Daily Market Report (5 June 2020)
- US stocks took a breather yesterday but hopes of a quicker economic recovery remains. Expectations are also high that the US unemployment rate would be within forecasts of around 20%.
- Meanwhile, the positive equity performance saw many funds selling down the US treasury as the 10-year bond rate has risen to above 0.8%, the highest since end-March.
- Today we reckon the regional markets to retreat somewhat following a solid performance this week.
- Locally we expect some profit taking to emerge over the longer weekend with the FBM KLCI to test the immediate support of 1,555 level.
