Singapore Stock Market News

Market Commentary - Expect a choppy start to the week

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Publish date: Mon, 04 May 2020, 11:13 AM
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·         The more than 10% rally in world shares in April is being tested as investors assess efforts from countries starting to ease lockdown restrictions against fears of a second wave of infections and a steady stream of bad economic data.
·         Market watchers say that while it is unlikely that we will retest the March lows, there is a chance that we could head back toward the bottom of the April trading range.
·         A busy week of corporate earnings and economic data drove big stock swings last week as investors parsed a flood of information highlighting the intense toll the coronavirus is having on the economy. One of the biggest warning signs for investors: the tech giants that appeared almost untouchable even during a global pandemic showed signs of faltering as their quarterly results streamed in.
·         Last week, the S&P 500 closed at 2,830.71 (-2.8%), while the Nasdaq Composite closed at 8,604.95 (-3.2%). The Dow closed at 23, 723.69, down by 2.55%.
·         US-China tensions have flared up again, as Michael Pompeo said there is "enormous evidence" the pandemic began in a facility in Wuhan, and he accused Beijing of a cover-up, but the US Secretary of State didn't provide any proof for his claims. Pompeo stopped short of suggesting the virus was man-made, saying he agreed with a US intelligence report rejecting that idea.
·         There is significant uncertainty about the global economic recovery once quarantines are lifted worldwide. Federal Reserve Bank of St. Louis President James Bullard warned that an extended shutdown of the US economy to address the coronavirus crisis was ultimately unworkable and could lead to lasting, deep damage.

·         Hong Kong Financial Secretary Paul Chan warned the city could be hit by its worst economic slump on record. In a blog post, Chan reiterated a forecast for a contraction of 4% to 7% this year, and that even the low end would be the deepest drop since the 1960s. GDP may have shrunk 6.4% in the first quarter from a year earlier, economists said ahead of numbers due on Monday.
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