Singapore Stock Market News
Market Commentary: A gloomy start likely for markets
StockFanatic
Publish date: Mon, 22 Jun 2020, 10:44 AM
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· Rising concerns over the spread of the coronavirus saw increased demand for safe-haven assets late last week. The weekend also saw further increases in Covid-19 infection rates, including in Germany and Australia, the two countries that had been cited as among the most successful in containing the pandemic.
· US equities fell on Friday while much of Asia closed in the green. The S&P closed at 3,097.74, which was a loss of 17.60 points or 0.6%, while the Nasdaq closed unchanged at 9,946.12. The Dow closed at 25,871.46, falling 208.64 points or 0.8%.
· Market have been sensitive to any indication that a second wave of infections is under way, as it could lead to new lockdowns. The trend toward reopening the US economy has lifted the stock market in recent weeks.
· This week, investors will be bracing for some level of turmoil amid headwinds from geopolitics and the Covid-19 pandemic.
· China's proposed national security law that would give the mainland the right to directly prosecute Hong Kong residents is still vaguely defined regarding the offenses. There has been little direct US reaction, which will make it harder for investors to get clarity on what the moves will mean for assets.
· Economic data wise, investors may get fresh signs on how the global recovery is going, with flash PMIs due. On Monday, South Korea reports 20-day imports and exports, seen as key early indicators for the health of global trade. RBA Governor Lowe is participating in a panel titled Global Economy and Covid-19.
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