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Author: StockFanatic   |   Latest post: Wed, 1 Jul 2020, 2:07 PM

 

Market Commentary: A strange mix of tension and stimulus

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·         Stocks in Europe and Asia generally gained as investors weighed more signs of economies reopening around the world against the rise in US-China tensions. Volumes were light with holidays in the US and UK, as well as some Asian markets including Singapore.
·         Last week was a solid week for Wall Street that saw the rise 3.3%, posting its best weekly performance since April. The S&P 500 and Nasdaq also climbed more than 3% last week.
·         Tensions between Washington and Beijing remain in focus with China condemning the US for adding 33 Chinese entities to a trade blacklist, but without announcing any retaliatory steps.
·         Meanwhile, China sought to reassure Hong Kong that its judiciary would remain independent under a new national security law.
·         Amid a souring Sino-American relationship, investors are looking to the reopening of economies from Japan to Australia and the US to provide impetus to risk assets. The Japanese government ended its nationwide state of emergency on Monday, while a rise in a gauge of German business expectations provided another glimmer of hope for equity bulls.
·         On the stimulus front, European Central Bank key policy maker Francois Villeroy de Galhau told a Paris conference that there is room to innovate and act "rapidly and powerfully," signalling it could boost its emergency bond-buying programme.

·         Singapore's Deputy PM Heng Swee Keat is expected to announce details of a fourth stimulus package. Final first-quarter GDP is also due, with economists expecting revised data to show a slightly smaller contraction than in preliminary numbers on export gains. April CPI may show Singapore slipping into deflation, and industrial output could tumble 7% from March.
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