Singapore Stock Market Tipped To Open In The Red

(RTTNews) - The Singapore stock market on Thursday ended the two-day winning streak in which it had collected almost 100 points or 0.9 percent. The Straits Times Index now sits just above the 5,580-point plateau although it's likely to see renewed selling pressure on Friday.

The global forecast for the Asian markets is negative on tech weakness, surging oil prices and Middle East tensions. The European and U.S. markets were sharply lower and the Asian bourses also figure to open in the red.

The STI finished slightly lower on Thursday as losses from the financials and retailers were offset by support from the industrials.

For the day, the index sank 13.66 points or 0.24 percent to finish at 5,581.76 after trading between 5,546.44 and 5,590.39.

The lead from Wall Street is bleak as the major averages opened sharply lower and stayed that way throughout the trading day.

The Dow tumbled 506.93 points or 0.97 percent to finish at 51,711.65, while the NASDAQ plummeted 553.21 points or 2.15 percent to close at 25,137.69 and the S&P 500 sank 90.66 points or 1.21 percent to end at 7,408.30.

The sell-off on Wall Street reflected a negative reaction to earnings news from tech giants Tesla (TSLA) and Alphabet (GOOGL).

Crude oil prices surged again on Thursday amid concerns of a wider conflict in the Middle East set off by new attacks by the Iran-backed Houthis in Yemen on two Saudi Arabian tankers in the Red Sea. West Texas Intermediate crude for September delivery was up $5.76 or 6.63 percent at $92.59 per barrel.

The continued spike by the price of crude oil has added to recent concerns about the outlook for inflation and the possibility of higher interest rates.

In U.S. economic news, the Labor Department said first-time claims for unemployment benefits unexpectedly decreased last week.

Closer to home, Singapore will provide June numbers for industrial production later today; in May, production was down 0.7 percent on month and up 13.0 percent on year.