Singapore Shares Likely Rangebound Again On Wednesday

RTTNews | 723 days ago
Singapore Shares Likely Rangebound Again On Wednesday

(RTTNews) - The Singapore stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had picked up more than 80 points or 2.5 percent. The Straits Times Index now rests just beneath the 3,255-point plateau although it's expected to bounce higher again on Wednesday.

The global forecast for the Asian markets is positive on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The STI finished barely lower on Tuesday as losses from the properties and REITs were offset by gains from the industrials and financials.

For the day, the index eased 0.17 points or 0.01 percent to finish at 3,254.26 after trading between 3,245.12 and 3,258.86.

Among the actives, Ascendas REIT dropped 0.71 percent, while CapitaLand Integrated Commercial Trust lost 0.50 percent, CapitaLand Investment fell 0.29 percent, City Developments shed 0.57 percent, Comfort DelGro advanced 0.82 percent, DBS Group rose 0.18 percent, Emperador declined 0.98 percent, Genting Singapore gained 0.53 percent, Hongkong Land tumbled 2.09 percent, Keppel Corp was up 0.15 percent, Mapletree Logistics Trust retreated 1.16 percent, Oversea-Chinese Banking Corporation collected 0.16 percent, Seatrium Limited jumped 1.42 percent, SembCorp Industries surged 2.60 percent, SingTel sank 0.78 percent, Thai Beverage climbed 0.87 percent, Wilmar International rallied 1.32 percent, Yangzijiang Financial spiked 1.49 percent, Yangzijiang Shipbuilding added 0.67 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Singapore Technologies Engineering, SATS, Frasers Logistics and Jardine Cycle & Carriage were unchanged.

The lead from Wall Street is solid as the major averages opened mixed on Tuesday but took off shortly thereafter, ending near session highs.

The Dow spiked 366.58 points or 1.06 percent to finish at 34,951.93, while the NASDAQ advanced 108.69 points or 0.76 percent to end at 14,353.64 and the S&P 500 gained 32.19 points or 0.71 percent to close at 4,554.98.

The rally on Wall Street followed the release of earnings news from financial giants like Bank of America (BAC), Morgan Stanley (MS), Bank of New York Mellon (BK) and PNC Financial Services (PNC), which all beat the street.

Traders also reacted positively to the release of separate reports showing a smaller than expected increase in retail sales and an unexpected decrease in industrial production.

While the reports led to some concerns about the strength of the economy, the data has added to recent optimism about the Federal Reserve nearing the end of its interest rate hiking cycle.

Crude oil prices moved higher on Tuesday for the first time in three days as the dollar slipped after soft data. West Texas Intermediate Crude oil futures for August ended higher by $1.60 or 2.2 percent at $75.75 a barrel.

read more
Bay Street Likely To Open Lower

Bay Street Likely To Open Lower

Canadian shares look headed for a weak start on Friday due to trade war concerns, although fairly firm crude oil and bullion prices may help limit the market's downside. Data showing an increase in Canadian employment in the month of June and a drop in the unemployment rate may also aid sentiment a bit.
RTTNews | 3h 49min ago
Pound Falls As U.K. Economy Contracts For Second Straight Month

Pound Falls As U.K. Economy Contracts For Second Straight Month

The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
RTTNews | 3h 56min ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 4h 19min ago
Yen Retreats Amid US-Japan Trade Uncertainty

Yen Retreats Amid US-Japan Trade Uncertainty

The Japanese yen retreated from early highs against other major currencies in the European session on Friday, amid concerns on US-Japan relations in light of Trump's placement of a 25 percent tariff on Japanese exports this week, which will go into force on August 1.
RTTNews | 5h 8min ago
UK Economy Contracts For Second Straight Month

UK Economy Contracts For Second Straight Month

The UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in meeting her self-imposed borrowing rules. Gross domestic product fell unexpectedly by 0.1 percent in May, following a 0.3 percent drop in April, data from the Office for National Statistics revealed on Friday.
RTTNews | 5h 38min ago
CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

French stocks are notably lower on Friday, weighed down by losses in automobile and luxury sectors. The mood in the market is a bit bearish, in line with other major markets in Europe, amid renewed worries about tariffs.
RTTNews | 5h 45min ago