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Market Update: Singapore Shares Gain 0.7% in Late Deals
The STI went up 22 points or 0.7% to 3,173 in late trade on Monday after falling 0.9% in the previous week, as a weaker-than-expected US jobs report eased concerns that the Federal Reserve would start tightening monetary soon. The US economy added 559K jobs in May, above an upwardly revised 278K in April but below market forecasts of 650K. Meanwhile, factory orders shrank 0.6% mom in April, the first decline in a year. Meantime, finance ministers from wealthy G7 nations on Saturday endorsed a global minimum corporate tax rate of at least 15%, with US Treasury Secretary Yellen saying in a statement that a global minimum tax would end the race to the bottom in corporate taxation. On the pandemic front, there were 20 new coronavirus cases as of noon Sunday, pushing the total tally to 62,196. On the data front, China’s export growth slowed in May, while imports rose the most in over a decade. Sembcorp Industries Ltd climbed 2.5%, while Jardine Matheson Holdings added 1%. [/s2If]
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