Daily Market Report (6 December 2023)
- Wall Street closed on a mixed note as US equities took a breather as many see recent strong performances may have outrun the underlying fundamentals amid a cooling labour market.
- As such, the DJI Average lost 80 points while the Nasdaq gained 44 points with the US 10-year yield dipping below the 4.2% at 4.167%.
- Over in Hong Kong, the HSI slumped 318 points to below the 16,500 mark or a 13-month low after Moody’s downgraded China rating outlook to negative from stable while maintaining the sovereign bond rating at A1.
- Back home, late buying activities lifted the FBM KLCI off the day’s low as the index declined marginally to just below the 1,450-level prompted by weaknesses across the region following Moody’s rating on China’s outlook.
- Despite recent good corporate earnings showing, sentiment remains cautious in the absence of strong inflows of funds.
- Therefore, we expect the index to maintain its consolidation and oscillate within the 1,445-1,455 for today.
- Meanwhile, higher US inventory coupled with weakening demand had sent crude oil prices lower with the Brent crude hanging around the US$77/barrel.
