STI up 1.2%, buoyed by the latest US inflation data, as S'pore stocks track regional gains
Singapore shares broke the three-day losing streak with the STI rising to 4,272.76 points.
SINGAPORE – Local shares broke their three-day losing streak with some ease on Aug 13 as investor optimism over new US inflation data boosted global markets.
The very real prospect of an impending interest rate cut in the US in September propelled the Straits Times Index (STI) up 1.2 per cent or 52.04 points to 4,272.76 with gainers belting losers 391 to 185 on trade of 1.9 billion securities worth $2 billion.
The mood was set by Wall Street overnight when the encouraging inflation numbers sent the three key indexes up by around 1.2 per cent, leaving the Nasdaq and the S&P 500 at record levels.
Regional markets needed no more encouragement. Hong Kong's Hang Seng led the charge, surging 2.6 per cent, while South Korea's Kospi rose by 1.1 per cent, the Nikkei 225 in Japan gained 1.3 per cent and Malaysian shares climbed 1.2 per cent.
Australia missed the boat after some mediocre corporate results left the ASX 200 down 0.6 per cent after hitting a record in early trading.
Julius Baer chief economist David Kohl noted that prices of items potentially affected by higher tariffs, such as apparel and electronics, have gone up slightly in the US.
'These scattered signs suggest that tariffs are driving up the prices of a number of goods,' he said, adding that inflation remains closer to 3 per cent than to the US Federal Reserve's target of 2 per cent.
Top stories
Swipe. Select. Stay informed.
Singapore NEL, SPLRT disruption: Electricity surge shut down backup power switchboard, says LTA
Singapore HSA seeks Kpod investigators to arrest abusers, conduct anti-trafficking ops
Opinion The 30s are heavy: Understanding suicide among Singapore's young adults
Singapore Jail for man who scammed at least 5 people over illegal cross-border taxi services
Singapore Lawyer who sent misleading letters to 22 doctors fails in bid to quash $18,000 penalty
Singapore 4 taken to hospital after accident near Sports Hub, including 2 rescued with hydraulic tools
Asia Malaysia's anti-graft agency busts arms smuggling ring masterminded by senior military officers
Singapore SG60: Many hands behind Singapore's success story
'We expect more signs of slowing demand and a softer labour market in the coming weeks,' Mr Kohl added.
On the home front, developer CDL was the STI's top gainer, rising 7.1 per cent to $6.80, while Wilmar International led the losers, falling 1 per cent to $2.94 despite a 2.6 per cent rise in first-half net profit.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
3 minutes ago
- Straits Times
Top Japanese fighter retires to support comatose boxer brother
Sign up now: Get ST's newsletters delivered to your inbox Former WBC strawweight champion Yudai Shigeoka believes it is his role to enrich his younger brother's life from now on. TOKYO - A Japanese boxer is retiring to support his brother who has been in a coma since a bout in May, as the sport in the country reels from the deaths of two fighters . Former WBC strawweight champion Yudai Shigeoka's brother Ginjiro collapsed after a fight in Osaka three months ago and underwent emergency brain surgery. The 25-year-old remains in a coma but is no longer in a life-threatening condition, the Japan Boxing Commission says. Mr Ginjiro, a former IBF champion at the same weight who has a professional win-loss record of 11-2, was recently transferred to another hospital. 'I encourage him every day, telling him not to give up and to do his best, so that the flame in his heart does not go out,' Yudai, 28, said in an Instagram post on Aug 13. 'I believe it is my role as his older brother to enrich his life from now on.' 'Plans are progressing steadily. That is why I have decided to retire. I have no regrets. The real challenge begins from here on out,' added Mr Yudai, who has a 9-2 record. Top stories Swipe. Select. Stay informed. Asia India, Singapore ministers discuss deeper tie-ups in digitalisation, skills, industrial parks Business More seniors remain employed after retirement and re-employment ages raised in 2022: MOM study Singapore To Vers or not to Vers: How will this scheme affect HDB prices? Asia Malaysia's ex-economy minister says his son was jabbed with syringe in planned attack Singapore askST: Will assets seized in $3b money laundering case be sold at public auctions? Singapore Woman, 68, charged over assaulting maid with scissors and nail clipper Business StarHub first-half profit falls 41.7% to $47.9m; telco eyes 'more aggressive stance' amid competition Singapore From quiet introvert to self-confident student: How this vulnerable, shy teen gets help to develop and discover her strength Japanese boxing is under the spotlight after super featherweight Shigetoshi Kotari and lightweight Hiromasa Urakawa, both 28, died days after injuries they sustained in separate bouts in Tokyo on Aug 2. Japanese boxing officials held an emergency meeting this week and vowed to introduce new safety rules . New measures to be implemented as soon as possible include urine tests for measuring dehydration and stricter rules on boxers' rapid weight loss, said Mr Tsuyoshi Yasukochi, secretary-general of the JBC. Ambulances will also be required on site, even for non-world championship bouts, something which is common practice in some other countries. AFP
Straits Times
3 minutes ago
- Straits Times
Indonesia's ‘joki' Strava phenomenon: Faking running stats for flex
Sign up now: Get ST's newsletters delivered to your inbox Surrogate runners are reportedly hired because some Strava users want to maintain the appearance of a consistent performance, afraid of falling behind on the app. The surging popularity of running in Jakarta has prompted sports brands to launch new apparel as the exercise trend has fuelled the rise of running clubs, events and even side hustles. Enter 'joki Strava': runners for hire who offer their services to help others rack up kilometres for clout on Strava, the popular social network app and workout tracker.
Straits Times
33 minutes ago
- Straits Times
Japan govt to use AI to help teach Japanese to kids with foreign roots
Sign up now: Get ST's newsletters delivered to your inbox Around 10 per cent of the students are not receiving Japanese language support in-class or after school. TOKYO - The Japanese government plans to promote the use of generative artificial intelligence and other digital technologies to support the teaching of the Japanese language to children with foreign roots, sources close to the matter said on Aug 14. Guidelines are expected to be drawn up to utilise generative AI for effective teaching methods for other subjects in addition to Japanese, amid a shortage of staff who can accommodate the native tongues of varying languages such as Portuguese, Chinese and Spanish. The education ministry plans to include related expenses in its budget request for fiscal 2026 starting next April to complete the guidelines within the year at the earliest, the sources said. There were around 69,000 students who required Japanese language instruction enrolled in public elementary, junior high and high schools and special needs schools as of May 2023, the highest number since the survey began in fiscal 1991, according to the ministry. But around 10 per cent of the students are not receiving Japanese language support in-class or after school. The education ministry plans to develop a system that incorporates translation apps powered by generative AI and online teaching into schools, aiming to provide high-quality education regardless of the students' background. The guidelines will not only outline teaching methods for Japanese and other subjects, but also the measures necessary for schools to smoothly accept students with foreign roots into schools. Top stories Swipe. Select. Stay informed. Asia India, Singapore ministers discuss deeper tie-ups in digitalisation, skills, industrial parks Business More seniors remain employed after retirement and re-employment ages raised in 2022: MOM study Singapore To Vers or not to Vers: How will this scheme affect HDB prices? Asia Malaysia's ex-economy minister says his son was jabbed with syringe in planned attack Singapore askST: Will assets seized in $3b money laundering case be sold at public auctions? Singapore Woman, 68, charged over assaulting maid with scissors and nail clipper Business StarHub first-half profit falls 41.7% to $47.9m; telco eyes 'more aggressive stance' amid competition Singapore From quiet introvert to self-confident student: How this vulnerable, shy teen gets help to develop and discover her strength The Ministry of Education, Culture, Sports, Science and Technology will also conduct research on effective collaboration between teachers, Japanese language instructors, and native language support staff. KYODO NEWS
