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iFund- Daily Market Commentary

2019-09-05 04:42
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Trump threatened China that if he re-elected the US president, the trade agreement would be “more stringent.” The British parliament has taken a crucial step to prevent a No-deal Brexit. The Conservative Party lost its majority seat in the House of Commons, and Prime Minister Johnson threatened to advance the election. The US ISM manufacturing index has been shrinking for the first time within last three years.

  • The Dow Jones Industrial Average closed at 26,118.02 points, down 285.26 points or 1.08%. The Standard & Poor’s 500 Index closed at 2,906.27 points, down 20.19 points or 0.69%. The Nasdaq index closed at 8,874.16 points, down 88.72 points or 1.11%.
  • US President Trump pressured China to reach a trade agreement before the 2020 US election, threatening that if he is re-elected as president of the United States, the trade agreement will be “more stringent.”
  • For the first time in three years, the US ISM manufacturing index has shrunk, weaker than market estimates. Traders expect the Fed will the interest rate during this year.

    • The UK’s FTSE 100 index closed at 7,268.19 points, down 13.75 points or 0.19%. The Frankfurt DAX index closed at 11,910.86 points, down 42.92 points or 0.36%. The French CAC40 index closed at 5,466.07 points, down 26.97 points or 0.49%.
    • The British Parliament has taken a crucial first step towards preventing No-deal Brexit. After losing the parliamentary majority, Prime Minister Johnson’s Brexit strategy was rejected in parliament, and the members of House of Commons ruled the parliament’s agenda. Johnson said that if the No-deal Brexit is blocked, the election will be advanced.
    • European Central Bank official Villeroy hinted that he is suspicious on the decision of the central bank of restarting the bond purchase plan. Moreover, another official, Muller, also believes that the current economic situation is not suitable for restoring bond purchases.

  • Japan’s Nikkei 225 index closed at 20,625.16 points, up 4.97 points or 0.02%. The yen closed at 106.180 against the US dollar, up 0.198%.
  • 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 2,930.15 points, up 6.05 points or 0.21%. The Shanghai and Shenzhen 300 Index closed at 3,853.61 points, up 5.29 points or 0.14%. The RMB closed at 7.177 against the US dollar, down 0.081%.
  • Chinese President Xi Jinping urged the whole party to prepare for the “long-term” struggle to overcome various challenges from security issues to financial risks.
  • Due to the increased risks brought about by the trade war, the Oxford Economic Research Institute, Bank of America Merrill Lynch and Bloomberg economists have all lowered the estimate of China’s GDP growth rate to below 6% in 2020. Qiao Hong and other officials of Bank of America Merrill Lynch warned that the current stimulus measures of the government are insufficient.

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