Singapore Stock Market News

Market Commentary: Hopes of a fast recovery fading fast

StockFanatic
Publish date: Fri, 19 Jun 2020, 04:21 PM
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·           All three major US stock indices were range-bound and oscillated through much of the day, but the S&P ended the session in the black along with the tech-heavy Nasdaq.
·           The Dow Jones Industrial Average fell 39.51 points, or 0.15%, to 26,080.1, the S&P 500 gained 1.85 points, or 0.06%, to 3,115.34 and the Nasdaq Composite added 32.52 points, or 0.33%, to 9,943.05.
·           Overnight economic events include a narrow fall in US jobless claims last week, suggesting the labour market has a long road to recovery.
·           The ECB reached another trillion-euro milestone in its fight to bolster economies. The BOE voted 8-1 to raise its bond-buying programme by 100 billion pounds, while keeping rates unchanged in a unanimous decision. The bank said further action may be needed but didn't discuss negative rates.
·           In Asia, Japanese stocks ended lower, with the Nikkei Stock Average fell 0.4% to 22,355.46.  Mainland Chinese stocks made slight gains, extending an uptrend since Tuesday's sharp rebound which was driven by the Fed's latest round of stimulus. The benchmark Shanghai Composite Index rose 0.1% to settle at 2,939.32.
·           New Zealand's NZX-50 retreated from a monster gain on Wednesday to end at 11,225.28 as regional equity markets fretted about a resurgence in coronavirus cases.  Australian shares lost 0.9% to close at 5936.5 after data showed the country's unemployment rate surged to a 19-year high of 7.1% in May.
·           Look out for Japan CPI and BOJ minutes today to see if Asian markets manage to end the week in green.
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