FX.co ★ Singapore Bourse May Test Support At 3,300 Points

### Singapore Stock Market Update and Economic Outlook

Following a three-day winning streak, the Singapore stock market experienced a setback ahead of Wednesday's Wesak Day holiday, shedding nearly 25 points or 0.6 percent. The Straits Times Index (STI) currently hovers just below the 3,310-point mark and is anticipated to continue its decline on Thursday.

#### Global Market Trends

The global forecast for Asian markets leans negative, primarily due to rising concerns over interest rates. Both European and U.S. markets have seen declines, and a similar opening trend is expected for Asian markets.

#### STI Performance

On Tuesday, the STI closed slightly lower, impacted by losses in financial and industrial sectors, while the property sector showed mixed results. The Index dropped 6.15 points, or 0.19 percent, landing at 3,307.90, with a trading range between 3,293.93 and 3,314.30.

### Key Market Movers

- **CapitaLand Integrated Commercial Trust**: +1.02%

- **CapitaLand Investment**: -1.47%

- **City Developments**: +0.86%

- **DBS Group**: -0.34%

- **Emperador**: +1.18%

- **Genting Singapore**: -0.55%

- **Hongkong Land**: -0.86%

- **Keppel DC REIT**: -0.56%

- **Keppel Ltd**: -0.15%

- **Mapletree Pan Asia Commercial Trust**: -0.79%

- **Oversea-Chinese Banking Corporation**: -0.21%

- **SATS**: -1.17%

- **SembCorp Industries**: -0.76%

- **Singapore Technologies Engineering**: -0.24%

- **SingTel**: -0.41%

- **Thai Beverage**: +1.01%

- **Wilmar International**: +0.32%

- **Yangzijiang Shipbuilding**: +0.57%

- **Unchanged**: Mapletree Industrial Trust, Mapletree Logistics Trust, Yangzijiang Financial, Seatrium Limited, Comfort DelGro.

### Wall Street's Influence

U.S. markets experienced softness as the major averages managed to hold steady for the first half of Wednesday before slipping into negative territory.

- **Dow Jones**: -201.95 points (-0.51%) to 39,671.04

- **NASDAQ**: -31.08 points (-0.18%) to 16,801.54

- **S&P 500**: -14.40 points (-0.27%) to 5,307.01

The decline on Wall Street was triggered by the Federal Reserve minutes, indicating that officials might maintain current interest rates for a more extended period than initially anticipated. Despite strong economic indicators and disappointing inflation metrics in the first quarter, there was caution regarding potential risks to inflation, warranting possible future rate hikes.

### Oil Prices

Oil prices hit a two-month low on Wednesday due to an unexpected increase in U.S. crude oil inventories. West Texas Intermediate crude oil futures for July dropped by $1.09 or 1.4 percent, closing at $77.57 per barrel.

### Economic Indicators for Singapore

Later today, Singapore will release its Q1 gross domestic product (GDP) figures, with forecasts predicting a 0.1 percent quarterly increase and a 2.7 percent year-on-year rise. This follows a 1.2 percent quarterly gain and a 2.2 percent annual increase in the previous quarter.

Additionally, April's consumer price index (CPI) data for Singapore will be available, with overall inflation expected to ease slightly to 2.6 percent annually, down from 2.7 percent in March. Core CPI is anticipated to remain steady at an annual rate of 3.1 percent.