Daily Market Report (14 April 2022)
- Wall Street staged a relief rally as the earnings season kicks off with a set of positive results, temporarily ignoring the prevailing inflationary pressure.
- The DJI Average jumped by 344 points while the Nasdaq closed 272 points higher.
- The US 10-year yield remains at the 2.7% mark. As for the local bourse, sentiments remained rather jittery as early gains were wiped out attributed to late profit taking activities.
- Though we reckon the index to trend higher today, regional volatility may curtail the uptrend hence expect the index to hover within the 1,595-1,605 range.
- Meanwhile, the Brent crude closed higher at US$108/barrel as prevailing oil inventories are below its 5-year average.
