iFund – Daily Market Commentary

2019-10-04 06:56
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US Non-Manufacturing ISM fell to its lowest level in three years.

    • The Dow Jones Industrial Average closed at 26,201.04 points, up 122.42 points or +0.47 %. The Standard & Poor’s 500 Index closed at 2,910.63 points, up 23.02 points or +0.80 %. The Nasdaq index closed at 7,872.27 points, up 87.02 points or +1.12 %.
    • The US Non-Manufacturing ISM fell to its lowest level in three years, raising the expectation of two more rate cuts by the Fed this year.
    • The disappointing drop of the US Non-Manufacturing ISM triggered a large number of US bond purchases, and the 2-year UST yield hit a two-year low.

    • The UK’s FTSE 100 index closed at 7,077.64 points, down 44.90 points or -0.63 %. The French CAC40 index closed at 5,438.77 points, up 16 points or 0.30 %.
    • The EU has serious reservation with respect to the newly proposed Brexit deal.
    • Germany’s recession risk rises as slowdown in manufacturing has spread across to the service industry.

    • Japan’s Nikkei 225 Index closed at 21,341.74 points, down 436.87 points or -2.01 %. The yen closed at 107.070 against the US dollar, up 0.486%.
    • BOJ’s Deputy Governor, Masazumi Wakatabe said that he hope to end the negative interest rate policy as soon as possible.

    • The RMB closed at 7.149 against 1 US dollar.
    • The US Secretary of Commerce said that there are some serious structural problems between the US and China.
    • The US will impose additional tariffs on Chinese wooden cabinets and dressing tables to as high as 262%.

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