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Market Update: Singapore Shares Down 0.6%
The STI dropped 18 points or 0.6% to 3,157 in early trade on Wednesday following the negative cues from Wall Street overnight after reports that US retail sales fell more than expected in May; while producer prices rose by 6.6% yoy, the most since November 2010. In business news, Singapore utility group Sembcorp Industries hopes to monetize some of its operational assets in India over the next 12-18 months and aims to grow its renewable energy capacity through organic and inorganic routes to drive the green energy target, reported the Economic Times. Investors now closely watch the result of the FOMC meeting later in the day where the Federal Reserve is widely expected to acknowledge the first conversations about when and how fast to pare back the massive bond-buying program launched in 2020. Yangzijiang Shipbuilding and Singapore Airlines sank 2.1% and 2%, each. [/s2If]
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