All eyes on Powell’s testimony

Markets took a cautious step on Tuesday after a holiday weekend as investors look ahead to Uncle Powell’s testimony. He will address the US House Financial Services Committee today and the US Senate Committee on Banking, Housing and Urban Affairs this Thursday.

Hence, investors will have plenty of resources to understand the “mind” of the Fed in its recent pause of rate hikes and potential insight into future interest rate policy.

China’s latest interest rate cut underwhelm investors

Even as China cut its benchmark lending rate, markets aren’t convinced it is sufficient given the broader evidence of a general economic slowdown beyond the property and industrial sector, now seemingly spreading to the retail segment as domestic consumption failed to spur a rebound.

Oil prices fell, weighed down by a weaker Chinese economy narrative. The disappointing stimulus effort may dampen investors’ hope for a larger wide-net stimulus package.

We continue to maintain constructive exposure to Chinese counters as the stormy clouds start to dissipate with lagging effects of monetary policy feeding into the bloodline of the economy.

What’s on the menu today?

1. 10 pm: Fed Chair Powell Testifies

It is 21 June, Wednesday, 8.55 am in Singapore and 8.55 pm in New York. It is a sunny day, and we hope all friends have a productive day at work. If you are on holiday break, we hope you have an enjoyable, restful day.

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