iFund- Daily Market Commentary

2019-09-03 09:18
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2/9/2019

The mutual trust between China and the US is affected after the US imposing tariffs, it is reported that China and the United States have not yet reached a consensus on the September trade negotiations. British parliamentarians who opposed No-deal Brexit sought to postpone the Brexit until the end of January. It is reported that the Prime Minister threatened that he will seek an early general election on October 14 if the parliamentary vote was frustrated this week. The Australian central bank’s interest rate decision is expected to remain unchanged.

  • American Labor Day, closed for one day.
  • The University of Michigan announced that the final value of the Consumer Confidence Index fell below 90 in August, from a sharp drop of 98.4 in July to 89.8, the largest decline since December 2012, and lower than the market expectations 92.1.
  • MNI and ISM-Chicago Inc. survey data show that after the seasonal adjustment, the Chicago Purchasing Managers Index (PMI) stopped its two consecutive months of contraction, increased from 44.4 in July to 50.4 in Augus, higher than the market expectations of 47.5.

    • The UK’s FTSE 100 index closed at 7,281.94 points, up 74.76 points or 1.04%. The Frankfurt DAX index closed at 11,953.78 points, up 14.50 points or 0.12%. The French CAC40 index closed at 5,493.04 points, up 12.56 points or 0.23%.
    • British parliamentarians who opposed No-deal Brexit sought to postpone the Brexit until the end of January. It is reported that the Prime Minister threatened that he will seek an early general election on October 14 if the parliamentary vote was frustrated this week.
    • France and Iran are trying to save the Iranian nuclear deal. The Iranian government special envoy returned to Paris. Officials hinted that measures will be taken to restore some of Iran’s key oil exports.

  • Japan’s Nikkei 225 index closed at 20,620.19 points, down 84.18 points or 0.41%. The yen closed at 106.390 against the US dollar, up 0.009%.
  • Nikkei/Markit data showed that the final value of Japan’s Manufacturing Purchasing Managers’ Index (PMI) fell unexpectedly in August, from 49.4 in July to 49.3.
  • The Shanghai Composite Index closed at 2,924.11 points, up 37.87 points or 1.31%. The Shanghai and Shenzhen 300 Index closed at 3,848.32 points, up 48.73 points or 1.28%. The RMB closed at 7.171 against 1 US dollar, down 0.311%.
  • According to informed sources, after the Trump administration refused to postpone the tariff plan on September 1, it is difficult for Chinese and American officials to reach a consensus on the trade negotiation arrangements originally scheduled for this month, but this does not necessarily mean the negotiations will not proceed.
  • The data of default rate on Chinese domestic bond market is better in August, but investors still need to be vigilant. The bond repurchase will reach its peak in September, and the credit bond market is still facing the test of default risk.



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