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

 

Market Commentary: Deteriorating Sino-American relations may hold rally in check

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·         Data showed US consumer confidence nudged up in May, adding to hopes that the worst of the economic impact of the shutdown is in the past.
·         The Dow Jones Industrial Average rose 529.95 points, or 2.17%, to 24,995.11, the S&P 500 gained 36.32 points, or 1.23%, to 2,991.77, and the Nasdaq Composite rose 0.17%, to 9,340.22.
·         Hopes associated with the easing of lockdown measures in many countries and hopes of a vaccine being found short-term need to be balanced against escalating US/China tensions.
·         The Trump administration is considering a range of sanctions on Chinese officials, businesses and financial institutions over Beijing's effort to crack down on Hong Kong. No decision has been made on whether or how to employ the sanctions. President Donald Trump believes Hong Kong will lose its status as Asia's financial hub if the new law proceeds. And Hong Kong is bracing for what could be its biggest day of protests in months, with pro-democracy groups calling for a general strike.

·         In Singapore, S$800 million will be set aside for the Covid-19 Support Grant, on top of other commitments. The grant covers those who have lost their jobs, are placed on no-pay leave, or will see salaries significantly reduced in the coming months.
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