Daily Market Report (14 October 2024)
Mon, Oct 14, 2024 7:40 AM
- Wall Street finished on a high note last Friday, driven by solid bank earnings that lifted financial stocks, while inflation data fuelled anticipation of a Federal Reserve rate cut in November.
- Confidence is building among investors that the U.S. economy will achieve a soft landing, with inflation concerns easing after PPI data revealed core and final demand were lower than anticipated, despite a modest rise in CPI.
- In Asia, major indices ended broadly lower due to profit-taking activities amid rising tensions in the Middle East.
- Meanwhile, China’s Finance Minister Lan Foan delivered positive news, stating that 2.3 trillion yuan (US$325.5bn) in special bonds will be issued in the next three months to uplift the economy.
- The Hong Kong market was closed for public holiday.
- As for the local bourse, the FBM KLCI remains in a consolidation phase, and we anticipate this trend to persist into the week unless new catalysts arise.
- Investors are urged to remain cautious until the market's direction becomes more evident.
- As such, we anticipate the benchmark index to trend within the range of 1,630- 1,640 for today.
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