SGX Stock Recommendations

MARKET UPDATES :
Oil prices edged higher in Asia on Thursday after data showed US stockpiles dipping, while the Federal Reserve indicated interest rates would not be hiked until the middle of next year. US benchmark West Texas Intermediate for January delivery rose eight cents to US$56.55 while Brent crude for February gained 18 US cents to US$61.36 in mid-morning trade.The gains add to an advance Wednesday that came after the Department of Energy said reserves in the world’s top crude consumer fell by 800,000 barrels in the week ending December 12.




STOCK RECOMMENDATION :
SELL SINGTEL BELOW 3.850 TARGET 3.810 3.750 SL 3.900

Forex Market Update

The Swiss franc extended its losses against the dollar and the euro Thursday after the Swiss National Bank said it plans to lower its overnight interest rate to -0.25% in an effort to weaken the franc.

The dollar USDCHF, +0.08%  fetched as much 0.985 franc before retreating back to 0.98. It traded at 0.974 franc on Wednesday, according to FactSet data. Meanwhile, the euro EURCHF, +0.07%  traded as high as 1.210 Swiss francs, up from 1.021 francs on Wednesday. It has since moved lower to trade at 1.204 francs.

The dollar traded lower against the ruble for a second consecutive session Thursday USDRUB, -1.48% continuing a broad correction in emerging-market currencies after two weeks of losses.

The euro EURUSD, -0.02% traded at $1.23 on Thursday compared with $1.235 on Wednesday.

The ICE U.S. Dollar Index DXY, +0.03% a measure of the greenback’s strength against a trade-weighted basket of six rivals, was up 0.10% at 89.2250.

S&P Market News Update

A surging U.S. stock market rallied to its best two-day gains in three years Thursday.

The S&P 500 SPX, +2.40%  jumped 48.34 points, or 2.4%, to 2,061.23, it’s biggest one-day gain in nearly two years. It is also the first time since Aug 2002 that the benchmark index posted two consecutive days of gains greater than 2%, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.