Daily Market Report - 13 Jan 2025
- Wall Street finished lower as positive jobs data renewed inflation fears, strengthening the case for a cautious Federal Reserve approach to cutting interest rates this year.
- Three key major indices ended negatively with the DJIA and Nasdaq losing 1.63% respectively while S&P500 dived 1.54%.
- In Asia, key indices ended lower after The Treasury selloff intensified on expectations that the Federal Reserve will not cut interest rates again before July amid lingering inflation risks.
- Over to HK, the HSI fell 0.92% as investors remain cautious about the strength of China’s recovery, weighed down by sluggish consumption and escalating US-China trade tensions.
- As for the local bourse, the FBM KLCI ended on a positive note, supported by bargain hunting in banking and telco stocks.
- However, our outlook remains cautious, despite gains in the benchmark index, as external factors continue to weigh on investor sentiment.
- On the other hand, cheap valuations may attract investors to buy on dip, hence we anticipate the benchmark index to trend within the range of 1,600-1,610 for today.
