Singapore Stock Market News
Market Commentary: Uncertainty may weigh on markets in Asia
StockFanatic
Publish date: Wed, 22 Jul 2020, 01:04 PM
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· Investors cheered a key step toward fiscal integration in the European Union via a new recovery fund. The 750-billion-euro (US$864.68 billion) fund had been hailed as a game changer and unprecedented act of solidarity in almost seven decades of European convergence. The move helped the single currency hit one-and-a-half-year highs.
· The Dow Jones Industrial Average rose 0.6%, to 26,840.4, the S&P 500 gained 0.17%, to 3,257.3 and the Nasdaq Composite dropped 0.81%, to 10,680.36.
· Comments from key figures may put markets on their guard. President Donald Trump said the virus will probably get worse before it gets better. Cases have been rising across the United States, with now nearly 141,000 deaths recorded from the disease.
· Also to weigh on markets were comments made by US Secretary of State Mike Pompeo that the United States wants to build a global coalition to counter China, which he accused of exploiting the coronavirus pandemic to further its own interests.
· As earnings continue to roll in, investors are taking stock of a surge in global equities that left the MSCI gauge of developed and emerging-market shares at the highest since February. After the success of a European rescue package this week, focus turns to negotiations in the US between Republicans and Democrats on legislation to prop up the hobbled economy.
· Senator Mitch McConnell has cast doubt on reaching a fresh US rescue bill before some current benefits expire, as Democrats called Republicans' US$1-trillion-proposal insufficient.
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