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29 Aug《International Market Focus》Market Watching Sino-US Trade War Development, US Stocks Rising

US: Wall Street is cautious about the US-China trade war situation. The US bond yield curve continues to hang up, oil prices have risen sharply, energy stocks have risen, and US stocks have fallen and then rose. The S&P 500 index rose 18.78 points, or 0.65%, to close at 2,887.94 points. The Nasdaq index rose 29.94 points, or 0.38%, to close at 7,856.88 points. The US stock market Dow Jones index rose 258.20 points, or 1.00%, to close at 26,036.10 points.

 

Europe: The US-China trade situation is unclear. The pan-European Stoxx 600 index fell 0.76 points, or 0.2%, to close at 372.86 points.

 

Europe: The Trump administration officially issued a statement to impose a 5% tariff on the $300 billion Chinese exports to the United States, from the original 10% to 15%, with effective dates of September 1 and December 15, respectively. This will drive hundreds of US retail, footwear, toys and electronic technology products to increase prices simultaneously.

 

South Korea: The Japanese government officially removed South Korea from the trade whitelist on the 28th. Japanese companies that want to export electronic parts and other products to South Korea must first obtain permission to export. In response, the South Korean government said it plans to invest 5 trillion won ($4.1 billion) in funding between 2020 and 2022 to address Japan’s export restrictions on South Korea.

 

Southeast Asia: Southeast Asia stock market is intricate, the Philippines stock market rose by 1.29%, and the Malaysian stock market fell by 0.16%.

 

Commodities: The dollar rose, with gold for December delivery falling $2.85, or 0.18%, and gold at $1,548.95 per ounce.

 

Commodities: The EIA report showed that US crude oil inventories fell last week, the biggest decline in five weeks, and oil product inventories also fell, helping to ease market concerns about slowing demand. WTI crude oil futures prices rose 85 cents, or 1.6%, to close at $55.78 a barrel.

 

Currency: The US bond yield curve continued to be upside down. The 2-year 10-year spread widened to 6 points, the largest in 2007. However, the market believes that the possibility of economic recession is overstated. The US dollar index rose 0.25% to 98.148. Go to the 98 level.

 

Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources believed to be reliable. However, we do not verify such information. We do not guarantee its accuracy or completeness, nor do we take responsibility for any loss occasioned by reliance placed upon the contents hereof. Any statements nonfactual in nature constitute only current opinions, which are subject to change.  PC Securities Ltd (or one of its affiliates) or their officers, directors, analysts, or employees may have positions in securities or commodities referred to herein, and may, as principal or agent, buy and sell such securities or commodities.  Neither the information nor opinion expressed in this report shall constitute a solicitation to buy or sell any securities.

 

2019-08-29   Back