iFund- Daily Market Commentary

2019-09-18 08:41
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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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