Market Update - 4 July 2013

• Wall Street recovered previous day’s losses with the Dow +0.38%, S&P +0.08% and Nasdaq +0.30% as the better than expected US initial jobless claims and ADP employment change overshadowed Portugal’s political friction. 

• US ADP jobs data at +188k vs the survey of +160k, jobless claims falling 5k to 343k 

• Stock markets in the Europe, notably with FTSE, Dax and CAC tumbled on rumors of a resignation of Portugal’s finance and foreign ministers, with Portugal’s government bond yields surging past its 7.0% handle for the first time since Dec 2012. 

• Aussie rebounded from the weakest level since 2010 and Asian stocks rose as signs of improvement in the US jobs market burnished the outlook for US 

• The KLCI closing is just short of the 1770 mark and still showing clear signs that uncertainties prevail in the market. 

• USD/MYR still looks supported, opened this morning at the 3.1800 level, today’s expected trading range is 3.1700 – 3.1900