Singapore shares rise on US rate-cut hopes, softer T-bill yields; STI up 0.4%
[SINGAPORE] Local shares rose on Thursday (Jun 5) as softer US hiring data boosted rate-cut expectations amid falling Treasury bets.
Meanwhile, Singapore's latest six-month Treasury bill cut-off yield hit a new year-to-date low at 2.05 per cent, based on auction results released on the day.
The benchmark Straits Times Index (STI) rose 0.4 per cent or 13.81 points to end at 3,917.69.
In the broader market, gainers beat losers 331 to 177 as a billion securities worth S$1.2 billion changed hands.
Data released on Thursday showed that Singapore retail sales inched up 0.3 per cent year on year in April, easing from the 1.3 per cent growth in March.
The sluggish retail sales growth was weighed down by petrol service stations, consistent with the downtrend in Brent crude oil prices amid lower petrol consumption, as well as challenging retail activities in wearing apparel and footwear, department stores and furniture and household equipment, UOB's global economics and markets research team wrote in a note.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
The bank's associate economist Jester Koh wrote: 'Retail sales are likely to remain tepid in 2025, although measures in Budget 2025 as well as recent tourism promotion efforts with international celebrities showcasing Singapore's tourism landmarks in their music videos could lend some support to retail sales activity.'
On the STI, Yangzijiang Shipbuilding led the gains, up 4.5 per cent or S$0.1 at S$2.31. Wilmar International was at the bottom of the list, down 0.7 per cent or S$0.02 at S$3.03.
The trio of local banks ended the day mostly flat. DBS edged up 0.02 per cent or S$0.01 to S$45.02. OCBC was unchanged at S$16.23. UOB was down 0.03 per cent or S$0.01 at S$35.29 on a cum-dividend basis.
Regional markets closed mixed on Thursday. South Korea's Kospi extended its post-election rally to close up 1.5 per cent.
Japan's Nikkei 225 dropped 0.5 per cent, while the Bursa Malaysia Kuala Lumpur Composite Index rose 0.7 per cent.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
2 hours ago
- Business Times
Japan trade negotiator Akazawa says he made progress in US tariff talks
[TOKYO] Japan had made some progress in a fifth round of trade talks with US officials aimed at ending tariffs that are hurting Japan's economy, Tokyo's chief tariff negotiator said. 'Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50 per cent along with 10 per cent general tariff. These are causing daily losses to Japan's economy,' Ryosei Akazawa, said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Akazawa declined to say what progress they had made. The latest round of talks may be the last in-person meeting between senior Japanese and US officials before the Group of Seven (G7) leaders summit that starts on June 15, where US President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba. Japan also faces a 24 per cent tariff rate starting in July unless it can negotiate a deal with Washington. 'We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made,' Akazawa said. 'Still we must balance urgency with a need to guard our national interests,' he added. Last month, Japan's trade negotiator said US defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the US, Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the US auto industry, the Asahi newspaper reported on Friday. Akazawa said Japan's position has not changed and that the tariffs are not acceptable. REUTERS
Business Times
4 hours ago
- Business Times
US, China to hold trade talks on Jun 9 in London; Trump says Xi agreed to let rare earth minerals flow to US
[WASHINGTON] US President Donald Trump said on Friday that Chinese President Xi Jinping agreed to let rare earth minerals and magnets flow to the United States, a move that could lower tensions between the world's biggest economies. Asked by a reporter aboard Air Force One whether Xi had agreed to do so, Trump replied: 'Yes, he did.' The Chinese embassy in Washington did not immediately respond to a request for comment. Trump's comment came one day after a rare call with Xi aimed at resolving trade tensions that have been brewing over the topic for weeks. At that time, Trump said there had been 'a very positive conclusion' to the talks, adding that 'there should no longer be any questions respecting the complexity of Rare Earth products.' In another sign of easing tensions over the issue, China has granted temporary export licenses to rare-earth suppliers of the top three US automakers, two sources familiar with the matter said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Trump on Friday also said three of his cabinet officials will meet with representatives of China in London on June 9 to discuss a trade deal. In a post on his Truth Social platform, Trump said Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative Jamieson Greer will attend from the US side. 'The meeting should go very well,' Trump wrote. The countries struck an agreement on May 12 in Geneva, Switzerland, to roll back for 90 days most of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration. Financial markets that had worried about trade disruptions rallied on the news. But China's decision in April to suspend exports of a wide range of critical minerals and magnets has continued to disrupt supplies needed by automakers, computer chip manufacturers and military contractors around the world. Trump had accused China of violating the Geneva agreement and ordered curbs on chip-design software and other shipments to China. Beijing rejected the claim and threatened counter measures. Rare earths and other critical minerals are a source of leverage for China as Trump could come under domestic political pressure if economic growth sags because companies cannot make mineral-powered products. Since returning to the White House in January, Trump has repeatedly threatened an array of punitive measures on trading partners, only to revoke some of them at the last minute. The on-again, off-again approach has baffled world leaders and spooked business executives. REUTERS
Business Times
4 hours ago
- Business Times
US, China to hold trade talks on June 9 in London; Trump says Xi agreed to let rare earth minerals flow to US
[WASHINGTON] US President Donald Trump said on Friday that Chinese President Xi Jinping agreed to let rare earth minerals and magnets flow to the United States, a move that could lower tensions between the world's biggest economies. Asked by a reporter aboard Air Force One whether Xi had agreed to do so, Trump replied: 'Yes, he did.' The Chinese embassy in Washington did not immediately respond to a request for comment. Trump's comment came one day after a rare call with Xi aimed at resolving trade tensions that have been brewing over the topic for weeks. At that time, Trump said there had been 'a very positive conclusion' to the talks, adding that 'there should no longer be any questions respecting the complexity of Rare Earth products.' In another sign of easing tensions over the issue, China has granted temporary export licenses to rare-earth suppliers of the top three US automakers, two sources familiar with the matter said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Trump on Friday also said three of his cabinet officials will meet with representatives of China in London on June 9 to discuss a trade deal. In a post on his Truth Social platform, Trump said Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative Jamieson Greer will attend from the US side. 'The meeting should go very well,' Trump wrote. The countries struck an agreement on May 12 in Geneva, Switzerland, to roll back for 90 days most of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration. Financial markets that had worried about trade disruptions rallied on the news. But China's decision in April to suspend exports of a wide range of critical minerals and magnets has continued to disrupt supplies needed by automakers, computer chip manufacturers and military contractors around the world. Trump had accused China of violating the Geneva agreement and ordered curbs on chip-design software and other shipments to China. Beijing rejected the claim and threatened counter measures. Rare earths and other critical minerals are a source of leverage for China as Trump could come under domestic political pressure if economic growth sags because companies cannot make mineral-powered products. Since returning to the White House in January, Trump has repeatedly threatened an array of punitive measures on trading partners, only to revoke some of them at the last minute. The on-again, off-again approach has baffled world leaders and spooked business executives. REUTERS
