Daily Market Report - 10 Apr 2025
- Wall Street mounted its biggest rally as all 3 major indices surged after Trump announced a 90 day pause and lower his reciprocal tariff to a baseline 10% except for China where the rate was raised to 125%.
- Meanwhile, the US 10- year yield climbed higher at 4.328%.
- Over in Hong Kong, the HSI after a weak opening, managed to close higher to remain at above the 20,000 level.
- Nonetheless, sentiment remained cautious over China’s stance on the trade war with the US.
- Back home, the FBM KLCI surprisingly was trashed to around the 1,400 level attributed to a surge in foreign selling.
- However, we believe an immediate rebound could happen today, taking cue from the rally on Wall Street hence expect the index to hover within the 1,400-1,450 range.
- Nonetheless, we advocate investors to remain vigilant as the tariff situation is still fluid amid Trump’s flip-flopping policy.
