Market Focus Daily: Wednesday, May 29, 2024 (Ep 70)

Published Wed, May 29, 2024 · 05:46 PM

Market updates for Wednesday. PHOTO: ADOBE STOCK

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Asian markets decline; Australia’s inflation remains higher than expected; Oil prices climb after another Red Sea attack; Yoma Strategic shares surge after strong earnings.

Synopsis: Market Focus Daily is a closing bell roundup by The Business Times that looks at the day’s market movements and news from Singapore and the region.

Written and hosted by: Emily Liu (emilyliu@sph.com.sg)

Recording engineer: Joann Chai Pei Chieh

Produced and edited by: Lee Kim Siang & Claressa Monteiro

Produced by: BT Podcasts, The Business Times, SPH Media

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Singapore shares edge lower at Wednesday’s open; STI down 0.1%

Asian investors shifted nervously on Wednesday, with Hong Kong, Tokyo, Sydney, Seoul, Singapore, Taipei, Manila and Jakarta financial markets all falling.

Asia: Markets retreat on US rate concerns, oil rallies after attack

The RBA remains in data-dependent mode, with inflation still above the 2 to 3 per cent target, but has also signalled the bar for a further hike is high.

Australia’s elevated inflation suggests RBA to extend pause

US West Texas Intermediate crude (WTI) was at US$79.78, up US$2.06, or 2.7 per cent, from Friday’s close.

Oil up on prospect of Opec+ holding cuts, weaker US dollar

Melvyn Pun, chief executive officer of Yoma Strategic, notes that the group remains cautious to maintain its liquidity despite the year’s strong performance.

Hot stock: Yoma shares surge on heavy trading after company swings back into the black

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