Daily Market Report (11 August 2022)
- US equities surged following the deceleration in CPI for July giving some breathing space for the Federal Reserves to hike rates aggressively.
- The DJI Average jumped by 535 points while the Nasdaq gained 361 points as the US 10-year yield remained unchanged at 2.78%.
- In view of the robust performance on Wall Street overnight, we reckon the FBM KLCI to reverse recent weakness and expect the index to hover between the 1,495 – 1,510 range today.
- We believe buying interest may also emerge for technology stocks after the recent selling activities.
- Meanwhile, Brent crude price inched higher to US$97.40/barrel on better demand outlook.
