Singapore share prices open lower after fourth-day slide in US stocks

SINGAPORE share prices opened lower on Wednesday with the Straits Times Index down by 6.34 points or 0.23 per cent to 2,761.99 points as at 9.01am, after US stocks and oil futures ended lower for a fourth straight day this week.

US stocks beat another retreat overnight amid growing uncertainty about the UK's future in the European Union and as investors waited for Federal Reserve's interest rate announcement later on Wednesday.

Safe-haven German Bunds yields fell below zero for the first time.

Oil prices fell below US$50 on a surprise build-up in US crude inventories last week. Data from the American Petroleum Institute showed US crude inventories rose by 1.2 million barrels to 536.7 million, in contrary to analysts' expectations for a 2.3-million-barrel decrease.

The Dow Jones Industrial Average closed down by 57.66 points, or 0.33 per cent, to 17,674.82

Brent crude oil futures ended the session lower by 52 cents, or 1.1 per cent, at US$49.83.

US crude closed down 39 cents, or 0.8 per cent, lower at US$48.49.

Some 51.3 million shares worth S$36.7 million changed hands, with gainers outnumbered by losers 40 to 62.