Daily Market Report - 16 Dec 2024
- Wall Street closed mixed as traders were mostly sidelined ahead of the FOMC meeting next week.
- Though many expect the Fed to cut rates, the US 10-year yield remains stubbornly high at 4.395%.
- This will place the US National debt currently at USD36.2 trillion in a very interesting position when the suspension of the debt ceiling ends on January 1, 2025.
- Over in Hong Kong, the HSI slumped to below the 20,000 level as the conclusion of the Chinese economic policy meeting failed to satisfy investors.
- While waiting for more clarity, China’s bond market rallied with the 10-year yield hitting a record low of 1.773%.
- Back home, the FBMKLCI rebounded to close near the 1,610 level amid the emergence of buying activities.
- We believe liquidity within the local bourse is still low but remain hopeful that the index will test 1,630 before 2024 ends.
- For today, we expect the index to hover within the 1,605-1,615 range.
