iFund- Daily Market Commentary

2019-08-23 04:38
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21/8/2019

The minutes of the Fed policy meeting showed that the interest rate cut in July is perceived as a preventive measure and a mid-cycle adjustment. Trump said he was destined to be the one who launched the trade war with China and he claimed he will win. Hu Xijin, editor-in-chief of Global Times, revealed that China is preparing for the situation that Sino-US trade agreement can’t be reached.

  • The Dow Jones Industrial Average closed at 26,202.73 points, up 240.29 points or 0.93%. The Standard & Poor’s 500 Index closed at 2,924.43 points, up 23.92 points or 0.82%. The Nasdaq index closed at 8,020.21 points, up 71.65 points or 0.90%.
  • The US Congressional Budget Office expects that the fiscal year deficit will exceed $1 trillion in fiscal year 2020, two years ahead of previous expectations.
  • Trump said that the US economy is strong, data and facts do not point to recession. Besides, Trump blamed the Fed, saying that “our only problem is Powell, he is like a golfer who can not putt the ball.”

  • The UK’s FTSE 100 index closed at 7,203.97 points, up 78.97 points or 1.11%. The Frankfurt DAX index closed at 11,802.85 points, up 151.77 points or 1.30%. The French CAC40 index closed at 5,435.48 points, up 90.84 points or 1.70%.
  • Statistics from the British Bureau of Statistics show that if the state-owned banks are not counted, the UK’s July budget surplus is 1.32 billion pounds, but it is less than the market’s expectations of 2.7 billion pounds, far lower than the surplus of last year of 3.56 billion pounds.
  • The British Central Bureau of Investigation (CBI) announced that the UK’s CBI total industrial orders have stopped its fifth consecutive month decline in August, from negative 34 in July to negative 13 in August, far higher than market expectations of negative 25.

  • Japan’s Nikkei 225 index closed at 20,618.57 points, down 58.65 points or 0.28%. The yen closed at 106.450 against 1 US dollar, down 0.122%.
  • Spokesman for the Japanese Ministry of Foreign Affairs claimed that during a meeting with the South Korean foreign minister, the Japanese Foreign Minister said that the issue of South Korea’s World War II labor compensation was the biggest bilateral issue and strongly urged South Korea to change the current situation.

  • The Shanghai Composite Index closed at 2,880.33 points, up 0.33 points or 0.01%. The Shanghai and Shenzhen 300 Index closed at 3,781.76 points, down 5.97 points or 0.16%. The RMB closed at 7.065 against 1 US dollar, down 0.057%.
  • Trump said he was destined to be the one who waged a trade war against China and that he believes he will win. According to Hu Xijin, editor-in-chief of Global Times, China is preparing for the situation that Sino-US trade agreement can’t be reached.
  • China confirmed that Shenzhen police had detained one of the British Consulate General in Hong Kong for violating the Security Administration Punishment Act.




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