FX.co ★ Singapore Stock Market Tipped To Open To The Upside

The Singapore stock market has seen continuous growth over recent trading days, climbing nearly 100 points or 3 percent. The Straits Times Index is now marginally above the 3,270-point level and is projected to maintain this positive trend into Wednesday.

An optimistic global forecast for the Asian markets is expected due in part to the forthcoming earnings season. European and U.S. markets closed substantially higher, and Asian markets are predicted to follow in the same positive manner.

On Tuesday, the Straits Times Index closed noticeably higher, largely due to gains from financial shares, property stocks, and trusts. The index rose by 47.55 points or 1.47 percent, finishing at 3,272.72.

Noteworthy performers included Ascendas REIT, which rose by 1.57 percent, CapitaLand Integrated Commercial Trust, up by 2.67 percent, and CapitaLand Investment, which gained 2.35 percent. DBS Group also experienced an upturn, climbing 1.61 percent.

The positive outcome on Wall Street has influenced international markets as leading indices opened potent on Tuesday and continued to maintain their strong position throughout the day. The Dow, NASDAQ, and S&P 500 all saw substantial increases.

Market trends were primarily driven by quarterly earnings, with Globe Life, GE Aerospace, Kimberly-Clark, and General Motors all witnessing advances due to robust results.

The Commerce Department reported a higher-than-expected rise in new home sales for March, despite a slump in building permits. Other anticipated economic data includes the release of the first quarter U.S. GDP data and the core personal-consumption expenditures (PCE) price index – the Federal Reserve's preferred inflation measure.

Oil prices also saw an increase on Tuesday after data indicated a slowdown in U.S. manufacturing activity in April. This has sparked hope that the Federal Reserve might soon cut interest rates. Consequently, West Texas Intermediate crude oil futures for June rose by 1.78 percent to close at $83.36 a barrel.