iFund – Daily Market Commentary

2019-10-08 03:56
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7/10/2019

US and China hit new bump ahead of trade talk this week.

    • The Dow Jones Industrial Average closed at 26,478.02 points, down 95.70 points or -0.36 %. The Standard & Poor’s 500 Index closed at 2,938.79 points, down 13.22 points or -0.45 %. The Nasdaq index closed at 7,956.29 points, down 26.18 points or -0.33 %.
    • The White House confirmed that the Chinese delegation will continue trade negotiations in the US from October 10.
    • US trade deficit with China narrowed in August.

    • The UK’s FTSE 100 Index closed at 7,197.88 points, up 42.50 points or +0.59 %. The German DAX Index closed at 12,097.43 points, up 84.62 points or +0.70 %. The French CAC40 Index closed at 5,521.61 points, up 33.29 points or +0.61 %.
    • ECB said most banks have sufficient liquidity to withstand pressure.
    • WTO ruling allows the US to impose retaliatory tariffs of up to $7.5 billion of EU products, and new tariff measure is expected to take effect on October 18.

    • Japan’s Nikkei 225 Index closed at 21,375.25 points, down 34.95 points or -0.16%. The yen closed at 106.890 against the US dollar, down 0.178%.
    • President Trump to sign US-Japan trade deal that benefits farmers.

    • The RMB closed at 7.149 against 1 US dollar.
    • It is reported that Vice Premier Liu He told the US senior officials that the plan he will propose to Washington will not include a commitment to reform China’s industrial policies and government subsidies.
    • China’s foreign exchange deposits fell more than expected in September.



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