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iFund- Daily Market Commentary

2019-08-21 00:54
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The US Department of Commerce will delay the sanctions against Huawei for another 90 days. Besides, there are another 46 Huawei subsidiaries will be included in the list of entities. Trump urged the Fed to cut interest rates by at least 1 percentage, while the Boston Fed President continued to refute further interest rate cuts. The euro zone’s inflation rate has been revised down, supporting the European Central Bank to increase stimulus measures next month.

  • The Dow Jones Industrial Average closed at 26,135.79 points, up 249.78 points or 0.96%. The Standard & Poor’s 500 Index closed at 2,923.65 points, up 34.97 points or 1.21%. The Nasdaq index closed at 8,002.81 points, up 106.82 points or 1.35%.
  • US Commerce Secretary Ross said that the restrictions imposed on Huawei’s operations in the United States will be postponed for another 90 days. However, the United States will include another 46 Huawei’s subsidiaries in the entity list.
  • US Vice President Burns claimed that China must abide by its commitment on the Hong Kong issue and the US side will reach a trade agreement with China.

  • The UK’s FTSE 100 index closed at 7,189.65 points, up 72.50 points or 1.02%. The Frankfurt DAX index closed at 11,715.37 points, up 152.63 points or 1.32%. The French CAC40 index closed at 5,371.56 points, up 70.77 points or 1.34%.
  • The Eurozone’s July inflation rate was revised to 1% from the initial value of 1.1%. European Central Bank Management Committee Muller said that the euro zone’s economy and prospects are “significantly” worsening, and the inflation rate is clearly behind the target, which may mean that the ECB will have to add more stimulus measures to boost the economic growth.
  • The British government plans to have more promotions on Brexit issues in early September, with an aim to educate the British public for a no-deal Brexit.

  • Japan’s Nikkei 225 index closed at 20,563.16 points, up 144.35 points or 0.71%. The yen closed at 106.590 against the US dollar, down 0.206%.
  • Japan’s August Manufacturing Sentiment Judgment Index fell for the three consecutive months, from 3 in July to minus 4 in August, which was the first negative pessimism since April 2013.

    • The Shanghai Composite Index closed at 2,883.10 points, up 59.27 points or 2.10%. The Shanghai and Shenzhen 300 Index closed at 3,791.09 points, up 80.55 points or 2.17%. The RMB closed at 7.048 against 1 US dollar, down 0.108%.
    • The rate of the China Loan Prime Rate (LPR) mechanism will be announced on Tuesday. Bloomberg interviewed 11 banks, brokerage traders and analysts on Monday, obtaining a median value of the 1-year LPR was 4.24%, which was lower than the previous rate of 4.31% and the 1-year loan benchmark interest rate of 4.35%.
    • Informed person said that China plans to increase the local government special debt quota to further stimulate the economy.

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