iFund- Daily Market Commentary

2019-09-18 08:41
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16/9/2019

Saudi Arabian officials suggest that the Abqaiq plant in Saudi Arabia, which was attacked on weekends, may take weeks or even months to recover most of its capacity. The Sino-US senior trade negotiators are expected to meet after a week and a half. The CEO of the American Chamber of Commerce said that there is still much work to be done to reach a comprehensive agreement between the two countries.

  • The Dow Jones Industrial Average closed at 27,076.82 points, down 142.70 points or 0.52%. The Standard & Poor’s 500 Index closed at 2,997.96 points, down 9.43 points or 0.31%. The Nasdaq index closed at 8,153.54 points, down 23.17 points or 0.28%.
  • The US Chamber of Commerce executive said that senior trade negotiators of the US and China are expected to resume negotiations after a week and a half, but there is still much work to be done to achieve the full agreement.
  • Trump said that the United States has reached a preliminary trade agreement with Japan on tariff barriers, and he intends to “contract in the next few weeks.”

    • The UK’s FTSE 100 index closed at 7,321.41 points, down 46.05 points or 0.63%. The Frankfurt DAX index closed at 12,380.31 points, down 88.22 points or 0.71%. The French CAC40 index closed at 5,602.23 points, down 53.23 points or 0.94%.
    • British Prime Minister Johnson said he is optimistic towards reaching a trade agreement with  the EU on the Brexit issues. However, he canceled the press conference that was stirred up by the demonstrators.
    • Chief Economist of the European Central Bank claimed that the European Central Bank can implement quantitative easing (QE) for a long time before reaching the upper limit. It is still far from the buffer that set previously.

  • Japan’s Nikkei 225 index closed at 21,988.29 points, up 0.00 points or 0.00%. The yen closed at 107.760 against the US dollar, up 0.232%.
  • The Reuters Tankan survey showed that Japan’s Manufacturing Sentiment Judgment Index fell for four consecutive months, from negative of 4 in August to a negative of 7 in September, which was the lowest since March 2013.

      • The Shanghai Composite Index closed at 3,030.75 points, down 0.48 points or 0.02%. The Shanghai and Shenzhen 300 Index closed at 3,957.72 points, down 14.66 points or 0.37%. The RMB closed at 7.066 against 1 US dollar, up 0.190%.
      • Xinhua News Agency reported that Chinese foreign exchange bureau officials are expected that the foreign investors will steadily and orderly increase their domestic assets after China cancel the QFII/RQFII investment quota limit.
      • UK regulator said that if the Hong Kong Stock Exchange promotes the acquisition of the London Stock Exchange, it will be strictly reviewed.



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