Daily Market Report - 7 May 2025
- Wall Street trended lower ahead of the Federal Reserve policy meeting and the much anticipated post meeting press statement by Jerome Powell later today.
- Meanwhile, the US 10-year yield ended lower at 4.298%.
- After a short break, the Hong Kong market closed positively on optimism over the potential easing of the trade tension between China and the US in addition to the Federal Reserve interest rate decision this Thursday.
- Back home, the FBM KLCI again succumbed to late selling activities to end at 1,535 level despite a positive opening amid another muted trading day.
- Judging by the lacklustre trading over the past 2 days, we believe the index to remain stuck within a narrow range of between 1,530-1,540 range today.
- Meanwhile, crude oil prices improved albeit slightly on expectations that crude oil output may peak sooner rather than later.
- As such, the Brent crude climbed to above the USD62/barrel.