Market profit take as US FED is expected to hold rates
Federal Reserve is expected to keep interest rates unchanged at 5.25%-5.5% at
its meeting today. All eyes will also be on the People's Bank of China's loan
prime rate decision, following the surprise reserve requirement ratio cut this
The S&P 500 continues to trade within a large range of 4,330-4,550, as demand and supply battle for dominance. The FOMC policy speech could be a trigger for a directional move.
We do not have a tactical idea for US market. However, it's worth highlighting that the REITs sector has begun to witness increased activity in recent weeks, driven by expectations of a pause in interest rate hikes. Capitaland India Trust (C6YU:SGX), in particular, has broken out of its previous downtrend, suggesting the possibility of entering an accumulation phase before a potential uptrend.
*Headlines for Week Ahead:*
US FOMC Meeting
US S&P Global PMI
China LPR fixing
SG Aug NODX