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iFund- Daily Market Commentary

2019-08-30 06:44
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Trump said on Thursday that the United States and China agreed to have communication on trade issues on that day. China hinted that it will not impose the  countermeasures immediately. The US GDP growth rate in the second quarter was revised down to 2%, further deviating from Trump’s annual target of 3%. European Central Bank officials said there is no need to implement a new round of quantitative easing measures now.

  • The Dow Jones Industrial Average closed at 26,362.25 points, up 326.15 points or 1.25%. The Standard & Poor’s 500 Index closed at 2,924.58 points, up 36.64 points or 1.27%. The Nasdaq index closed at 7,973.39 points, up 116.51 points or 1.48%.
  • Trump said on Thursday that the United States and China agreed to hold consultations on trade issues on that day. He promised that he would not give up the tariff war with China.
  • The demand for US 7-year government bonds was not good, and the bid multiplier was the lowest since 2009. The winning bid rate was 1.489%, which was 2 basis points higher than the secondary market yield at the time of issue.
    • The UK’s FTSE 100 index closed at 7,184.32 points, up 69.61 points or 0.98%. The Frankfurt DAX index closed at 11,838.88 points, up 137.86 points or 1.18%. The French CAC40 index closed at 5,449.97 points, up 81.17 points or 1.51%.
    • European Central Bank official Knot claimed that there is no need to implement a new round of quantitative easing measures now, and there is still room for further decline in deposit interest rates below zero.
    • The United Kingdom and the European Union began to increase the frequency of talks in September in an effort to break the deadlock before the Brexit day on October 31. According to a spokesperson of the British Labor Party, the parliament hopes to vote to pass legislation to prevent no-deal Brexit.

  • Japan’s Nikkei 225 index closed at 20,460.93 points, down 18.49 points or 0.09%. The yen closed at 106.260 against the US dollar, down 0.489%.
  • 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 2,890.92 points, down 2.84 points or 0.10%. The Shanghai and Shenzhen 300 Index closed at 3,790.19 points, down 12.39 points or 0.33%. The RMB closed at 7.150 against 1 US dollar, up 0.171%.
  • The EU decided to extend the anti-dumping measures on imported Chinese bicycles for five years, and the anti-dumping tax rate was up to 48.5%.
  • Dow Jones: It is reported that US prosecutors are investigating Huawei for new technology theft allegations, possibly more than the existing criminal cases against Huawei.

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