Singapore Stock Market May Take Further Damage On Tuesday

RTTNews | 896 days ago
Singapore Stock Market May Take Further Damage On Tuesday

(RTTNews) - The Singapore stock market on Monday saw the end of the four-day winning streak in which it had advanced more than 120 points or 3.5 percent. The Straits Times Index now rests just beneath the 3,380-point plateau and the losses may accelerate on Tuesday.

The global forecast for the Asian markets suggests consolidation ahead of rate decisions this week from central banks in England and the United States. The European markets were mixed and little changed and the U.S. bourses were firmly in the red and the Asian markets figure to split the difference.

The STI finished modestly lower on Monday following losses from the financials, properties and industrials. For the day, the index slipped 15.92 points or 0.47 percent to finish at 3,378.29 after trading between 3,365.31 and 3,408.19. Among the actives, CapitaLand Investment advanced 0.50 percent, while City Developments rose 0.12 percent, DBS Group dropped 0.81 percent, Genting Singapore tumbled 1.52 percent, Keppel Corp and Mapletree Logistics Trust both added 0.13 percent, Mapletree Pan Asia Commercial Trust shed 0.54 percent, Mapletree Industrial Trust retreated 1.23 percent, Oversea-Chinese Banking Corporation eased 0.08 percent, SembCorp Industries climbed 1.13 percent, Singapore Technologies Engineering and Yangzijiang Shipbuilding both sank 0.80 percent, SingTel declined 1.18 percent, United Overseas Bank lost 0.40 percent, Wilmar International slumped 0.98 percent, Yangzijiang Financial plummeted 2.60 percent and Ascendas REIT, CapitaLand Integrated Commercial Trust, Hongkong Land, Thai Beverage, SATS, Comfort DelGro, Emperador and UOLGroup were unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower on Monday and moved deeper into the red as the day progressed, finishing near session lows.

The Dow plunged 260.99 points or 0.77 percent to finish at 33,717.09, while the NASDAQ tumbled 227.90 points or 1.96 percent to close at 11,393.81 and the S&P 500 dropped 52.79 points or 1.30 percent to end at 4,017.77.

The weakness on Wall Street came as investors looked to lock in gains following recent strength in the markets, and also to consolidate positions ahead of the Federal Reserve's rate decision on Wednesday. The Fed is widely expected to slow the pace of interest rate hikes to 25 basis points. Traders will pay close attention to the accompanying statement for clues about the outlook for further rate hikes.

Recent upbeat economic data has generated some optimism the Fed could engineer a soft landing but has also led to concerns the central bank will need to keep rates at elevated levels for longer than anticipated.

Oil prices fell to near three-week lows on Monday amid concerns about global economic growth and the outlook for oil demand following Russia's decision to allow its energy companies to determine their own pricing and exports. West Texas Intermediate Crude oil futures for March dropped $1.78 or 2.2 percent at $77.90 a barrel.

read more
Asian Shares Rise After Key China Data

Asian Shares Rise After Key China Data

Asian stocks rose broadly on Tuesday as traders brushed off U.S. President Donald Trump's tariff threats and reacted positively to Chinese GDP data for the first half of 2025.
RTTNews | 1h 2min ago
Yen Slides Against Majors

Yen Slides Against Majors

The Japanese yen weakened against other major currencies in the European session on Tuesday.
RTTNews | 1h 4min ago
China GDP Growth Tops Expectations

China GDP Growth Tops Expectations

China's economy registered a faster-than-expected growth in the second quarter with strong support from exports and industrial production despite the US trade tariff threats but weaker investment and persistent deflation continued to pose challenges. Gross domestic product expanded 5.2 percent on a yearly basis after rising 5.4 percent in the previous quarter.
RTTNews | 1h 43min ago
European Shares Seen Higher At Open

European Shares Seen Higher At Open

European stocks may open broadly higher on Tuesday despite lingering concerns about U.S. President Donald Trump's tariff plans and aggressive negotiation tactics.
RTTNews | 3h 53min ago
European Economic News Preview: German ZEW Economic Sentiment Due

European Economic News Preview: German ZEW Economic Sentiment Due

Economic confidence from Germany and industrial production from euro area are the top economic news due on Tuesday. At 3.00 am ET, Spain's statistical office INE publishes final inflation data for June. The flash estimate showed that consumer price inflation rose to 2.2 percent from 2.0 percent in May.
RTTNews | 4h 44min ago
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian stock market is trimming its early gains in mid-market trading on Tuesday, reversing the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,600 level, with gains across most sectors led by technology and financial stocks. Iron ore miners were the only weak spot.
RTTNews | 6h 15min ago