FW: OCBC Overnight Market Commentary & Outlook - 22 Jul 2016
Ye Tian (James)
22 Jul 2016
OVERNIGHT MARKET COMMENTARY
Market Recap
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Exhibit 1: Intraday Dow Jones Industrial Average |
Exhibit 2: Intraday S&P 500 |
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Source: Bloomberg |
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Source: Bloomberg |
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· The Dow industrials on Thursday ended a streak of all-time closing highs at seven and snapped a nine-day string of gains, as a hot equity market cooled ahead of key central-bank meetings.
· Eight out of ten S&P 500 industries closed lower, with Industrials (-1.03%) leading the declines while Utilities (0.56%) led the gains.
· Sep WTI Crude lost US$1.00, or 2.19%, to close at US$44.75/barrel while Sep Brent fell 97 cents, or 2.06%, to end at US$46.20/barrel.
· Gold for Aug delivery added US$11.70, or 0.89%, to finish at US$1331.00/ounce while Sep Silver rose 20 cents, or 1.03%, to settle at US$19.82/ounce.
Implications for Singapore
· The pullback on Wall Street overnight could keep local sentiment muted and seeing the index drifting sideways yet again today.
· We continue to peg the immediate support around 2900, ahead of the key 2885 psychological level; on the upside, we peg the initial hurdle at 2960, ahead of 2990.
· Overall volume shrank 30.7% with 1.2b units traded, and total value was down 15.2% to S$1.1b; while average value/unit gained 22.6% to S$0.86.
Research Team
(65) 6531 9800
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