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Market Update: Singapore Stocks Trade Near 3-Week Low
The STI Index was almost flat in early trade on Thursday, hovering at a near three-week low, after the Federal Reserve signaled broad changes in monetary policy may happen sooner than expected following a robust US economic recovery from the COVID-19 pandemic. New economic forecasts from the US central bank showed the country’s GDP is set to grow at a faster 7% this year and PCE inflation is likely to reach 3.4% in 2021. In recent data, the jobless rate in Singapore confirmed at 2.9% in Q1, the lowest in three quarters and matching with the preliminary figure. The Ministry of Manpower said that economic uncertainties and COVID-19 restrictions are expected to weigh on the pace of labor market recovery in Q2. On the pandemic front, Singapore is reviewing the timing and scope of the second stage of the economy’s reopening, in the light of the emergence of several major clusters in the city. Frasers Logistics & Commercial Trust gained 1.4%, while OCBC Banking fell 0.5%. [/s2If]
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