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Weekly Market Outlook



Thoughts on the Week Ahead: 
Week of June 24, 2024

Chinese equities continue to struggle to rebound following mixed economic data released in May. This is coupled with the PBOC's decision not to cut interest rates, maintaining the Renminbi against a strong US dollar.

The China A50 index is currently trading near our first support level at 12,000. If this level is breached, the next support level to watch is at 11,500.

In the US markets, the S&P 500 has shown upward momentum throughout the week but faces resistance at its current levels. The index remains biased upwards as long as it holds above its technical support range of 5,375-5,400. This Friday's release of the May PCE report could impact market direction.

The Straits Times Index (STI) continues to experience fluctuations, finding support around the 3,250 mark.

We favor selective long trades in the US and Singapore markets, while maintaining caution regarding Chinese and Hong Kong equities.

Headlines for the week:

- US May PCE, US Bank Stress Test Results
- China Jun PMI
- SG May CPI, Ind Prod

Disclaimers apply

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