iFund- Daily Market Commentary

2019-08-30 06:45
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28/8/2019

US Treasury Secretary Mnuchin said that he is considering the issue of ultra-long-term government bonds very seriously and does not intend to intervene in the US dollar market. The Queen of England approved the request of Prime Minister Johnson of adjourning the parliament from mid-September to mid-October, which may trigger a constitutional crisis that the opposition may launch a no confidence vote on Johnson.

  • The Dow Jones Industrial Average closed at 26,036.10 points, up 258.20 points or 1.00%. The Standard & Poor’s 500 Index closed at 2,887.94 points, up 18.78 points or 0.65%. The Nasdaq index closed at 7,856.88 points, up 29.94 points or 0.38%.
  • US Treasury Secretary Mnuchin claimed that the Trump administration considers the issuance of ultra-long-term government bonds very seriously. If there is any action, it will prefer to coordinate with the Fed and global allies.
  • U.S. Vice President Barnes’s chief of staff claimed that China and the US have been conducting telephone communications on trade issues and they are holding an optimistic attitude towards the final trade agreement, it may be reached before the 2020 election.

    • The UK’s FTSE 100 index closed at 7,114.71 points, up 25.13 points or 0.35%. The Frankfurt DAX index closed at 11,701.02 points, down 29.00 points or 0.25%. The French CAC40 index closed at 5,368.80 points, down 18.29 points or 0.34%.
    • The Queen of England approved the request of Prime Minister Johnson of adjourning the parliament from mid-September to mid-October, which may trigger a constitutional crisis that the opposition may launch a no confidence vote on Johnson next week.
    • According to data from the European Central Bank (ECB), the growth rate of M3 money supply in the euro zone increased from a previous value of 4.5% to 5.2% in July, which was higher than market expectations of 4.7%.

  • Japan’s Nikkei 225 index closed at 20,479.42 points, up 23.34 points or 0.11%. The yen closed at 105.740 against the US dollar, up 0.066%.
  • According to data from the Bank of Japan, the growth rate of the Japan’s Corporate Service Price Index slowed from 0.7% yoy to 0.5% yoy in July, which is lower than the market expectations of 0.6%.
  • The Shanghai Composite Index closed at 2,893.76 points, down 8.44 points or 0.29%. The Shanghai and Shenzhen 300 Index closed at 3,802.58 points, down 14.37 points or 0.38%. The RMB closed at 7.162 against 1 US dollar, down 0.014%.
  • The executive meeting of the State Council of China determined to further promote physical fitness and sports consumption, it also decided to cancel a batch of industrial product production licenses.
  • Yi Gang, Governor of the People’s Bank of China, and Chen Delin, the Chief Executive of the Hong Kong Monetary Authority, exchanged views on financial cooperation between Guangdong, Hong Kong and Macau.



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