stability” of the exchange rate.
  • China has made solemn representations on the issue of tariffs on Chinese exports to the United States on September 1. China and the United States agreed to have a call again within the next two weeks.



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