Market Update - 17 June 2013

• Wall Street ended lower, with Dow -0.70%, S&P -0.59% and Nasdaq -0.63%, on the back of disappointing US factory out and consumer confidence. 

• The benchmark gauge for Asian stocks fell while Japanese equities swung between gains and losses as investors awaited this week’s Federal Reserve meeting amid concern the US may curb economic stimulus 

• In the eurozone, employment continued to slide with a fall of 0.5% qoq (-1.0% yoy) in Q1, while its CPI remained subdued at 1.4% yoy (0.1% mom) in May. Meanwhile, Japan’s tertiary industry index came in disappointing at 0% mom (forecast: 0.2% mom) in April, up from a revised -0.2% mom in March. 

• BNM Governor Zeti indicated that the recent volatility in currency and stock market is likely to be temporary and that the central bank remains committed to orderly markets. 

• USD/MYR remains supported above the 3.1000 mark, today’s expected trading range 3.1000 – 3.1500