Losing Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished lower in back-to-back sessions, shedding almost 55 points or 1 percent in that span. The Straits Times Index now sits just above the 5,675-point plateau and it may take further damage again on Thursday.

The global forecast for the Asian markets is mixed to lower as a rebound in crude oil prices may be tempered by an improved outlook for interest rates. The European and U.S. markets were mostly lower and the Asian bourses are expected to open in similar fashion.

The STI finished modestly lower on Wednesday following losses from the industrial, communications and finance sectors.

For the day, the index sank 38.96 points or 0.68 percent to finish at the daily low of 5,675.88 after peaking at 5,733.52.

The lead from Wall Street is weak as the major averages opened higher but slumped as the day progressed, finally ending mixed.

The Dow dropped 443.87 points or 0.86 percent to finish at 50,906.05, while the NASDAQ added 63.52 points or 0.24 percent to close at 26,861.06 and the S&P 500 sank 19.30 points or 0.25 percent to end at 7,651.54.

The early strength on Wall Street reflected a positive reaction to a closely watched report on consumer price inflation in the U.S., which showed that consumer prices rose less than expected in August.

Traders may have felt the data reduced the chances the central bank will raise interest rates later this month. According to CME Group's FedWatch Tool, the chances the Fed will raise rates by a quarter point have fallen to 34.9 percent from 50.9 percent on Tuesday.

But the markets continued to be weighed by bond prices, which saw the ten-year close higher for the seventh consecutive session to its highest closing level since May 2002.

In economic news, payroll processor ADP said private sector employment in the U.S. jumped by more than expected in the month of September.

Crude oil prices rebounded on Wednesday amid lingering uncertainty that the U.S. and Iran will reach a deal to end their prolonged conflict. West Texas Intermediate crude for November delivery climbed $1.02 or 1.1 percent to $90.40 a barrel.