Daily Market Report (12 September 2024)
- Wall Street closed broadly higher after a choppy session following initial concerns that core CPI figure came in slightly higher than expected which dampened hopes of a 50bps rate cut next week.
- Notwithstanding this, the DJIA gained 125 points while the Nasdaq jumped 370 points as the US 10-year yield inched marginally higher at 3.661%.
- In Hong Kong, the HSI closed weaker but off the day’s low following some selling on energy stocks tagging the declines in crude oil prices.
- Traders were mostly sidelined while waiting for the US inflation data.
- On the home front, the FBM KLCI slumped to just below the 1,640 level amid regional weaknesses.
- Nonetheless, we were indeed surprised by the rate of the decline thus expect a swift rebound and expect the index to hover within the 1,640-1,650 range today.
- Meanwhile, crude oil prices rebounded after a 1-week downtrend with the Brent crude currently trending just above the USD70/barrel.
