Daily Market Report (1 July 2024)
- Wall Street closed lower as traders are digesting the latest economic data released last Friday, as May’s inflation is within consensus estimates but consumer sentiment is on the rise.
- Nonetheless, the majority still feels that the Federal Reserve may adjust interest rates in September.
- As such, the DJIA lost 45 points while the Nasdaq declined by 126 points as the US 10-year yield edged higher to 4.392%.
- In Hong Kong, the HSI pared earlier gains to end the day flat as sentiment turned cautious on China’s growth trajectory.
- On the home front, the FBM KLCI finally managed to close in positive territory at the 1,590 mark.
- We believe the domestic market undertone to improve following a rather muted inflation data from the US thus expect the index to hover within the 1,590-1,600 range today.
- Meanwhile, the weakening of the Japanese yen against the greenback to a 38-year low could prompt possible fresh realignments of portfolios out of the Japanese stockmarket and into other Asian markets.
