Singapore market trends Wednesday: US energy shares decline as oil tumbles

Caltex petrol station, night scene; taken October 2018.Caltex petrol station, night scene; taken October 2018.

Singapore shares face mixed messages on Wednesday, with Wall Street seeing energy-sector declines on a sharp drop in oil prices, even as early Asian markets opened higher.

“U..S equities finished mostly lower after an extremely intense session as oil prices were hammered mercilessly, dragging the energy sector stocks,” Stephen Innes, head of Asia-Pacific trading at OANDA, said in a note on Wednesday. “Any hope for resolution of the U.S.-China trade spat could remain little than a pipe dream given that there is no certainty China will buckle to U.S. demands.”

Indexes

Japan’s Nikkei 225 index was up 0.60 percent at 8:14 A.M. SGT, while South Korea’s Kospi was up 1.48 percent at 8:19 A.M. SGT.

Singapore’s Straits Times Index ended Tuesday down 0.47 percent at 3053.60; November futures for the index were at 3054 on Tuesday, while December and January futures were at 3052 and 3054 respectively.

Hong Kong’s Hang Seng Index rose 0.62 percent on Tuesday to end at 25,792.869, while China’s CSI 300 added 1.01 percent to 3237.382.

Malaysia’s KLCI ended down 0.51 percent at 1687.57, while Indonesia’s IDX Composite was up 1.01 percent at 5835.20.

The Dow Jones Industrial Average ended down 0.40 percent at 25,286.49, the Nasdaq Composite ended flat at 7200.88 and the S&P 500 shed 0.15 percent to 2722.18. Futures for the three indexes were solidly higher in early trade.

Currencies

The U.S. dollar index, which measures the greenback against a basket of currencies,, was at 96.96 at 7:05 A.M. SGT, down from levels as high as 97.63 early in Tuesday’s session, according to ICE futures data.

The 10-year U.S. Treasury note yield was at 3.15 percent at 8:26 A.M. SGT, down from levels as high as 3.175 percent in Tuesday’s session, according to Tullett Prebon data.

The euro/dollar was at 1.1313 at 8:29 A.M. SGT after trading in a 1.1218 to 1.1294 range on Tuesday, according to DZHI data.

The dollar/yen was at 113.904 at 8:29 A.M. SGT after trading in a 113.56 to 114.47 range on Tuesday, according to DZHI data.

The dollar/yuan ended Tuesday at 6.9546 after trading in a 6.9481 to 6.9695 range on Tuesday, according to DZHI data.

The dollar/Singapore dollar was at 1.3779 at 8:29 A.M. SGT after trading in a 1.3784 to 1.3855 range on Tuesday, according to DZHI data.

The dollar/Malaysian ringgit was at 4.1840 at 8:24 A.M. SGT after trading in a 4.1900 to 4.1950 range on Tuesday, according to DZHI data.

The dollar/Indonesian rupiah ended Tuesday at 14,805 after trading in a 14,750 to 14,930 range, according to DZHI data.

Oil

Nymex WTI crude oil futures for December were down 0.09 percent at US$55.64 a barrel at 7:56 A.M. SGT, while ICE Brent Crude futures for January were down 6.63 percent at US$65.47 a barrel at 7:00 A.M. SGT, according to Bloomberg data.