TRADE worries and growth concerns continued to fester after Wall Street returned from the Memorial Day break, which made for a sea of red across Asian equity markets, with Singapore not spared either.
ING Asia economist Prakash Sakpal noted that with little development on the trade front, investors were likely to turn their attention to the sustained dip in US Treasury yields.US equities faced losses in Tuesday's late session as the rally in US 10-year treasuries further inverted a portion of the yield curve. Historically, an inverted curve has served as one of the signals that point to a looming recession.
The local banks were down. DBS Group Holdings was seven Singapore cents or 0.3 per cent lower at S$24.89, OCBC Bank dropped four Singapore cents or 0.4 per cent to S$10.90 and United Overseas Bank traded at S$24.16, down 15 Singapore cents or 0.6 per cent.
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