Singapore and US Market Summary 

Singapore shares struggled for direction on Wednesday (Nov 16), with the Straits Times Index (STI) closing 0.3 per cent or 9.11 points lower at 3,266.17 amid mixed regional performance. In the broader market, gainers beat losers 292 to 271, after 1.7 billion securities worth S$1.5 billion were traded. On the STI, ST Engineering was the index’s strongest performer, gaining 2.3 per cent or S$0.08 to close at S$3.50. This comes after the company announced on Tuesday evening that its subsidiary, TransCore, has secured a contract worth S$1.47 billion to modernise the tolling infrastructure in New Jersey. Yangzijiang Shipbuilding was at the bottom of the table, declining 3 per cent or S$0.04 to S$1.31. The trio of local banks ended in the red. DBS shed 0.3 per cent or S$0.11 to S$35.07, OCBC lost 0.4 per cent or S$0.05 to S$12.42, while UOB fell 0.5 per cent or S$0.16 to close at S$29.84.

US stocks closed lower on Wednesday as markets grappled with a mixed picture involving resilient retail sales but a gloomier outlook for the holiday season. The Dow Jones Industrial Average slipped 0.1 per cent to finish the session at 33,553.83. The broad-based S&P 500 dipped 0.8 per cent to 3,958.79, while the tech-rich Nasdaq Composite Index tumbled 1.5 per cent to close at 11,183.66. The slump came after major US retailer Target reported weaker-than-expected third quarter profits, citing an “increasingly challenging environment” as American households were squeezed by soaring inflation. Target shares plunged 13.1 per cent after it warned of a softer holiday season, which weighed on other merchants as well. US retail sales data on Wednesday suggested resilience in consumer spending despite price pressures, but there was a slight dip in discretionary segments such as electronics and appliance stores. Meanwhile, Federal Reserve Governor Christopher Waller said he was “comfortable” considering a slower pace of interest rate hikes given recent signs of easing inflation and a slowing economy, although more increases are still needed. But even with a smaller, half-point step at the Fed’s December policy meeting – following four straight three-quarter point hikes – he cautioned that “this would still be a very significant tightening action.”