Daily Market Report (27 July 2022)
- Wall Street tumbled following profit warnings from Walmart adding concerns of recession and that the Federal Reserves may hike rate by 75bps.
- The DJI Average declined by 228 points while the Nasdaq lost 220 points with the US 10-year yield remained stagnant at 2.80%.
- On the home front, the FBM KLCI closed lower due to some profit taking activities.
- For today, we reckon sentiments to become cautious as many will wait for the action taken by the federal Reserves later today hence anticipate the index to hover between 1,455-1,470 range.
- Meanwhile, crude palm oil rebounded to almost the RM3,800/tonne while the Brent crude retreated slightly to US$104.40/barrel.
