A CAUTIOUS trading session on Thursday ended with the Straits Times Index 2.4 points weaker at 3,171.36 in moderate turnover of 1.8 billion units worth S$1.1 billion. An overnight fall on Wall Street due to scepticism over the Trump administration's tax plans was the main reason why sentiment was somewhat dampened, though the broad market still managed an advance-decline score of 255-207 excluding warrants.

Now that risk from France's elections appear to have subsided - at least until May 7 when the second round is held - markets turned their attention to President Donald Trump's tax plan, which he has repeatedly promised would be "phenomenal" with "massive" cuts.

After a few details were unveiled on Wednesday, US newspapers described it as likely to have been conceived "on the back of a napkin". It also quoted Capital Economics' Paul Ashworth as saying that the plan would never be approved.