FOMC minutes, banks at the forefront of STI moves
THIS week's main driver was the minutes of the US Federal Reserve's Open Markets Committee (FOMC) meeting, which indicated that China is not longer a concern and that although interest rates will be raised at the December FOMC meeting, the pace of rate hikes thereafter will be gradual.
This information was apparently welcomed by the market, leading to a big jump on Wall Street on Wednesday, which prompted a rebound here on Thursday.
We say "apparently" because a more likely explanation for that bounce was that the Fed minutes triggered short-covering that produced a large bounce because of the aggressive amounts of short selling that preceded it.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Moderna beats quarterly estimates as cost-cutting pares losses
Weight-loss drugmaker Novo Nordisk's profits soar further
Hugo Boss profit tops expectations, but China lags
DBS customers unable to login to Digibank, PayLah! on Thursday
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%