The Singapore stock market concluded a four-day winning streak on Wednesday, during which it had appreciated by over 35 points, equivalent to a 1% gain. The Straits Times Index (STI) now rests slightly above the 3,390-point mark, with potential for further losses anticipated on Thursday.The global outlook for Asian markets remains mixed and generally flat as they await crucial inflation data. European markets presented a mixed picture, while U.S. markets trended downwards, leaving Asian markets to likely experience a combination of these trends.On Wednesday, the STI experienced a slight decline, impacted by losses in financial, property, and industrial sectors. Specifically, the index decreased by 7.44 points, or 0.22%, concluding the day at 3,391.03, after fluctuating between 3,373.19 and 3,400.45 during trading hours.Among key movers, CapitaLand Investment rose by 1.15%, whereas City Developments fell by 0.38%. DBS Group saw a decline of 0.61%, and Emperador advanced by 1.16%. Both Genting Singapore and Wilmar International slipped by 0.63%, while Keppel Ltd dropped by 0.65%. Mapletree Pan Asia Commercial Trust gained 0.74%, contrasting with a 0.41% fall in Mapletree Industrial Trust. Oversea-Chinese Banking Corporation declined by 0.48%, whereas SATS increased by 0.55%. Seatrium Limited fell by 0.68%, and SembCorp Industries decreased by 0.43%. Singapore Technologies Engineering dropped by 0.45%, while SingTel surged by 1.38%. Thai Beverage jumped by 1.92%, but Yangzijiang Financial plunged by 1.43%, and Yangzijiang Shipbuilding retreated by 0.80%. Other stocks, including Hongkong Land, Keppel DC REIT, Comfort DelGro, CapitaLand Integrated Commercial Trust, Mapletree Logistics Trust, and DFI Retail Group, remained unchanged.Wall Street’s lead was negative, with the major averages opening lower and predominantly staying below water throughout the trading day. The Dow Jones Industrial Average declined by 159.08 points or 0.39% to close at 41,091.42. The NASDAQ fell by 198.79 points or 1.12%, ending at 17,556.03. Meanwhile, the S&P 500 decreased by 33.62 points or 0.60%, resulting in a close at 5,592.18.The weakness on Wall Street was partly attributed to unease ahead of Nvidia’s (NVDA) fiscal second-quarter results, scheduled for release after trading closed. Nvidia subsequently reported a year-over-year profit increase that exceeded expectations.Adding to market pressures, traders anticipated Friday’s Commerce Department report on personal income and spending for July, including inflation readings favored by the Federal Reserve. Although this data is unlikely to dampen optimism about a potential rate cut by the Fed next month, it could influence expectations regarding the pace of future rate reductions.Crude oil futures declined on Wednesday, driven by concerns about global oil demand and a report showing a much smaller-than-expected reduction in U.S. crude oil inventories for the previous week. Specifically, West Texas Intermediate Crude oil futures for October dropped by $1.01 or 1.34%, settling at $74.52 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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