Daily Markets Briefing: STI down 0.08%

Expect more losses today.

The Straits Times Index (STI) ended 2.39 points or 0.08% lower to 2813.87 on Monday, taking the year-to-date performance to -2.39%.

OCBC Investment Research said this came as U.S. stocks closed lower after drifting between slight gains and losses, finishing October with a loss as stronger-than-expected consumer spending data underlined the view that the economy is growing at a steady pace, while a drop in oil prices and election uncertainty weighed on the minds of investors.

Four out of eleven S&P 500 industries ended lower, led by Energy (-1.15%), while Utilities (1.98%) led the gains.

"Continued weakness on Wall Street overnight is likely to weigh further on local sentiment. We could see the STI adding further to its 0.1% loss yesterday," the brokerage firm noted.

Here's more from OCBC:

Dec WTI Crude lost US$1.84, or 3.78%, to close at US$46.86/barrel while Jan Brent fell US$2.07, or 4.08%, to end at US$48.61/barrel.

Gold for Dec delivery shed US$3.70, or 0.29%, to close at US$1273.10/ounce while Dec Silver closed flat to settle at US$17.80/ounce.

Overall volume rose 15.7% with 1.6b units traded, and the total value jumped 9.0% to S$1.0b; while average value/unit fell 5.8% to S$0.62.

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