Singapore market trends Thursday: Wall Street declines as bank shares fall

Singapore’s Marina Bay Area, including Esplanade and Fullerton, at night; taken July 2018.Singapore’s Marina Bay Area, including Esplanade and Fullerton, at night; taken July 2018.

Singapore shares face a tough Thursday, with negative leads from Wall Street and Japan shares as geopolitical concerns persist and as oil prices were set to extend declines amid supply concerns.

“U.S. stocks fell for a fifth straight day as investors remain bewildered by the political ping-pong match around Brexit [and] more questions about NAFTA 2, while trade jitters have everyone on edge as the [gloomy] global economic growth narrative continues to take root,” Stephen Innes, head of Asia-Pacific trading at OANDA, said in a note on Thursday.

Banking shares fell in Wall Street trade, with Reuters attributing the decline to news that Representative Maxine Waters, who is expected to become chairman of the House Financial Services Committee, would take a tougher stance than her outgoing Republican colleagues on banking regulation.

Indexes

Japan’s Nikkei 225 index was down 0.68 percent at 8:14 A.M. SGT.

Singapore’s Straits Times Index ended Wednesday down 0.34 percent at 3043.19; November futures for the index were at 3043 on Wednesday, while December and January futures were at 3042 and 3044 respectively.

Hong Kong’s Hang Seng Index fell 0.54 percent to close at 25,654.43, while China’s CSI 300 shed 1.0 percent to 3204.94.

Malaysia’s KLCI ended up 0.05 percent at 1688.41, while Indonesia’s IDX Composite added 0.40 percent to 5858.29.

The Dow Jones Industrial Average lost 0.81 percent on Wednesday to end at 25,080.50, the Nasdaq Composite fell 0.90 percent to 7136.393 and the S&P 500 shed 0.76 percent to 2701.58. Futures for the three indexes were nearly flat in early trade.

Currencies

The U.S. dollar index, which measures the buck against a basket of currencies, was at 96.99 at 7:05 A.M. SGT, trending lower from a peak of 97.38 in Wednesday’s session, according to ICE futures data.

The 10-year U.S. Treasury note yield was at 3.125 percent at 8:13 A.M. SGT after spiking as high as 3.157 percent and then falling as low as 3.098 percent in Wednesday’s session, according to Tullett Prebon data.

The euro/dollar was at 1.1315 at 8:16 A.M. SGT after trading in a 1.1262 to 1.1348 range on Wednesday, according to DZHI data.

The dollar/yen was at 113.571 at 8:16 A.M. SGT after trading in a 113.27 to 114.01 range on Wednesday, according to DZHI data.

The dollar/yuan ended Wednesday at 6.9499 after trading in a 6.9481 to 6.9695 range during the session, according to DZHI data.

The dollar/Singapore dollar was at 1.3786 at 8: 17 A.M. SGT after trading in a 1.3758 to 1.3821 range on Wednesday, according to DZHI data.

The dollar/Malaysian ringgit ended Wednesday at 4.1945 after trading in a 4.1830 to 4.1960 range during the session, according to DZHI data.

The dollar/Indonesian rupiah was at 14,785 at Wednesday’s close after trading in a 14,649 to 14,800 range during the session, according to DZHI data.

Oil

Nymex WTI crude oil futures for December fell 0.66 percent on-year to US$55.88 a barrel by 7:52 A.M. SGT, while ICE Brent crude oil futures for January were up 0.99 percent at US$66.12 a barrel at 6:59 A.M. SGT, according to Bloomberg data.

Read more: Crude prices may falter Thursday in Asia after API builds

 

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