MARKET UPDATES :
- THE Singapore economy is officially expected to grow 2-4 per cent this year: the exact same forecast as a year ago for 2014. But this range could mean either a pick-up in growth or further slowdown in 2015 – and it’s anyone’s guess given the diverse range of risks to growth, both domestic and external. Advance estimates last Friday put Singapore’s 2014 growth at 2.8 per cent – in the lower half of the government’s forecast range and significantly slower than 2013′s 3.9 per cent. For now, market economists expect some improvement in 2015, with a median forecast of 3.2 per cent growth this year.
- SINGAPORE’S Chief Justice on Monday announced the appointment of four new senior counsel (SC) at the opening of the new legal year, bringing the number of SC to 59.They are: Lee Kim Shin, formerly a judicial commissioner of the Supreme Court.
- Singapore shares ended the second trading day of the New Year notably lower on profit-taking as investors pondered data released last week showing pockets of weakness in several economies and the implications of a potential exit from the euro zone by Greece, which will hold snap elections on Jan 25.Decliners outnumbered gainers 257 to 165, with some 1.26 billion shares worth $844.6 million changing hands.
U.S. stocks were clobbered Monday in an indiscriminate sell-off triggered by a renewed plunge in crude oil prices and surging dollar, which left the Dow and the S&P with their worst losses since October.
The S&P 500 SPX, -1.83% closed off session lows but still suffered its largest one-day decline in three months. The index also suffered its longest losing streak in a 12-month period, falling for the fourth-straight session. The benchmark index lost 37.62 points, or 1.8%, to 2,020.58.
The euro stabilized Monday during North American morning trade after falling to its lowest level in nine years despite a weak reading on German inflation for December, as investors bought euros to lock in profits.
The euro EURUSD, +0.10% fell as low as $1.18 against the U.S. dollar in early trading Monday — its lowest level since March 2006 — and was last trading above $1.19.
The euro’s weakness has been exacerbated by the U.S. dollar’s broad-based strength, which has pressured currencies across the board. The ICE U.S. Dollar Index, a measure of the greenback’s strength against a trade-weighted basket of currencies, DXY, -0.07% rose to a nine-year high Wednesday as investors globally bet on a recovery in the U.S. economy.
The British pound GBPUSD, +0.07% recovered to $1.525 Monday, after hitting a 17-month low of $1.51 earlier in the session.
