STI snaps 3-day red streak, jumps 0.9% on upbeat US retail data

SINGAPORE shares rose alongside regional bourses, as relief following a string of upbeat data from the US – the latest being strong retail sales – assuaged investors that the world’s largest economy was holding up well amid headwinds and a tightening trajectory.

The key Straits Times Index (STI) snapped a three-day losing streak and jumped 30.41 points or 0.9 per cent to 3,311.23. Key gauges across the region also rebounded on Thursday (Feb 16), reversing earlier losses, as traders shrugged off rates risk, and focused on the underlying strength in US consumer demand.

Wall Street, which has been choppy this week, recorded gains overnight after a “blowout” retail sales report. “A higher-than-expected retail figure after resilient labour data points out the strength of consumption in the US, despite aggressive tightening by Federal Reserve throughout 2022,” said brokerage Phillip Nova in its daily report.