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Straits Times 3,347.95 -9.39 -0.28%
Hang Seng 28,554.88 +83.26 +0.29%
Dow Jones 27,316.44 -15.59 -0.06%
Shanghai Composite 2,942.19 +11.64 +0.40%
Asian Shares Soar On Rekindled Hopes Of A Trade Deal
By: Jimmy Ng
Articles (50) Profile

Asian markets turned bullish after reports surfaced that both President Trump and his Chinese counterpart Xi Jinping had agreed to meet at the G20 summit in Japan at the end of June. Meanwhile, the FOMC meeting held this week ended on a dovish note. While the Federal Reserve kept interest rates unchanged, Fed chair Powell signaled that the central bank is ready to cut rates if necessary. Investors are now hoping that a potential rate cut may come as early as July. Last fortnight, Dow Jones Industrial Average jumped 4 percent to 26,753.17.

The last two weeks have not been peaceful in Hong Kong as millions of Hong-kongers flooded the streets protesting against the extradition bill proposed by the government. On 15 June 2019, the bill was indefinitely delayed after Hong Kong leader Carrie Lam offered a personal apology to the public over her mishandling of the bill and the conflicts it had caused. The moves by Carrie Lam, however, did not manage to placate the protestors. Hang Seng Index rose 5.6 percent to close at 28,473.71 last fortnight.

Over in Singapore, exports data released by the authority recently was rather disappointing. Non-oil domestic exports (NODX) extended its decline slumping 15.9 percent in May 2019 on the back of lower electronic and non-electronic shipments. This was the worst performance since March 2016 when NODX fell 16 percent.

On local bourse, local shares closed higher led by advances by the banks and real estate counters, all thanks to the benign interest rate outlook. Last fortnight, Straits Times Index gained 4.9 percent to finish at 3,321.40.

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.

Please click here for more information about this author.


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