iFund- Daily Market Commentary

2019-09-11 08:53
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10/9/2019

Due to disagreements on multiple issues, Trump dismissed national security adviser Bolton, the departure of the hawkish character that caused oil prices to fall. It is reported that China may agree to purchase more US agricultural products during the trade negotiations with US. According to Huawei’s chief security officer, the US government needs to negotiate with Huawei before it can reach a trade agreement with Beijing.

  • The Dow Jones Industrial Average closed at 26,909.43 points, up 73.92 points or 0.28%. The Standard & Poor’s 500 Index closed at 2,979.39 points, up 0.96 points or 0.03%. The Nasdaq index closed at 8,084.16 points, down 3.28 points or 0.04%.
  • Trump fired Bolton, the national security adviser, because they have disagreements on many issues. The news dragged down the oil prices, and investors speculated that the US foreign policy toward Iran and Venezuela would become less tough.
  • It is reported that Canadian Prime Minister Trudeau will meet with the Governor on Wednesday, requesting the dissolution of the parliament and officially launching the general election process.

    • The UK’s FTSE 100 index closed at 7,267.95 points, up 32.14 points or 0.44%. The Frankfurt DAX index closed at 12,268.71 points, up 42.61 points or 0.35%. The French CAC40 index closed at 5,593.21 points, up 4.26 points or 0.08%.
    • British Prime Minister Johnson claimed the government is “working hard” to reach a Brexit agreement with the EU, but he is also willing to leave Europe without deal on October 31.
    • Italian Prime Minister Conte’s new ruling coalition won the parliamentary confidence vote, which implies the political turmoil is over and the government can begin to set priority issues, including the 2020 budget.

  • Japan’s Nikkei 225 index closed at 21,392.10 points, up 73.68 points or 0.35%. The yen closed at 107.380 against the US dollar, down 0.373%.
  • The Cabinet Office of Japan announced that after seasonal adjustment, Japan’s real GDP growth in the second quarter of this year slowed from 0.5% in the first quarter to 0.3%.

  • The Shanghai Composite Index closed at 3,021.20 points, down 3.54 points or 0.12%. The Shanghai and Shenzhen 300 Index closed at 3,959.26 points, down 13.69 points or 0.34%. The RMB closed at 7.105 against US$1, up 0.300%.
  • The State Administration of Foreign Exchange of China announced that it has scrapped QFII and RQFII investments quota, opening its financial market to the outside world. Analysts pointed out that it is beneficial to the capital market in long term that China opens its financial market to the outside world. In the short-term, the good news in A-shares trends to be emotionally boosted, and the substantive impact on the bond market is limited.
  • The China Securities Regulatory Commission has proposed 12 key tasks, including the steadily implementing the registration system, strictly controlling the quality of IPO audits, and promoting the relaxation of the proportion and scope of various medium- and long-term funds entering the market.




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