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North Korea’s Missile Shakes Markets; HSI Advances Amid Worries
By: Jimmy Ng
Articles (48) Profile

Jackson Hole Symposium ended last week without much surprises, with neither Fed Chairwoman Janet Yellen nor European Central Bank President Mario Draghi providing any specific details about future monetary policy. Despite being badly shaken by North Korea’s missile test over Japanese airspace on 29 August morning, markets staged a quick recovery following US’s sedate response to the provocation. Over the fortnight, US’s Dow Jones Industrial Average gained 0.7 percent to close at 21,892.43.

In Asia, China’s Shanghai Composite Index (SCI) stood firm above 3,300 after first breaking the resistance on 25 August, driven by strong earnings of large-caps. As at 31 August, SCI closed at 3,360.81 rising 2.8 percent over the fortnight. Lifted by the rise of A-shares, Hong Kong market strode forward with strength after trading resumed as damage by Typhoon Hato subsided. Hang Seng Index jumped 3.4 percent to finish at 27,970.30. Japan’s Nikkei 225 Index, on the other hand, treaded sideways but added 0.9 percent ending at 19,646.24.

Back home, Singapore’s Manufactured Products Price Index grew 3.9 percent year-on-year in July 2017, quickening its pace from the 2.5 percent rise in June. According to figures released by the Department of Statistics, Consumer Price Index marked the 21st straight month of decline in July 2017 dropping 0.7 percent unchanged from the previous month.

In the local bourse last week, ComfortDelgro Corporation’s share price surged 8.8 percent on 23 August after news of a possible strategic alliance with its private-hire rival Uber Technologies. Meanwhile, CapitaLand also announced a collaboration with e-commerce powerhouse Alibaba to manage its new Shanghai headquarters and to launch an exclusive online mall on Lazada Singapore. Singapore’s Straits Times Index edged up 0.8 percent over the last fortnight to close at 3,277.26.

Looking forward, attention would be drawn to key data to be released from the US next week, as well as potential issues that could arise from the US debt ceiling and Fed balance sheet normalization.

Equipped with a Bachelor in Mechanical Engineering and a few years of experience in the finance industry, Jimmy hopes to help investors gain deeper insights and make well-informed decisions by sharing his perspective.

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