Dow Jones Falls, SGD Gained on MAS Policy, Hang Seng Eyes Xi's Speech

Dow Jones Falls, SGD Gained on MAS Policy, Hang Seng Eyes Xi’s Speech

Oct 14, 2020 (MENAFN via COMTEX) —

(MENAFN – DailyFX) DOW JONES, HANG SENG, STRAITS TIMES INDEX OUTLOOK:

Dow Jones erased gains despite a slew of upbeat corporate earnings from big banks Singapore’s advanced Q3 GDP contracted 7% YoY, monetary policy to remain unchanged Hong Kong stock exchange resumes trading on Wednesday. Xi Jinping to give a key speech. Advertisement Dow Jones Index Outlook:

The Dow Jones Industrial Average (DJIA) came off from a six-week high as profit taking activities kicked in and corporate America unfolded their third quarter earnings results. Not surprisingly, six out of seven S & P 500 constituent companies, which released their profits on Tuesday, smashed analysts’ expectations (table below). This may set an upbeat tone for the earnings season.

JPMorgan and Citigroup delivered 29.4% and 52.5% positive surprises respectively in terms of their earnings per share (EPS), thanks to lower loan-loss provisions. Larger banks may outperform the smaller peers with contributions from investment banking, trading and asset management businesses amid improving market conditions. Apple’s share price plunged 2.7% after the release of new iPhones, souring risk appetite. Bank of America, Goldman Sachs, Wells Fargo will reveal their earnings Wednesday.

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S & P 500 Earnings – October 13th 2020

Asia-Pacific markets opened in mixed sentiment on Wednesday, with mainland Chinese, Hong Kong and Malaysian stocks likely to lead gains. Japanese and Australian equities opened lower.

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Technically, the Dow Jones index has come off its six-week high of 28,950, entering into a technical correction. Given strong upward

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