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Wall Street closed on a positive note despite the higher than expected April’s producer price index data as
traders prefer to focus on the upcoming CPI due out later today.
On Tuesday, Wall Street closed higher after investors digested mixed US producer prices data and Fed’s dovish comment.
The DJIA added 0.32%, to end at 39,558.11. Nasdaq rose 0.75%, to close at 16,511.18. S&P500 rose 0.48%, to finish at 5,246.68.
In Hong Kong, the HSI such, the DJIA added 127 points while the Nasdaq jumped by 123 points as the US 10-year yield eased to 4.445%.
The HSI ended marginally lower as the index took a breather after a month-long rally that saw the index gaining more than 2,800 points or 17.6%.
Meanwhile, traders are also looking out for earnings from both Alibaba and Tencent today.
On the home front, the FBM KLCI maintained its tenacity at stay above the 1,600 mark underpinned by persistent accumulation of blue chips.
“For today, we believe trading participation to be similar as yesterday while waiting for the crucial CPI data from the US.
Therefore, we expect the index to hover between the 1,600-1,610 range again. Meanwhile, crude
oil prices have hit a soft patch with the Brent crude now trending at USD82/barrel attributed to build up in US
inventory,” says Rakuten.
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Nonetheless, it is highly expected that an intermittent correction may emerge anytime soon
Trend dynamics for CIMB are turning constructive, with improving momentum.
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