08 Aug '11, 3am

Singapore Daily Bulletin – 08/08/11 – SharesInv.com

Singapore Daily Bulletin – 08/08/11 – SharesInv.com

STI Down More Than 2% At Open On US Credit Downgrade The Straits Times Index (STI), our local stock market benchmark, opened at 2,933.81 for the day. This was a 2.04% fall compared to last Friday’s closing of 2,994.78, which on the day registered the largest one-day decline since 2008 as it shed 3.6% due to eruption of fears over the US economy. Notwithstanding a better than expected US labour market report which showed payrolls rising by 117,000 workers in July as against the median estimate of 85,000 gain, sentiment was soured as Standard and Poor’s made an unprecedented move to downgrade the US credit rating from AAA to AA+. Significance: The impact of the downgrade has evidently shaken the global financial markets. In Asia, the Japan’s Nikkei 225 and Hong Kong’s Heng Seng Index opened down by about 1.4% and 2.6% respectively. With worries also stemming from the Eurozon...

Full article: http://www.sharesinv.com/articles/2011/08/08/singapore-da...

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