FX.co ★ Singapore Stocks Hit Record High

The Straits Times Index experienced a rise of 19 points, marking a 0.5% increase to hit a new peak of 4,009 by midday on Wednesday. This persistent upward trend has been observable since June 23, with most sectors showing positive performance. Investor sentiment was buoyed by a slight increase in U.S. futures, spurred by unexpectedly strong job openings data for May. Additionally, traders reacted positively to a surprising recovery in China’s manufacturing activity in the previous month, a reassuring development for Singapore’s economy due to its significant trade connections with China. Domestically, annual inflation decreased to 0.8% in May, marking the lowest level since 2021, providing welcome relief to both consumers and policymakers. Nonetheless, the gains were slightly curbed after U.S. President Trump dismissed the possibility of extending the July 9 tariff deadline, instead reiterating threats to scrap trade talks and levy more duties on several nations. Notable leaders in market gains included YZJ Financial Holdings, which rose by 4.0%, Genting Singapore at 2.1%, Singapore Telecommunications at 1.3%, and Sembcorp Industries with a 1.7% increase.