Cautious trading ahead of Jackson Hole
But it has had limited effect on the Singapore bourse as the STI gains 5.17 points or 0.2 per cent
MINUTES from the US Federal Reserve's meeting in July may have cast a pall on sentiment from those expecting the US central bank to be outwardly dovish - but its effect was limited in the local market. The Straits Times Index (STI) managed to clock in modest gains to end at 3,127.74, up 5.17 points or 0.2 per cent. It was mixed elsewhere in the Asia-Pacific. Markets in Australia, China, Japan and Malaysia were up, while Hong Kong and South Korea finished lower. Hong Kong's Hang Seng fell 221.32 points or 0.8 per cent as worries remain over the territory's economy after weeks of protests.
VM Markets managing director Stephen Innes observed that the mood in Asian markets was "very capricious" with a "decidedly risk-off note". "This FOMC (Federal Open Market Committee) division is well documented, and while nothing new, it acts as a not-so- subtle reminder of how challenging it could be for chair (Jerome) Powell to meet the market's exceedingly dovish expectations," he added.
After all, the performance of the US economy has continued to be encouraging as evidenced by resilient growth despite global economic headwinds and trade tensions between Washington and Beijing.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results