Market View: Markets tumble as US labour market data fails to provide clearer rate outlook; Asian markets track global rout; Japan approves 21.3 trillion yen stimulus to mitigate inflation pain; Foxconn’s chairman says firm can make 1,000 AI racks a week; ComfortDelGro, Hongkong Land to watch
Description
Singapore stocks fell today, triggered by declining expectations of a Federal Reserve rate cut.
This follows a wider regional rout after markets tumbled earlier this week on fears of an artificial intelligence bubble.
In terms of counters to watch, we have ComfortDelGro, after the transport operator yesterday announced senior leadership changes, which included the creation of a new “point-to-point mobility officer” role.
Elsewhere, from what the latest US labour market data mean for the Federal Reserve, to how Japanese Prime Minister Sanae Takaichi’s Cabinet approved the largest round of extra spending since the pandemic, more international headlines remained in focus.
Also on deck – comments by Foxconn chairman Liu Young that the company now had the capability to manufacture 1,000 artificial intelligence racks per week.
On Market View, Money Matters’ finance presenter Chua Tian Tian unpacked the developments with Benjamin Goh, Head of Research and Investor Education, SIAS.
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