09 Jun '11, 9am

IM$avvy Headlines: STI slips on sober view of US #economy #Singapore

A GRIM assessment of the US economy by the country's central bank chief Ben Bernanke sent several Asian bourses tumbling yesterday. Singapore was not spared, as the benchmark Straits Times Index (STI) dropped 12.97 points to 3,102.98. Mr Bernanke had said in a speech on Tuesday night in the US that the world's largest economy was recovering at a 'frustratingly slow' pace. But he did not make any mention of whether the US Federal Reserve will launch another round of monetary easing measures, which analysts say sent investor confidence plummeting. 'Bernanke's sombre outlook combined with no hint of further quantitative easing being used as a policy response near-term have led to a negative tone in markets,' Melbourne-based fund manager Tim Schroeders from Pengana Capital told Bloomberg. Hong Kong shares slipped 0.9 per cent, but Tokyo edged up 0.07 per cent and Shanghai rose...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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