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iFund- Daily Market Commentary

2019-09-05 04:43
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The British Parliament passed a bill to prevent unofficial Brexit and rejected the request of Prime Minister Johnson to advance the election. It is reported that Johnson is preparing to continue the election next Monday. The Fed’s Beige Book shows that most companies are optimistic about the economic outlook, but there are both good and bad news on consumer spending. US trade with China continued to decline in July, and Trump acknowledged the damage that the trade war had on US stocks.

  • The Dow Jones Industrial Average closed at 26,355.47 points, up 237.45 points or 0.91%. The Standard & Poor’s 500 Index closed at 2,937.78 points, up 31.51 points or 1.08%. The Nasdaq index closed at 7,976.88 points, up 102.72 points or 1.30%.
  • Sino-US merchandise trade continued to decline in July, and the data from US Department of Commerce showed that US exports to China fell from the previous month.
  • Trump said that the Sino-US trade war has damaged the performance of the US stock market, but US still has to fight against China’s economic behavior.

    • The UK’s FTSE 100 index closed at 7,311.26 points, up 43.07 points or 0.59%. The Frankfurt DAX index closed at 12,025.04 points, up 114.18 points or 0.96%. The French CAC40 index closed at 5,532.07 points, up 66.00 points or 1.21%.
    • The British House of Commons passed a bill aimed at preventing Hard Brexit, and subsequently rejected the proposal of Prime Minister Johnson on early general election issue.
    • Iran claimed it will announce plans to further strengthen its nuclear activities, but will give Europe a two-month grace period to maintain the 2015 nuclear deal.

  • Japan’s Nikkei 225 index closed at 20,649.14 points, up 23.98 points or 0.12%. The yen closed at 106.230 against the US dollar, down 0.047%.
  • 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 2,957.41 points, up 27.26 points or 0.93%. The Shanghai and Shenzhen 300 Index closed at 3,886.00 points, up 32.39 points or 0.84%. The RMB closed at 7.151 against 1 US dollar, up 0.368%.
  • The State Council of China called for the implementation of measures to reduce the actual interest rate level, and timely use tools such as general RRR cuts and targeted RRR cuts to increase support for the real economy.
  • Due to the high risk of default and the opaque information, Chinese private debt has become a bad debt in the eyes of investors. According to China Chengxin data, as of the end of August, the amount of private debt defaults accounted for about 45% of the total market default amount, reached a record high.

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