STI retreats as market confidence fades
Inconsistent messages coming out from US; benchmark falls 22.83 points in line with other key Asian indices
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MONDAY'S rally on Asian equity benchmarks, driven by the positive sentiment surrounding the trade truce between the US and China, was partially reversed on Tuesday.
Market confidence remained fickle as investors' spirits faded quickly as growing doubts emerge. This was helped in no part by conflicting information received from top ranking officials in the Trump Administration.
Through US President Donald Trump's favoured mode of communication - Twitter - he said that China agreed to reduce and remove tariffs on cars going into China from the US, but both Treasury Scretary Steven Mnuchin and economic adviser Larry Kudlow were not able to confirm the news.
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