Key Takeaways Renewed US-Iran tensions pushed Brent crude briefly above US$80 , reigniting concerns over global energy supplies. Despite geopolitical uncertainty, Wall Street avoided a sharp sell-off , suggesting investors believe the conflict remains manageable for now. Higher oil prices have revived expectations of a Federal Reserve rate hike , as markets worry about renewed inflation. Technology stocks remained relatively resilient , showing that AI continues to provide underlying support for equities. The next move in oil prices could determine whether market volatility returns. Market Insight When news broke that the US had launched fresh strikes on Iran , investors immediately rushed into the oil market. Brent crude briefly climbed above US$80 a barrel , as fears grew that escalating tensions could disrupt supplies through the Strait of Hormuz , one of the world's busiest energy shipping routes. Yet the reaction in equities was far more measured. Although the S...
KUALA LUMPUR (Oct 30): The FBM KLCI closed 1.89% lower today on profit taking amid cautious sentiment ahead of crucial developments at home and abroad. The downtrend was in line with falls in regional markets as fears of a global economic slowdown amid surging coronavirus cases affected sentiment, while investors also looked ahead to the US presidential election next Tuesday (Nov 3). Areca Capital Sdn Bhd CEO Danny Wong said overall investor sentiment was one defined by caution amid next week’s developments. “Next week is set to be an eventful week with Budget 2021, Bank Negara Malaysia’s Monetary Policy Meeting and the US presidential elections. “As such, those that are currently sitting on gains would want to take profit, while those that are not are still trading to mitigate uncertainties,” he said. The KLCI ended 28.31 points lower at 1,466.89. The weak sentiment spread across the trading floor with sm...