Singapore stocks end lower at start of week as rate hike bets weigh; STI down 0.2%

SINGAPORE shares slipped on Monday (Dec 12), alongside losses across major regional bourses as recession woes ratcheted up ahead of a week that is likely to be dominated by a “storm of central bank rate hikes”.

The Straits Times Index (STI) retreated 6.31 points or 0.2 per cent to 3,239.66, taking the cue from last Friday’s losses on Wall Street and ahead of a Federal Reserve meeting and inflation data this week. Elsewhere, key gauges in Japan, Hong Kong, China, South Korea, Taiwan, Australia and Malaysia finished lower.

Traders are closely watching a US consumer price index (CPI) report to be released on Tuesday, while the Federal Reserve is widely expected to raise rates by 50 basis points on Wednesday at its last meeting for the year.