iFund – Daily Market Commentary

2019-10-15 06:23
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After the first day of trade negotiation between China and US, both sides hinted that they are cautiously optimistic about reaching partial agreement.

    • The Dow Jones Industrial Average closed at 26,496.67 points, up 150.66 points or 0.57%. The Standard & Poor’s 500 Index closed at 2,938.13 points, increased by 18.73 points or 0.64%. The Nasdaq index closed at 7,950.78 points, increased by 47.04 points or 0.60%.
    • President Trump said the negotiation progress has been “very smooth” and will meet with Chinese Vice Premier Liu He on Friday.
    • The September CPI was lower than expected, or may give Fed’s the support for a third rate cut this year.

    • The UK’s FTSE 100 index closed at 7,186.36 points, up 19.86 points or 0.28%. The Frankfurt DAX index closed at 12,164.20 points, increased by 69.94 points or 0.58%. The French CAC40 index closed at 5,569.05 points, increased by 69.91 points or 1.27%.
    • The leaders of the UK and Ireland held “constructive” talks, with both sides agreed that there is a potential solution to a Brexit agreement.
    • Bank of England Governor Carney: The pace of UK economic growth has slowed slightly.

    • Japan’s Nikkei 225 index closed at 21,551.98 points, up 95.60 points or 0.45%. The yen closed at 107.420 against the US dollar, down 0.047%.
    • Japan’s biggest drop in machinery orders in five years raises recession concerns.

    • The Shanghai Composite Index closed at 2,947.71 points, increased by 22.85 points or 0.78%. The Shanghai and Shenzhen 300 Index closed at 3,874.64 points, increased by 31.40 points or 0.82%. The RMB closed at 7.122 against 1 US dollar, increased by 0.045%.
    • Vice Premier Liu He said in Washington that China is negotiating with great sincerity. He hoes that China and US can come to terms on issues of trade balance, market access, etc.
    • HKMA: There was no significant outflow of Hong Kong dollar funds during the recent social unrest.

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