Daily Market Report (10 November 2023)
- Wall Street closed lower as sentiment was affected by the latest comments from Jerome Powell that more may be required to attain the Fed targeted inflation level.
- Though many are confident that recent economic data are showing signs of slowing down, it was the volatility within the Treasury yields that spooked traders.
- As such, the DJI Average lost 220 points while the Nasdaq declined by 129 points as the 10-year yield ended higher at 4.632%.
- Over in Hong Kong, the HSI declined by 57 points as the latest weak data on consumer and producer prices last month ignited concerns on the state of domestic demand thus more stimulus may be needed from the Chinese authorities to spur demand.
- Back home, the FBM KLCI fell for the 3rd consecutive day due to the lack of catalysts amid a mixed regional performance.
- The expected bargain hunting activities did not materialize but we remain adamant that this will emerge anytime soon.
- A check on the corporate results so far indicates that all is well thus we expect the index to trend within the 1,450-1,460 range today.