Singapore shares continue winning streak; STI up 0.7%
The STI rose 0.7 per cent or 29.18 points to close at 4,161.43 – reaching a high for a fourth consecutive trading day. This was after hitting an intraday peak of 4,163.45.
Across the broader market, advancers outnumbered decliners 358 to 198, after 1.9 billion securities worth S$1.4 billion were traded.
The top gainer on the blue-chip index was DFI Retail Group , which rose 4 per cent or US$0.12 to US$3.12.
The biggest decliner was Thai Beverage . The counter fell 1.1 per cent or S$0.005 to S$0.47.
Local telco Singtel was the most actively traded counter by volume, with 35.5 million shares worth S$147.1 million changing hands. The counter, which was trading on a cum dividend basis, gained 3 per cent or S$0.12 to close at S$4.17.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
Regional markets ended Thursday mostly higher after US President Donald Trump backtracked on news reports that he was planning to fire Federal Reserve chair Jerome Powell.
The two have clashed over the pace of interest-rate cuts, with Trump calling for quicker action and Powell taking a more cautious stance.
Japan's Nikkei 225 ended up 0.6 per cent, South Korea's Kospi rose 0.2 per cent, and Australia's ASX 200 gained 0.9 per cent.
Market movements showed that Trump's attempt to challenge the Fed's independence was not welcome, said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho Securities.
While the news reports may have been an attempt by the president's administration to gauge how markets would react to Powell's removal, Varathan warned that the 'real danger' lies in Trump viewing the market drop as acceptable, which could embolden him to make further attacks on Powell and the Fed's independence.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
14 minutes ago
- Straits Times
US Fed holds rates steady despite Trump's pressure, with two governors dissenting
The US Federal Reserve voted 9-2 to keep its benchmark overnight interest rate steady in the 4.25 per cent to 4.5 per cent range. WASHINGTON - The Federal Reserve held interest rates steady on July 30 in a split decision that gave little indication of when borrowing costs might be lowered and drew dissents from two of the US central bank's governors, both appointees of President Donald Trump who agree with him that monetary policy is too tight. 'The unemployment rate remains low, and labour market conditions remain solid. Inflation remains somewhat elevated,' the central bank said, in a policy statement released after the Federal Open Market Committee (FOMC) voted 9-2 to keep its benchmark overnight interest rate steady in the 4.25 per cent to 4.5 per cent range for the fifth consecutive meeting. The policy statement did note that economic growth 'moderated in the first half of the year,' possibly bolstering the case to lower rates at a future meeting should that trend continue. But it also said that 'uncertainty about the economic outlook remains elevated' with risks to both the Fed's inflation and employment goals, language that has anchored the central bank's reluctance to cut rates until the path of inflation and jobs becomes clearer. This week's meeting marks the first time in more than 30 years that two members of the Fed's seven-person Washington-based Board of Governors voted against a rate decision at the consensus-driven central bank, and it will likely stoke debate about how Mr Trump's public pressure to cut rates is playing out at an institution designed to set monetary policy independent of demands from elected officials. Both vice-chair for supervision Michelle Bowman and governor Christopher Waller, who has been mentioned as a possible nominee to replace Fed chair Jerome Powell when his term expires next May, were appointed to the board by Mr Trump and 'preferred to lower the target range for the federal funds rate by one quarter of a percentage point at this meeting,' the Fed's policy statement said. Mr Powell, a bipartisan figure who was appointed to the Fed's board by former president Barack Obama and later promoted to the top job by Mr Trump, voted to hold rates steady, as did three other governors and the five Fed regional bank presidents who currently hold a vote on the rate-setting FOMC. The Fed's regional bank presidents are hired by local boards of directors who oversee the Fed's 12 regional institutions. Top stories Swipe. Select. Stay informed. Singapore Water supply issues during Toa Payoh blaze affected firefighting operations; SCDF investigating Singapore 3 taken to hospital after fire in Marsiling flat Singapore School, parents on alert after vape peddlers approach primary school pupil Singapore Tampines, Toa Payoh BTO flats most popular among first-time home buyers in July HDB launch Sport Leon Marchand sets first world record at World Aquatics C'ships in Singapore Singapore Jail, fine for man linked to case involving 3 bank accounts that received over $680m in total Singapore Provision shop owner who raped 11-year-old gets more than 14 years' jail Singapore Escape, discover, connect: Where new memories are made Governor Adriana Kugler was absent and did not vote. While the statement gave little hint of when the Fed might cut rates, Mr Powell will likely be questioned about the outlook at a press conference that begins at 2.30pm EDT (2.30am on July 31 in Singapore). Dissenting members of the FOMC often release statements explaining their vote on the Friday following Fed meetings. The data since the Fed's June 17-18 meeting has given policymakers little reason to shift from the 'wait-and-see' approach they have taken on interest rates since Mr Trump's Jan 20 inauguration raised the possibility that new import tariffs and other policy shifts could put upward pressure on prices. The unemployment rate is still low at 4.1 per cent, and recent inflation data showed faster increases for some heavily imported goods - a development policymakers will watch in the coming weeks. The Commerce Department earlier on July 30 reported that US growth rebounded more than expected in the second quarter, but declining imports accounted for the bulk of the improvement and domestic demand rose at its slowest pace in two and a half years. Mr Trump has berated Mr Powell in particular for not cutting rates to try to lower the government's borrowing costs, a concern outside the Fed's congressionally-mandated goals of maintaining stable inflation and maximum employment. REUTERS
International Business Times
2 hours ago
- International Business Times
Trump Imposes 25% Tariff on Indian Goods, Adds Penalty Over Russia Ties
July 30, 2025 21:20 +08 From August 1, Indian exports to the U.S. will face a 25% tariff, as declared by Donald Trump on his social media platform, Truth Social. Trump, who referred to India as "our friend," criticized the country for its high tariffs and tough trade rules, calling them "obnoxious." X He also announced an additional, unspecified penalty. The reason, he said, is India's continued purchase of military equipment and oil from Russia. Trump claimed these actions indirectly support Russia's war in Ukraine, which he promised to end within 24 hours if re-elected. Tariff Deadline Set in April, Now Enforced The new tariff was first announced in April but was paused to allow time for negotiations. India was among several countries warned of higher tariffs if trade terms weren't balanced. Trump insisted the U.S. has done limited trade with India due to "very high tariffs" and tight trade restrictions. Earlier today, speaking to reporters after returning from a golf trip in Scotland, Trump said, "India has been a good friend... but charges more tariffs than almost any other country. You can't do that." Trade Talks Under Pressure The tariff decision comes at a sensitive time, as the U.S. and India continue talks to finalize a long-pending trade deal. U.S. Trade Representative Jamieson Greer said the U.S. needs more time to assess India's willingness to open its market to American goods. Despite the penalties, Trump maintained a tone of reluctant friendship, stating, "Remember, while India is our friend, their trade practices must change."
Straits Times
4 hours ago
- Straits Times
Trump frustrated with India talks, will detail additional penalty soon, adviser says
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: A 3D-printed miniature model of U.S. President Donald Trump, the Indian flag and the word \"Tariffs\" are seen in this illustration taken July 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo WASHINGTON - U.S. President Donald Trump has been frustrated with how trade talks with India are progressing and believes his 25% tariff announcement will help the situation, White House economic adviser Kevin Hassett said on Wednesday. Trump and U.S. Trade Representative Jamieson Greer will have more information "shortly" on the additional penalty Trump announced earlier, Hassett told reporters at the White House. "I think President Trump is frustrated with the progress we've made with India but feels that a 25% tariff will address and remedy the situation in a way that's good for the American people," Hassett said. Trump said in a post on Truth Social earlier Wednesday he would impose a 25% tariff on goods imported from India, starting Aug. 1. He added that the world's fifth-largest economy would also face an unspecified penalty, also starting on Friday, but gave no details. REUTERS
