Daily Market Report - 3 Feb 2025
- Wall Street tumbled after Trump’s statement that tariffs on Canada, Mexico and China will commence 1st February.
- Nonetheless, many are still waiting for more details on the tariffs while also looking ahead of earnings from major companies.
- Meanwhile, the US 10-year yield inched higher at 4.543% as inflation remains a sticky issue.
- The Hong Kong Stock Exchange will resume trading today.
- On the home front, the FBM KLCI managed to close on a positive note following a weak performance over the last few days.
- No signs of any post-CNY rally as yet but certainly the local bourse seems ripe for some stock accumulation at this juncture.
- As mentioned, we believe some foreign funds would shift to better value propositions thus may re-look at Asia amid the heightening volatility on Wall Street.
- Already, we noticed gold has reacted with all-time high at almost USD2,800/oz.
- Therefore, we anticipate the index to trend within the 1,555-1,565 range today.
