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STI Index — Singapore Market
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Chinese Stocks Fall Over 1%

The Shanghai Composite tumbled 1.5% to 3,974 on Friday, its lowest level in a month, while the Shenzhen Component slid 1.3% to an over one-month low of 13,376, as rising oil prices and higher US Treasury yields weighed on risk appetite across Asian markets. Crude oil remained elevated after Trump said he did not expect the Iran war to end before the November midterm elections and that oil prices were unlikely to decline until then. Meanwhile, a surge in Treasury yields boosted the dollar after the US Treasury Department’s first expanded buyback operation attracted weaker-than-expected demand. Domestically, investors shifted their focus to a raft of economic data due next week, including house prices, fixed-asset investment, industrial output, retail sales, and unemployment rate. Among the biggest decliners were Zijin Mining Group (-4.7%), CMOC Group (-5.8%), CATL (-1.7%), and NAURA Technology (-1.8%). Over the week, both benchmarks were set for weekly declines.

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