The Singapore stock market has experienced gains over consecutive sessions, accumulating more than 50 points, or 1.5 percent. Currently, the Straits Times Index (STI) hovers just above the 3,440-point mark, with expectations to continue its upward trend on Monday.The global outlook for Asian markets is optimistic, driven by positive sentiment regarding interest rates. Although European markets closed slightly lower, U.S. markets ended on a high note, signaling a likely positive performance for Asian markets as well.On Friday, the STI surged, bolstered by advancements in financial, property, and industrial sectors. It climbed by 38.46 points, or 1.13 percent, to close at its daily high of 3,442.93, after dipping as low as 3,406.31 during the session.Key market performers included CapitaLand Investment, which rose by 1.12 percent, and Comfort DelGro, up by 0.71 percent. DBS Group surged by 1.54 percent, while Genting Singapore saw a 0.62 percent increase. Conversely, Hongkong Land and SATS both slid by 0.27 percent. Other notable movements were seen in Keppel Ltd, which accelerated by 1.98 percent; Mapletree Pan Asia Commercial Trust and Mapletree Logistics Trust, each advancing by 0.74 percent; Mapletree Industrial Trust and Oversea-Chinese Banking Corporation, both climbing by 0.83 percent. Seatrium Limited spiked by 2.07 percent, SembCorp Industries rocketed by 4.45 percent, Singapore Technologies Engineering saw a modest gain of 0.23 percent, and SingTel soared by 3.64 percent. Wilmar International increased by 0.64 percent, while Yangzijiang Financial and Venture Corporation both jumped by 1.45 percent. Several stocks, including Yangzijiang Shipbuilding, Thai Beverage, Keppel DC REIT, Emperador, City Developments, and CapitaLand Integrated Commercial Trust, remained unchanged.On Wall Street, the major indices started strong on Friday, weakened at midday, but rallied by the close. The Dow Jones Industrial Average gained 228.03 points, or 0.55 percent, ending at a fresh record high of 41,563.08. The NASDAQ Composite surged by 197.20 points, or 1.13 percent, to 17,713.62, while the S&P 500 advanced 56.44 points, or 1.01 percent, to close at 5,648.40. Over the week, the NASDAQ decreased by 0.9 percent, the Dow increased by 0.9 percent, and the S&P 500 edged up by 0.2 percent.The uptick in U.S. markets followed a Commerce Department report on consumer price inflation, which is closely monitored by the Federal Reserve. The report indicated that consumer prices rose in line with expectations in July, while the annual rate of price growth remained unexpectedly flat. This data has solidified predictions of an upcoming interest rate cut by the Fed, though traders remain uncertain about the pace of future cuts, causing some market volatility.According to CME Group’s FedWatch Tool, there is a 69.5 percent likelihood of a quarter-point rate cut next month, with a 30.5 percent chance of a half-point cut.Meanwhile, crude oil prices fell significantly on Friday amid reports that OPEC plans to increase oil output starting in October. West Texas Intermediate crude for October delivery plummeted $2.36, or 3.1 percent, to $73.55 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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