Singapore market dips on China data
STI pares some of Monday's gains on broad declines to enter the midweek break at 3,400.20, down 6.82 points
THE Singapore market trended lower, like most other Asian markets, after Chinese manufacturing readings failed to meet expectations. This brought worries of weakness in the world's second-largest economy, despite Beijing's attempts to spur growth.
"The softer-than-expected leading indicators in April suggests that economic recovery in China remains fragile and supportive fiscal and monetary policies are still necessary to see through further stabilisation in growth this year," UOB economist Ho Woei Chen, noted.
"As such, this could dispel market concerns that the Chinese government is scaling back stimulus."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares
Disney's surprise streaming entertainment profit offset by weaker TV business
Geely, Foretellix partner to jump-start self driving car development
US: Wall Street opens slightly higher on rate cut optimism