Daily Market Report - 13 May 2025
- Wall Street soared after China and the US agreed to slash their tariffs for 90 days and temporarily reduced the tariffs to 10% and 30% for the US and China respectively.
- While a runaway inflation in the US may have been averted, the US 10-year yield edged higher to 4.473%.
- In Hong Kong, the HSI jumped by almost 700 points boosted by the potential de-escalation of trade tension between China and the US.
- The local bourse will resume trading today following a lacklustre display last week.
- We believe the FBM KLCI will play catch-up today.
- As such, we expect the index to trend within the 1,550-1,570 range today.
- Meanwhile, crude oil price rebounded as China is ramping up their purchases amid prevailing low prices.
- As a result, the Brent crude jumped to around the USD65/barrel, which is a 2-week high.
