Singapore Stock Market News

Market Commentary: Strength in banks offset virus woes

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Publish date: Fri, 26 Jun 2020, 01:26 PM
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·           US bank stocks soared in choppy trading ahead of annual stress test results, helping to offset investor jitters over alarming increases in new coronavirus cases.
·           The Dow Jones Industrial Average rose 299.66 points, or 1.18%, to 25,745.6, the S&P 500 gained 33.43 points, or 1.10%, to 3,083.76 and the Nasdaq Composite added 107.84 points, or 1.09%, to 10,017.00.
·           All three indices had opened lower after data showed the number of Americans filing claims for unemployment benefits fell less than expected last week, likely as hiring by reopening businesses is being partly offset by a second wave of layoffs.
·           But the S&P's financial sector, up 2.7%, stayed strong for the session and was the S&P's top percentage gainer. Earlier, regulators had unveiled two rules easing restrictions covering large banks with complex trading and investment portfolios. However, most banks were lower in post-market trading.
·           The Federal Reserve said that the largest US banks are likely to survive the coronavirus crisis but warned a prolonged economic downturn could saddle them with hundreds of billions of dollars in losses on soured loans.
·           Meanwhile, coronavirus infections continued to spread across America. Texas posted its worst day for new cases, spurring the governor to halt the state's reopening.
·           In central banks, the ECB said some Governing Council members expressed reservations about the size of the PEPP expansion at their meeting this month, but broadly agreed it was the "most effective and efficient tool" in the current environment.
·           Asian equity index futures signal gains for Japanese and Australian stocks. It is a busy Friday on the data front, with New Zealand and South Korea reporting increases in consumer confidence. Also to come are Tokyo CPI, Singapore industrial production and Thailand foreign reserves. Hong Kong markets return after Thursday's holiday, while China and Taiwan remain closed.
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