Singapore Stock Market News

Market Commentary: A strong global quarterly rally

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Publish date: Wed, 01 Jul 2020, 02:07 PM
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 ·          Stocks closed sharply higher yesterday as concern over the virus shifted and the focus turned to better than expected economic numbers.
·           US consumer confidence rebounded in June as businesses reopened. There was also a sharp surge in hiring and consumer spending in May, along with improvements in the housing market and the manufacturing sector.
·           The improvements led Federal Reserve Chair Jerome Powell to say the economy had entered an important new phase sooner than expected. He had earlier cautioned that the economic outlook "is extraordinarily uncertain" and would depend on "our success in containing the virus."
·           The S&P 500 rallied to secure its biggest quarterly percentage gain in more than two decades, but it is still down about 4% on the year. Gains in June stood at just 2% due to the flare-up in virus cases.
·           A 17.78% gain in the Dow marked its best quarterly performance since a 21.56% rally in the first quarter of 1987 while the Nasdaq's 30.63% jump was its best quarter since a 48.18% gain in the fourth quarter of 1999.
·           Overnight, the Dow Jones Industrial Average rose 217.08 points, or 0.85%, to 25,812.88, the S&P 500 gained 47.05 points, or 1.54%, to 3,100.29 and the Nasdaq Composite added 184.61 points, or 1.87%, to 10,058.77.
·           The pan-European STOXX 600 index rose 0.13% and MSCI's gauge of stocks across the globe gained 1.04%. Emerging market stocks rose 0.11%. Overnight, MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.67% higher, while Japan's Nikkei futures lost 0.09%.
·           Data wise, Chinese PMIs showed an ongoing manufacturing-led rebound. The decline in South Korea's exports - a bellwether for global trade - may have eased to 9.1% year-on-year in June from almost 24% in May. Pointing the other way, consensus is for Caixin's China factory PMI - more export-oriented than the official measure - to drop to 50.5 from 50.7.
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