iFund – Daily Market Commentary

2019-10-04 06:55
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WTO ruling allows US to levy retaliatory tariffs on up to $7.5 billion of EU products.

    • The Dow Jones Industrial Average closed at 26,078.62 points, down 494.42 points or -1.86 %. The Standard & Poor’s 500 Index closed at 2,887.61 points, down 52.64 points or -1.79 %. The Nasdaq index closed at 7,785.25 points, down 123.44 points or -1.56 %.
    • New York Fed Governor said The US economy is strong looking from the rear view mirror, but there are many uncertainties and there are signs of economic slowdown.
    • The ADP report showed the increase in US employment in September was less than expected, and the August increase was also revised downward.

    • The UK’s FTSE 100 index closed at 7,122.54 points, down 237.78 points or -3.23 %. The Frankfurt DAX index closed at 11,925.25 points, down 338.58 points or -2.76 %. The French CAC40 index closed at 5,422.77 points, down 174.86 points or -3.12 %.
    • Airbus CEO said that the retaliatory tariffs will not only have a negative impact on American airlines, the US jobs will also be affected.
    • France Finance Minister said if the US were to impose the tariffs, the EU is ready to impose sanctions on the US next year.

    • Japan’s Nikkei 225 Index closed at 21,778.61 points, down 106.63 points or -0.49 %. The yen closed at 107.590 against the US dollar, up 0.651%.
    • The contraction of the US’s manufacturing activities took a toll on the Japanese stock market.

    • The RMB closed at 7.148 against 1 US dollar, down 0.099 %.
    • Eddie Yue, HKMA Chief Executive said the linked exchange rate system is the most suitable monetary system for Hong Kong. There is no need to change.
    • According to Sky News, Chinese company Jingye Group is seeking to acquire British Steel.

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