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The Straits Times Index experienced an uptick of 31 points, equivalent to 0.7%, reaching 4,472 by midday on Tuesday. This movement revisits a historical high, marking the sixth consecutive session of gains. A surge in Wall Street overnight bolstered investor confidence, fueled by optimism regarding a potential trade agreement between the U.S. and China. The framework for this agreement, expected to be signed on Thursday, involves reduced U.S. tariffs and Chinese concessions on rare earth exports. Additionally, optimism was further buoyed by expectations of upcoming cuts in U.S. Federal Reserve rates, both later in the week and in December, which supported a robust appetite for risk. Domestically, the Monetary Authority of Singapore maintained its policy stance in mid-October, asserting that the economy remains robust despite global trade challenges. However, the progress was tempered by cautious anticipation of official Purchasing Managers’ Index (PMI) data from China, Singapore’s largest trading partner, expected later in the week. The strongest performers were in the sectors of producer manufacturing, process industries, and commercial services, with significant advances observed in companies such as DBS Group (up 1.3%), Keppel Ltd. (up 1.1%), First Resources (up 3.7%), and Singapore Airlines (up 0.9%).
