Market Update - 2 July 2013

• A better than expected ISM manufacturing number in June bolstered sentiment in Wall Street overnight, prompting some gains to start off the new month. Dow +0.44%, Nasdaq +0.92% and S&P500 +0.54% as ISM manufacturing inched up higher to 50.9 from 49.0 in May. 

• The Japanese yen strengthened, while gold climbed a third day after last week’s rout 

• Asian stocks rose, extending the regional index’s longest stretch of gains in more than two months, on signs the outlook for manufacturing in some of the world’s biggest economies is improving 

• Lots of central bank actions this week starting with the RBA today while the US nonfarm payrolls data on Friday will also be the key focus in the market. 

• KLCI inched up slightly higher on Monday but market still showed little conviction of making a strong move towards the crucial resistance around 1790-1800 next. 

• USD/MYR still well supported above 3.1500, today’s expected trading range 3.1500 – 3.1700