iFund- Daily Market Commentary

2019-09-06 08:34
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5/9/2019

The ECB’s interest rate decision will be made next week, President Draghi will face unprecedented resistance to restart the quantitative easing. British Prime Minister Johnson claimed he would rather be dead than ask for a delay on Brexit, hoping to hold a general election on October 15. Researchers of the Fed found that uncertainty in trade policy has dragged down economic growth.

  • The Dow Jones Industrial Average closed at 26,728.15 points, up 372.68 points or 1.41%. The Standard & Poor’s 500 Index closed at 2,976.00 points, up 38.22 points or 1.30%. The Nasdaq index closed at 8,116.83 points, up 139.95 points or 1.75%.
  • ADP data showed that the number of new employees in the United States reached its highest level within last four months, exceeding market expectations. Besides, employment in the service sector fell to a 2-year low.
  • It is reported that the United States and Japan are still trying to determine the details of the trade agreement, including whether the United States will impose tariffs on imported cars. Trump hopes to sign the agreement this month.

    • The UK’s FTSE 100 index closed at 7,271.17 points, down 40.09 points or 0.55%. The Frankfurt DAX index closed at 12,126.78 points, up 101.74 points or 0.85%. The French CAC40 index closed at 5,593.37 points, up 61.30 points or 1.11%.
    • President Draghi will face unprecedented resistance to restart the quantitative easing. Germany and the Netherlands expressed clear opposition, and the French central bank also raised doubts on the quantitative easing.
    • British Prime Minister Johnson claimed that he would rather be dead than ask for a delay on Brexit. If Labour leader Corbin is willing, he plans to hold a general election on October 15.

  • Japan’s Nikkei 225 index closed at 21,085.94 points, up 436.80 points or 2.12%. The yen closed at 106.640 against the US dollar, down 0.384%.
  • 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 2,985.87 points, up 28.45 points or 0.96%. The Shanghai and Shenzhen 300 Index closed at 3,925.32 points, up 39.32 points or 1.01%. The RMB closed at 7.145 against 1 US dollar, up 0.080%.
  • Xinhua News Agency reported that the new economic and trade consultations of the China and the US must be returned to the implementation of the consensus of the two leaders of state. The Chinese side has the sincerity to continue negotiations with the US to control differences, but the negotiations must be principled and have bottom-line.
  • Chinese Vice Premier Liu He claimed that the domestic and international economy are facing a new situation, and the downward pressure on the economy has increased. However, China’s economic fundamentals are good, and important financial institutions have been running steadily. Moreover, he said it is needed to have greater counter-cyclical adjustment.




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