Singapore markets opened marginally higher, but underlying sentiment remains cautious as Middle East tensions threaten economic growth and inflation stability . Market Holds Steady Despite Rising Risks The FTSE Singapore Straits Times Index edged up 0.05% to 4,899.83 , reflecting a balanced market tone : Advancers: 57 | Decliners: 47 Trading activity remained relatively muted This suggests investors are waiting for clearer macro signals amid global uncertainty. Global Headwinds: Oil and Tech Weigh on US Markets On Wall Street, markets were mixed: Nasdaq Composite Index fell 0.7% S&P 500 Index declined 0.4% Dow Jones Industrial Average rose 0.1% Losses in technology stocks and rising oil prices offset relatively dovish comments from Jerome Powell , who signalled no immediate need for rate hikes. Singapore Growth Outlook Faces Downside Risks RHB flagged rising downside risks to ...
A stronger than expected October jobs report boost the chances of a December rate hike and Wall Street dropped slightly lower on Friday to reflect that.
Out of the 10 major sectors in S&P, nine were lower, with the interest rate sensitive utilities sector's 3% decline being the worst while the financial sectors was only up by 1% and the only gainer.
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| S&P 500 Index dropped slightly on Friday |
The Labor Department's report showed nonfarm payrolls increased by 271,000 in October, beating the 180,000 expected. Data for August and September were revised to show 12,000 more jobs on average were created than previously reported.
The unemployment rate fell to 5.0%, the lowest since April 2008, from 5.1% in September. The jobless rate is now at a level many Fed officials view as consistent with full employment.
"I think it's good news — it's good news for the economy, eventually the market will take it as good news," said Sean Lynch, co-head of global equity strategy at Wells Fargo Investment Institute in Omaha, Nebraska.
"It's a blowout number, it's a strong number for the jobs and the consumer should be feeling pretty good heading into the last couple of the months of the year."
The dollar rose to a 6½-month high after the data.
Higher rates increase borrowing costs for companies, while a rise in the dollar hurts their income from overseas markets.
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