FX.co ★ Singapore Shares May Take Further Damage On Friday

The Singapore stock market's three-day winning run recently ended, during which it increased by nearly 120 points or 3.6 percent. Presently, the Straits Times Index is just over the 3,285-point benchmark and is expected to consolidate further on Friday.

The international forecast for the Asian markets is uncertain due to worries over the future of interest rates. The European markets presented mixed results, and the U.S. markets declined, a trend that is likely to be followed by the Asian markets.

On Thursday, the Straits Times Index finished marginally lower following mixed performances from the financial, property, and industrial sectors. For the day, the index dipped 5.38 points or 0.16 percent to finish at 3,287.75.

Key players in the market showed mixed results, with companies like CapitaLand Investment and Keppel Ltd experiencing declines, whilst Oversea-Chinese Banking Corporation and Seatrium Limited demonstrating growth.

In contrast, Wall Street showcased poor performance with major averages opening lower on Thursday and staying firmly in the red throughout the session. A poor response to earnings news from Meta Platforms and IBM Corp. instigated an early sell-off on Wall Street.

Worrisome economic news also emerged from the Commerce Department, indicating that the U.S. economy's growth in the first quarter of 2024 was less than anticipated. Also, a notable climb in the personal consumption expenditures price index was reported. These results disillusioned investors, who were hoping for a potential interest rate cut by the Federal Reserve.

Despite data displaying slower than expected U.S. GDP growth for the first quarter, crude oil futures rallied from recent losses, recovering on Thursday. West Texas Intermediate Crude oil futures for June ended up by $0.76 or about 0.92% at $83.57 a barrel.

Looking ahead, Singapore will be releasing figures for industrial production for March in February later today. The forecast suggests a decline of 8.8 percent monthly and 1.5 percent annually, a dip from the 14.2 percent monthly surge and the 3.8 percent annual gain seen in February.