Daily Market Report (30 Oct 2019)
- US stocks were mixed as it hovers at record levels as market widely expects Fed to lower rates again Wednesday by 0.25%, having done the same back in July and September.
- All eyes will be on Jerome Powell’s speech to see the tone of his outlook which will provide some direction for the next year’s rate directions. Expectations of phase 1 of trade deal next month during APEC meeting in Chile is likely to bolster the sentiments on equities.
- On the local front, the up-coming 3Q19 corporate earnings may spring a positive surprise on the upside based on our estimates, hence now is the time to bargain hunt for stocks at our market as it is well below the 1,600 level.
