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iFund- Daily Market Commentary

2019-08-28 06:44
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The prospects for Sino-US trade talks are still full of uncertainties. Trump said that China is eager to reach an agreement and said the United States is willing to conduct calm negotiations. However, the editor-in-chief of the Chinese official media “Global Times” said that the senior representatives of China and the United States had not exchanged calls in recent days, pointed out that Trump exaggerated the progress of the trade talks.

  • The Dow Jones Industrial Average closed at 25,898.83 points, up 269.93 points or 1.05%. The Standard & Poor’s 500 Index closed at 2,878.38 points, up 31.27 points or 1.10%. The Nasdaq index closed at 7,853.74 points, up 101.97 points or 1.32%.
  • Trump said that China is eager to reach a trade agreement with US since tariffs have dealt a heavy blow to China. He also praised the statement made by Chinese Vice Premier Liu He, saying that the United States is willing to conduct calm negotiations.
  • Trump said that he is willing to meet with Iranian President Rohani in a “right” situation to discuss the stalemate between the two countries on the Iranian nuclear deal in 2015.

  • The UK’s FTSE 100 index closed at 7,094.98 points, up 0.00 or 0.00%. The Frankfurt DAX index closed at 11,658.04 points, up 46.53 points or 0.40%. The French CAC40 index closed at 5,351.02 points, up 24.15 points or 0.45%.
  • French President Mark Long said that Trump and the French government have reached an agreement that will end the controversy surrounding France’s taxation of some US technology giants.
  • The alliance talk between the Italian Five-Star Movement Party and the Democratic Party accelerated on Monday, and the two sides approached to reach an agreement, Conte may continue to serve as prime minister of the new ruling coalition.
  • Japan’s Nikkei 225 index closed at 20,261.04 points, down 449.87 points or 2.17%. The yen closed at 105.820 against the US dollar, up 0.775%.
  • According to data from the Cabinet Office of Japan, after the seasonal adjustment, the final value of Japan’s Leading Indicators in June was confirmed to drop for two consecutive months, from 94.9 in May to 93.3, the lowest since February 2010.

  • The Shanghai Composite Index closed at 2,863.57 points, down 33.86 points or 1.17%. The Shanghai and Shenzhen 300 Index closed at 3,765.91 points, down 54.95 points or 1.44%. The RMB closed at 7.145 against 1 US dollar, down 0.876%.
  • The People’s Bank of China demanded that the newly issued loans can base on LPR as soon as possible, breaking the implicit lower limit of the loan interest rate. The meeting also required financial institutions to further increase financial support for the economy.
  • Two senior members of the US Senate Foreign Relations Committee asked the US pension fund committee to withdraw its decision to invest in China on the grounds that the decision would lead to billions of dollars of investment in Chinese companies that supporting Chinese military and espionage.

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