Let the Money Talk

The Straits Times Index (STI) was little changed on Wednesday (Nov 24), ending 0.01 per cent or 0.38 point lower at 3,227.15. Advancers outnumbered decliners 243 to 210, with 1.64 billion shares worth S$1.03 billion changing hands. Across Asia, most markets also closed lower, amid investor concerns that the US Federal Reserve might speed up policy tightening to cope with broadening inflationary risks.

Wall Street stocks finished mostly higher on Wednesday following a heavy load of mostly solid economic data while some leading retail firms plunged on disappointing results. The deluge of economic releases ahead of Thursday's Thanksgiving holiday showed jobless claims hitting their lowest level since 1969, while consumer income and spending both rose more than expected. The broad-based S&P 500 gained 0.2 per cent to 4,701.46, just a few points shy of an all-time record. The tech-rich Nasdaq Composite Index gained 0.4 per cent to 15,845.22, while the Dow Jones Industrial Average lost less than 0.1 per cent at 35,804.38

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The Straits Times Index (STI) fell 0.3 per cent or 9.55 points to close at 3,227.53 points on Tuesday (Nov 23), as sentiment wavered due to a faster-than-expected rise in Singapore's headline inflation. The consumer price index (CPI) jumped 3.2 per cent year on year in October - crossing the 3 per cent mark for the first time since March 2013. This was higher than the Bloomberg median forecast of a 2.9 per cent increase.

The Nasdaq ended lower for a second straight session on Tuesday, while the S&P 500 rose, as rising Treasury yields prompted investors to sell Tesla and other Big Tech names and buy stocks with lower valuations. The S&P 500 growth index dipped 0.3 per cent and the value index climbed 0.8 per cent. Treasury yields extended gains as investors ramped up expectations of interest rate hikes next year after Jerome Powell was nominated by President Joe Biden as fed chair for a second term. The Dow Jones Industrial Average rose 0.55 per cent to end at 35,813.8 points, while the S&P 500 gained 0.17 per cent to 4,690.7. The Nasdaq Composite dropped 0.5 per cent to 15,775.14.

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The S&P 500 ended lower and the Nasdaq tumbled deep into negative territory on Monday after both earlier hit record highs following the announcement of a second term for Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average ended slightly higher. Climbing Treasury yields kept tech stocks broadly lower, with holdouts including Microsoft and Apple, which many investors view as relatively safe, giving up gains late in the session. The Dow Jones Industrial Average rose 0.05 per cent to end at 35,619.25 points, while the S&P 500 lost 0.32 per cent to 4,682.94. The Nasdaq Composite dropped 1.26 per cent to 15,854.76.

Local shares began the week on a more upbeat showing, as Singapore further eased its Covid-19 restrictions related to dining and social gatherings amid an improvement in overall infection numbers. Investors appeared slightly more optimistic, with the benchmark Straits Times Index gaining 0.2 per cent or 4.74 points to cap off Monday at 3,237.08. Across the broader market, however, decliners surged past advancers 282 to 190, after some 1.7 billion securities worth S$936.5 million changed hands.

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The Nasdaq finished at a fresh record Friday on a mixed day for US stocks as markets weighed the risk of economic weakness due to another Covid-19 wave. The tech-focused index notched its first close above 16,000 points, extending a trend in recent days of outperforming the broader market. The Nasdaq jumped 0.4 per cent to 16,057.44, ending at its second straight record and up 1.2 per cent for the week. The Dow Jones Industrial Average dropped 0.8 per cent to 35,601.98, while the broad-based S&P 500 shed 0.1 per cent to 4,697.96.

Singapore shares ended the week in the red as inflationary pressures and supply chain disruptions continue to weigh on sentiments. The Straits Times Index (STI) fell 0.14 per cent or 4.68 points to 3,232.34 on Friday (Nov 19). It was, however, a quiet trading week for the STI, said Singapore Exchange market strategist Geoff Howie. With a 0.8 per cent trading range, it was the STI's second narrowest weekly range in the past five years, added Howie. Across the market, decliners outpaced advancers 239 to 222 with 1.69 billion shares worth S$1.02 billion changing hands.

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Asian stocks looked set for a mixed start Friday as Chinese technology shares struggle, contrasting with a rally in their U.S. counterparts that propelled Wall Street equities to a record high.

Australian shares and futures for Japan were steady, while Hong Kong contracts slid. A tumble in the likes of e-commerce firm Alibaba Group Holding Ltd. and video-streaming platform operator Bilibili Inc. hurt an index of U.S.-listed Chinese stocks. Alibaba slashed its outlook for fiscal 2022 revenue amid intensifying competition, dwindling consumer spending and regulatory curbs.

In the U.S., a clutch of megacap tech companies rose, helping to take the Nasdaq 100 and S&P 500 to new peaks in a choppy session ahead of Friday’s options expiration. U.S. futures climbed in early Asian trading.

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Stocks fell on concern that inflation could pose a challenge to the global economic rebound, forcing central banks to raise interest rates sooner than expected. Treasuries rose.

Traders took some risk off the table as data signaled homebuilders are struggling to break ground on projects amid high materials prices and ongoing labor shortages. Target Corp. sank after warning that cost pressures are creeping up, stoking fears they will dent profits at retailers. In late trading, Cisco Systems Inc., the biggest maker of computer networking equipment, slumped on a lackluster revenue forecast, hurt by a shortage of components that’s making it difficult to keep up with demand.

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In this episode, Phillip Securities Research's senior analyst, Terence Chua, reports SPH shareholders will likely go for Cuscaden's offer as this provides a higher total consideration value and value certainty.

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Asian stocks looked set for a steady start Wednesday as traders weigh a climb in Wall Street shares, Treasury yields and the dollar amid robust U.S. economic data and more calls for tighter monetary policy.

Futures for Japan rose, while Hong Kong’s dipped. Australia slipped at the open. U.S. futures fluctuated after equities extended their rally overnight, buoyed by robust retail sales and factory output and generally solid reports from Walmart Inc. and Home Depot Inc. But concerns linger that high inflation could eventually bite, and Federal Reserve Bank of St. Louis President James Bullard called for more hawkish monetary policy.

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Asian stocks looked set for a steady open Tuesday after a choppy U.S. session that saw Treasury yields and the dollar climb amid concern that inflation will force a quicker withdrawal of central bank stimulus.

Australian shares slipped, while futures for Japan, Hong Kong and the U.S. were little changed. The S&P 500 and Nasdaq 100 ended broadly flat. Tesla Inc. shares approached a bear market after Chief Executive Officer Elon Musk raised the idea of selling more of his stock. The carmaker later pared losses.

Treasuries slid and the yield curve steepened on speculation the Federal Reserve may have to speed up policy tightening to fight price pressures that are broadening out from pandemic-linked snarls. Stronger-than-expected New York manufacturing data added to the case for an earlier interest-rate liftoff.

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