iFund- Daily Market Commentary

2019-10-04 06:51
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The US Treasury Secretary said that Chinese Vice Premier Liu He will visit the United States for trade negotiation next week. It is reported that China has purchased large bulk of US soybeans. St. Louis Fed President supported the repo mechanism. The UK Supreme Court will rule whether the Prime Minister’s suspension of parliament is legal on Tuesday.

    • The Dow Jones Industrial Average closed at 26,949.99 points, up 14.92 points or 0.06%. The Standard & Poor’s 500 Index closed at 2,991.78 points, down 0.29 points or 0.01%. The Nasdaq index closed at 8,112.46 points, down 5.21 points or 0.06%.
    • US Treasury Secretary Mnuchin claimed that Chinese Vice Premier Liu He will visit the United States for trade negotiations next week, and the Chinese trade delegation’s visit to American farms has been rescheduled.
    • The New York Federal Reserve bought $65.8 billion securities through a repurchase operation. The Governor of the New York Federal Reserve said that the currency market turmoil raised questions about the appropriate level of reserves.

    • The UK’s FTSE 100 index closed at 7.326.08 points, down 18.84 points or 0.26%. The Frankfurt DAX index closed at 12,342.33 points, down 125.68 points or 1.01%. The French CAC40 index closed at 5,630.76 points, down 60.02 points or 1.05%.
    • The UK Supreme Court will decide on Tuesday whether Prime Minister Johnson is legal to suspend the parliament. Derivative prices show that the pound may become the most volatile currency among the G10 currencies this week.
    • European Central Bank President Mario Draghi said the central bank may maintain its policy of monetary easing to support long term economic growth, while beware of the side effects of its unconventional monetary policy.

  • Japan’s Nikkei 225 index closed at 22,079.09 points, up 0.00 points or 0.00%. The yen closed at 107.460 against the US dollar, up 0.475%.
  • Jibun Bank/Markit data showed that the initial value of the Manufacturing Purchasing Managers Index (PMI) in Japan continued to fall to 48.9 in September, the lowest since June 2016, and has contracted for the fifth consecutive month.
  • The Shanghai Composite Index closed at 2,977.08 points, down 29.37 points or 0.98%. The Shanghai and Shenzhen 300 Index closed at 3,890.66 points, down 44.99 points or 1.14%. The RMB closed at 7.127 against 1 US dollar, down 0.551%.
  • HKTDC announced that Hong Kong’s export situation in 2019 is expected to be the worst in 10 years. The annual export forecast is lowered again, down from the expected growth of 2% in June to a contraction of 4%.
  • Premier Li Keqiang said that it is necessary to adhere to economic development as the center, implement new development concepts, accelerate the development of new momentum, ensure that the economy operates in a reasonable range, and promote high-quality development.

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