iFund- Daily Market Commentary

2019-09-18 08:41
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The Fed will restart its repurchase operations for the first time in a decade to cope with soaring money market interest rates, and will intervene again on Wednesday. The market expects the Federal Reserve will cut interest rates by 25 basis points on Wednesday. It is possible to adjust the IOER again. It is expected Powell will disclose more interest rate details in the press conference. Shawland partially restores the damaged oil production capacity and will resume production until the end of September.

  • The Dow Jones Industrial Average closed at 27,110.80 points, up 33.98 points or 0.13%. The Standard & Poor’s 500 Index closed at 3,005.70 points, up 7.74 points or 0.26%. The Nasdaq index closed at 8,186.02 points, up 32.47 points or 0.40%.
  • White House economic adviser Kudlow claimed that the trade representatives of both China and the US will hold talks in Washington on Thursday and Friday, and higher-level talks will be held in mid-October.
  • The Fed will announce the interest rate decision on Wednesday afternoon local time. It is widely expected to cut interest rates by 25 basis points and it is possible to adjust the Interest Rate on Excess Reserves (IOER) again.
    • The UK’s FTSE 100 index closed at 7,320.40 points, down 1.01 points or 0.01%. The Frankfurt DAX index closed at 12,372.61 points, down 7.70 points or 0.06%. The French CAC40 index closed at 5,615.51 points, up 13.28 points or 0.24%.
    • According to data from the European Economic Research Center (ZEW), the Eurozone’s ZEW economic sentiment index fell from negative 43.6 in August to a negative 22.4 in September, far surpassing market expectations of negative 37.4.
    • According to the data from the Conference Board, the UK’s Conference Leadership Indicator (LEI) fell for 12 months, but the monthly decline rate narrowed from 0.5% to 0.2% in July, to 92.

  • Japan’s Nikkei 225 index closed at 22,001.32 points, up 13.03 points or 0.06%. The yen closed at 108.130 against the US dollar, down 0.342%.
  • 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 2,978.12 points, down 52.64 points or 1.74%. The Shanghai and Shenzhen 300 Index closed at 3,891.22 points, down 66.50 points or 1.68%. The RMB closed at 7.097 against 1 US dollar, down 0.434%.
  • The State Council of China issued opinions on promoting fitness and sports consumption in China and promoting the high-quality development of the sports industry. It aims to promote the sports industry to become a main industry of the national economy.
  • US Federal Communications Commission officials claimed that there are serious security loopholes in the equipment that produced by Huawei and other Chinese manufacturers, the United States “may” have to remove Huawei devices from the communication network.

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