Singapore’s Jobless Rate Unchanged

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From Trading Economics: Singapore’s seasonally adjusted jobless rate stood at 2.1 percent in the third quarter of 2016, unchanged from the previous quarter, preliminary estimates showed. The jobless rate remained broadly similar for resident (2.9 percent from 3.0 percent in the second quarter) and citizens (3.0 percent from 3.1 percent). Some 4,100 workers were made redundant in the third quarter 2016, down from 4,800 in the preceding quarter but higher than 3,460 a year ago. Total employment is estimated to have contracted by 3,300 in the three months to September, following a slower growth in the previous two-quarters. It was the second contraction since 2008/2009 recession and the weakest quarterly result since the March quarter 2015.

Market Snap

Market Opening Wrap

In Asian Equity Markets Japan's Nikkei index edged down in choppy trade on Thursday morning as poor earnings forecasts from companies such as Nintendo and Canon disappointed the market, offsetting gains in domestic demand sensitive stocks. The Nikkei fell 0.2 percent to 17,353.99 in midmorning trade after flirting with positive territory briefly. The JPX-Nikkei Index 400 advanced 0.1 percent to 12,410.02, while the broader Topix added 0.1 percent to 1,384.53. MSCI's broadest index of Asia-Pacific stocks outside Japan was down 0.9 percent in afternoon trade. The Hang Seng index fell 1.2 percent, while the China Enterprises Index lost 1.6 percent.

In Currency Markets the dollar held steady near a three-month high against the yen on Thursday, as rises in U.S. bond yields and expectations for the Federal Reserve to raise interest rates this year helped underpin the greenback. The dollar last stood at 104.49 yen. Earlier on Thursday, it rose to as high as 104.695 yen, nearing a three-month peak of 104.875 yen set on Tuesday. Sterling eased 0.3 percent to $1.2213, but remained above an 18-day low of $1.2082 plumbed on Tuesday. The euro eased 0.1 percent to $1.0900, but held above a 7-1/2 month low of $1.0851 struck on Tuesday. The dollar index edged up 0.1 percent to 98.692, staying below a nine-month high of 99.119 set on Tuesday.

In Commodities Markets oil prices were stable on Thursday, but remained below $50 a barrel, as doubts over OPEC's ability to organize a coordinated production cut weighed on markets, while firm demand and concerns over Venezuela's stability offered support. International Brent crude oil futures briefly pushed above the psychological $50 a barrel mark but had fallen back to $49.95, 3 cents below their last closing price. WTI futures were trading at $49.17 per barrel, down 1 cent from their previous settlement. Spot gold was down 0.1 percent to $1,265.74 an ounce. Among other precious metals, silver was down 0.1 percent to $17.58 an ounce, while platinum shed 0.5 percent to $957.74. Palladium was up 0.1 percent at $622.50 an ounce.

In US Equity Markets  quarterly results were the main driver for Wall Street on Wednesday as a decline in Apple shares weighed on the S&P 500 and Nasdaq, while the price-weighted Dow Industrials was buoyed by gains in Boeing. The Dow Jones industrial average rose 0.17 percent, to 18,199.33, the S&P 500 lost 0.17 percent, to 2,139.43 and the Nasdaq Composite fell 0.63 percent, to 5,250.27. Apple fell 2.2 percent after it acknowledged that strong demand for its iPhone 7 Plus caught the company off-guard and it was struggling to keep up. On the other hand, Boeing shares hit their highest level since Dec. 31 after the planemaker reported a jump in quarterly profit despite slower sales. Boeing closed up 4.7 percent at $145.54.

In Bond Markets  Japanese government bond prices fell on Thursday with the market tracking an overnight retreat by U.S. Treasuries. The benchmark 10-year JGB yield was up 1 basis point at minus 0.060 percent and the 30-year yield rose 2 basis points to 0.495 percent. U.S. Treasury debt yields rose overnight, pushed up by a fresh batch of economic data that enhanced the outlook for third-quarter U.S. gross domestic product data due on Friday, hardening expectations for a U.S. rate rise. The U.S. 10-year Treasury yield rose to 1.813 percent at one point in Thursday's Asian trade, the highest since Oct. 17.

Source: Institute of Trading and Portfolio Management