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Weekly Market Updates
US markets were down for the week as the Federal Open Market Committee (FOMC) meeting fervor took over. Despite meeting market’s expectation of a no rate hike this session, the US Fed continues to maintain a hawkish stance, resulting in a shift in investors’ confidence on risk assets.
![MKT 0925 MKT 0925](https://www.fmmfo.com/uploadfile/ueditor/image/202309/169588223239307e.png)
Investors opted to take profit while dip buying took a pause as markets took a dive with the NASDAQ composite now yielding less than 30% year-to-date return. This market pullback is still within our expectations and rather in our view, there could still be a bit more downside to go given the current high valuation of US risk assets.
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Main Index & P/E Ratio-3 years
European markets were led by weakness in the US markets and were also down for the week despite a stellar performance in the oil sector this year.
Asian markets were also largely driven into the red except for the Chinese A shares which rebounded slightly given the cheapened valuation. On a year-to-date result, the China A50 index is now nearing a breakeven point at -0.18% despite recent years on downwards spiral.
China has also kept its benchmark lending rate unchanged last Wednesday as signs of economic stabilization and a weakening yen (Table 1) reduced the need for monetary easing intervention from the Chinese authorities.
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Investment views
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