Singapore Stock Market News

Market Commentary: Stimulus will be in focus this week as markets falter

StockFanatic
Publish date: Mon, 20 Jul 2020, 12:58 PM
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·           On Friday, the Dow slid 0.23%, to 26,672.0. The S&P 500 gained 0.28% to 3,224.7. The Nasdaq Composite rose 0.28% to 10,503.2. The major averages posted a muted performance as a decline in Netflix weighed on major tech stocks.
·           Policy makers in the US will resume talks this week on another round of stimulus that could prove critical to the still-fragile recovery of the world's largest economy.
·           Earlier this year, President Donald Trump had signed a stimulus package worth roughly US$2 trillion which expanded unemployment benefits for those laid off during the pandemic. Among these expanded benefits, a US$600-a-week check was included. However, these extra payments are set to expire later this month.
·           Earnings season in the US continues this week. IBM gets the tech ball rolling on Monday, followed by Microsoft, Intel, Snap and Texas Instruments. In finance, Blackstone, Amex and Capital One weigh in, as do Swiss banks UBS and Julius Baer. Tesla, Daimler and Hyundai will show how carmakers are doing. And on Thursday, all eyes will be on Twitter, following the social platform's recent hacking debacle.
·           EU leaders failed to reach an agreement on a 750 billion-euro stimulus package, after a dispute over how much of the package should be disbursed as grants and how much as loans. Germany and France are said to have insisted at least 400 billion euros should be handouts. Hawks from northern Europe pushed for a much lower figure.
·           Over in Hong Kong, the city tightened restrictions again after reported Covid-19 cases surged to more than 100 in 24 hours over the weekend. Hong Kong leader Carrie Lam said the situation was "very serious and there is no sign of it coming under control.".
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