Singapore stock market expected to open lower due to global economic concerns

From Nasdaq: 2024-09-08 20:03:58

The Singapore stock market ended lower after a four-day winning streak, with the Straits Times Index hovering around 3,450 points, possibly facing another challenging day on Monday. Global markets are down due to concerns about the world economy, impacting the financial, property, and industrial sectors in Singapore.

The STI closed slightly lower on Friday, with CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust among the top gainers. Major U.S. indexes suffered heavy losses last week, led by the NASDAQ’s 5.8% drop, all due to concerns about a slowing economy.

A weak jobs report from the Labor Department has raised fears about the U.S. economy, with traders speculating on a 50-basis point interest rate cut by the Federal Reserve. Oil prices hit an 18-month low on Friday, with West Texas Intermediate Crude oil futures dropping 2.1% to $67.67 a barrel, impacted by oil demand worries.



Read more at Nasdaq: Soft Start Expected For Singapore Stock Market