Daily Market Report - 7 March 2025
- Wall Street slumped again despite the recent 1-month tariff reprieve for both Canada and Mexico as traders are now paying attention on the monthly layoff data for February 2025 which is the highest since July 2020.
- There are rising concerns that the ongoing mass layoffs on Government staff will have negative impacts on the US economy.
- Meanwhile, the US 10-year yield remained flat at 4.28%.
- Over in Hong Kong, the HSI maintained its uptrend to close at a 3-year high to almost the 24,400 mark buoyed by China’s stimulus package during the National People’s Congress (NPC) underscore by the projected 5% GDP growth this year.
- Therefore, many are expecting more easing measures to be announced by China in due course.
- Back home, the FBM KLCI declined as sellers emerged, which we see as disappointing.
- As a result, we believe the local bourse would continue to trend within a narrow range and hover between the 1,555-1,570 range today.
