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iFund – Daily Market Commentary

2019-10-10 06:42
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Major indices drop as US and China tension heats up.

    • The Dow Jones Industrial Average Index closed at 26,164.04 points, down 313.98 points or -1.19%. The Standard & Poor’s 500 Index closed at 2,893.06 points, down 45.73 points or -1.56%. The Nasdaq Index closed at 7,823.78 points, down 132.51 points or -1.67%.
    • The White House is studying how to limit government pension funds from investing in Chinese stocks.
    • Federal Reserve Chairman Powell said the Feds will resume buying US Treasury bonds.

    • 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 %.
    • UK Prime Minister Boris Johnson told German Chancellor Angela Merkel a Brexit deal is essentially impossible if the EU demands Northern Ireland to stay in EU’s customs union.
    • European banking regulators has warned the banking industry to make necessary staffing arrangements in case of a hard Brexit.

    • Japan’s Nikkei 225 Index closed at 21,587.78 points, up 212.53 points or +0.99%. The yen closed at 106.950 against the US dollar, down 0.056%.
    • China and Japan link up with ‘feeder’ ETFs to make cross-border equities investment cheaper and more efficient.

    • The Shanghai Composite Index closed at 2,913.57 points, rose 8.38 points or 0.29%. The Shanghai and Shenzhen 300 Index closed at 3,837.68 points, rose 23.15 points or 0.61%. The RMB closed at 7.139 against 1 US dollar, rose 0.134%.
    • China says it will launch counter measures against the US sanction list.
    • PBOC Governor Yi Gang will join Chinese Vice Premier Liu He at the talks in Washington.

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