Daily Markets Briefing: STI down 0.05%

Don’t expect gains today.

The Straits Times Index (STI) ended 1.55 or 0.05% lower at 3,212.10.

The top active stocks were DBS, which dipped 0.16%, Singtel, which remained unchanged, CapitaLand, which fell 1.14%, OCBC Bank, which slipped 0.09%, and UOB which declined 0.04%.

The FTSE Mid Cap jumped 0.35% whilst the FTSE Small Cap rose 0.11%.

According to OCBC Investment Research (OIR), US stocks closed sharply lower, with all major indexes logging their worst day in more than 2 ½ months, after a downbeat round of economic data in Europe and the US stoked global growth fears whilst a closely watched measure of the yield curve inverted for the first time since 2007, triggering recession worries.

Ten of eleven S&P 500 industries ended lower, with losses led by Consumer Staples (-0.23%) and Real Estate (-0.48%). Utilities (0.69%) was the only gain. The index retreated 1.14% for the week.

"With the poor performance overall on Wall Street overnight, we think the mood is likely to continue to be cautious," OIR said.

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