Singapore Stock Market News

Market Commentary: US equity markets rebound

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Publish date: Wed, 15 Jul 2020, 09:16 AM
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·         US stocks climbed to a five-week high, led by gains in energy, materials and industrial shares amid a resurgent US coronavirus outbreak. The S&P 500 rose 0.5% after wavering earlier in the session. The Dow Jones Industrial Average rose more than 375 points, or 1.5%. The Nasdaq Composite slipped 0.1%.
·         The second-quarter earnings season began on Tuesday as several major US banks reported results. The collective message was to be prepared for soured loans as JPMorgan, Citi and Wells Fargo set aside almost US$28 billion for bad loans in the second quarter, a mark only surpassed by the last three months of 2008. The total was higher than expected, and all three lenders said their economic outlook had worsened as the pandemic persists.
·         US consumer prices increased by the most in nearly eight years in June as businesses reopened, but the underlying trend suggested inflation would remain muted and allow the Federal Reserve to keep injecting money into the ailing economy.
·         Tension grew between Washington and Beijing. President Donald Trump issued an order to end Hong Kong's special status with the US and signed legislation that would sanction Chinese officials responsible for cracking down on political dissent in Hong Kong
·         Selling of China stocks by overseas investors hit an all-time high on Tuesday as this month's US$1.5 trillion rally ground to a halt. They offloaded a net 17.4 billion yuan (US$2.5 billion) of the country's equities, the most since late 2016 when the Shenzhen trading link joined the Shanghai connect online. Recent stake cuts by some large state-backed funds were a signal that policy makers want the market to cool down some, analysts observed.
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