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Straits Times 3,169.89 +9.17 +0.29%
Hang Seng 27,353.93 +86.80 +0.32%
Dow Jones 25,585.69 +95.22 +0.37%
Shanghai Composite 2,852.99 +0.48 +0.02%
Markets Still Under Mercy Of Oil
By: Louis Kent Lee
Articles (199) Profile

The general markets seem to be at the mercy of the oil market. Decisions that are pending on April 17 in Doha on the freezing or cutting of oil production, will very likely set the tone for equity markets.

Healthy data for US jobless claims did nothing much to calm market jitters.

In fact, volatility in the S&P 500 index, was largely seen to a certain extent. In the last few trading sessions especially, the S&P 500 was seen swinging in and out of positive and negative zones in ranges of some one percent.

Albeit seemingly innocuous, where nothing of a pullback that exceeded three percent happened in one day, the market’s challenge moving forward will be corporate financial results as we kick off earnings season.

In the Singapore arena, investors are likely to take risks off the table with negative sentiment hovering over the banking sector, weighed by lower anticipated earnings due to the slower pace of Fed hikes.

The Singapore government expects global economic uncertainty to weigh on Singapore’s growth until the end of decade, and is ready to provide more help when necessary.

At the time of writing, we note that the Straits Times Index is packed in a trading range between 2,760 to 2,840.

Louis is a qualified accountant with the ACCA, and is the Research Editor at Shares Investment magazine.

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