iFund – Daily Market Commentary

2019-10-04 06:54
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1/10/2019

US ISM Manufacturing weakest in 10 years, setting off a warning for the global economy.

    • The Dow Jones Industrial Average closed at 26,573.04 points, down 343.79 points or -1.28 %. The Standard & Poor’s 500 Index closed at 2,940.25 points, down 36.49 points or -1.23 %. The Nasdaq index closed at 7,908.69 points, down 90.65 points or -1.13 %.
    • The US ISM manufacturing Index unexpectedly hit a 10-year low, dropping below 50 for the second consecutive month.
    • Trump accuses the Fed’s policy of making a stronger dollar is hurting the manufacturing industry.

    • The UK’s FTSE 100 index closed at 7,360.32 points, down 47.89 points or -0.65 %. The Frankfurt DAX index closed at 12,263.83 points, down 164.25 points or -1.32 %. The French CAC40 index closed at 5,597.63 points, down 80.16 points or -1.41 %.
    • The Eurozone’s manufacturing decline in September has intensified, and the UK manufacturing industry has seen its longest losing streak since 2009.
    • British Prime Minister Johnson said that 10 days should be enough to reach a Brexit deal.

    • Japan’s Nikkei 225 index closed at 21,885.24 points, rose 129.40 points or +0.59 %. The yen closed at 108.290 against the US dollar, down 0.332%.
    • Japan has increased its consumption tax for the first time in five years, from 8% to 10%.

    • The RMB closed at 7.148 against 1 US dollar, down 0.099 %.
    • Chinese Vice Premier Liu He will visit the US for trade negotiation on October 10.
    • It is reported that Trump and Finnish President discussed alternatives to China’s 5G. Nokia is already developing alternatives to Huawei and ZTE products.



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