US to shine among DM stocks: Phillip Futures

DESPITE disappointing economic data in the first quarter of the year, the US is expected to shine among developed market stocks in the second quarter, said broker Phillip Futures in a report yesterday.

It added that the burst of election-related optimism that has lifted regional emerging markets India and Indonesia this year could continue a while longer, though reforms are needed for a sustained rally.

US job creation, manufacturing, retail sales and housing numbers have been below expectations in the first three months of the year, which economists have attributed to unusually harsh winter storms that slowed down economic activity. Stocks, however, have recovered from an early-February dip to hit new highs. Analysts have said that the slowdown should be temporary.