iFund- Daily Market Commentary

2019-09-13 04:54
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11/9/2019

Trump will postpone the tariff increase on China by two weeks to October 15. Besides, it is reported that Trump has discussed to ease the sanctions against Iran this week, dragging down the crude oil prices to a one-week low. Trump urged the Fed to cut interest rates to zero or even lower, excluding the current action to reduce capital gains tax.

  • The Dow Jones Industrial Average closed at 27,137.04 points, up 226.71 points or 0.85%. The Standard & Poor’s 500 Index closed at 3,000.93 points, up 21.54 points or 0.72%. The Nasdaq index closed at 8,169.68 points, up 85.52 points or 1.06%.
  • US President Trump announced that the tariff increase deadline for China’s $250 billion worth of goods will be postponed from October 1 to October 15, showing goodwill to China.
  • Trump increased his pressure on the Federal Reserve, saying that the Fed should lower interest rates to zero or even lower. The former Federal Reserve economists considered this a “catastrophe formula.”

    • The UK’s FTSE 100 index closed at 7,338.03 points, up 70.08 points or 0.96%. The Frankfurt DAX index closed at 12,359.07 points, up 90.36 points or 0.74%. The French CAC40 index closed at 5,618.06 points, up 24.85 points or 0.44%.
    • The European Central Bank will announce interest rate decisions on Thursday. Economists surveyed by Bloomberg expect a rate cut of 10 basis points, while currency market bets it will cut interest rates by 15 basis points.
    • The UK government announced a No-Deal Brexit plan, which warned that if Hard Brexit happened, the UK will face food and fuel shortages, supply chain disruptions, public order disruption and huge pressure to return to the negotiating table.

  • Japan’s Nikkei 225 index closed at 21,597.76 points, up 205.66 points or 0.96%. The yen closed at 107.670 against the US dollar, down 0.269%.
  • Japanese Prime Minister Shinzo Abe claimed the new cabinet will not change its policy toward South Korea. It is expected that the uncertainty of the global economic outlook will continue to increase. Shinzo Abe claimed that if downside risks become a reality, the government will take all feasible measures to deal with it.

  • The Shanghai Composite Index closed at 3,008.81 points, down 12.39 points or 0.41%. The Shanghai and Shenzhen 300 Index closed at 3,930.10 points, down 29.16 points or 0.74%. The RMB closed at 7.116 against 1 US dollar, down 0.152%.
  • The executive meeting of the State Council of China called for the protection of basic livelihoods, including the implementation of measures to stabilize the price of pork and reduce the burden on patients.
  • China’s social financing growth rate in August exceeded expectations, indicating that policy efforts to provide funding to companies may be gaining further momentum.



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