Daily Markets Briefing: STI down 0.04%

Expect extended losses today.

The Straits Times Index (STI) ended 1.17 points or 0.04% lower to 2954.06 on Wednesday, taking the year-to-date performance to +2.47%.

According to OCBC Investment Research, this came as U.S. stocks ended a volatile session lower on Wednesday, as investors grappled with the prospect of a faster pace of rate increases in 2017 than had been previously forecast.

Meanwhile, all eleven S&P 500 industries ended lower, led by Energy (-2.12%) and Utilities (-2.04%).

"The pullback on Wall Street overnight could spark a similar correction in the local bourse today, potentially extending STI’s losses in the previous session," OCBC noted.

Here's more from the brokerage firm:

Gold for Feb delivery added US$4.70, or 0.41%, to close at US$1163.70/ounce while Mar Silver increased by 24 cents, or 1.44%, to settle at US$17.22/ounce.

We peg the initial hurdle at 2970, ahead of 3000; on the downside, we peg the immediate support at 2925, followed by its next support level at 2900.

Overall volume shrank 17.2% with 1.9b units traded, and the total value dipped 14.7% to S$0.9b; while average value/unit rose 3.0% to S$0.48.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia