STI snaps 3-day red streak, jumps 0.9% on upbeat US retail data
SINGAPORE shares rose alongside regional bourses, as relief following a string of upbeat data from the US – the latest being strong retail sales – assuaged investors that the world’s largest economy was holding up well amid headwinds and a tightening trajectory.
The key Straits Times Index (STI) snapped a three-day losing streak and jumped 30.41 points or 0.9 per cent to 3,311.23. Key gauges across the region also rebounded on Thursday (Feb 16), reversing earlier losses, as traders shrugged off rates risk, and focused on the underlying strength in US consumer demand.
Wall Street, which has been choppy this week, recorded gains overnight after a “blowout” retail sales report. “A higher-than-expected retail figure after resilient labour data points out the strength of consumption in the US, despite aggressive tightening by Federal Reserve throughout 2022,” said brokerage Phillip Nova in its daily report.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
ExxonMobil sees Hess arbitration dragging into 2025, CEO says
Gold prices tick higher on US rate cut bets
Nomura targets 20% revenue growth from global markets business
FLCT posts 1.1% lower H1 DPU of S$0.0348 on higher vacancies, expenses
Singapore shares rise at Tuesday’s open tracking global rally; STI up 0.2%
Segantii allegations roil a go-to block trader for global banks