B4 the speechevery look very rosy. Woww today sti is going on to a slide down hill, isit going to test sti 2400 again after all the rosy speech still sti is follow DOW, (up/downvery common) so will be up d next round very soon before u know it..
I don't want to sound as if I know what will happen or rub it in, but I mentioned yesterday morning (before the DOW dropped last night) that the STI will trade side-ways today. It just looked like all these good news (higher GDP growth, pause in US interest rate hikes) was already factored in.
looks like we were wrong! the STI heading south today. Also the market seems to be a little slow today. Like everyone is still asleep at home or something.
STI floating towards target 2500 - 2520 region. If it wants to drop, it would have slides on Fri, Mon... but it pause, refuse to go down. What does it mean? Another words no reason to fall, but there is support reason to rise, especially the revised upward of growth to 6.5-7.5%.
It is a political National Day message after all. And a higher economy growth forecast for S'pore this year!
Get ready to chiong for us tomorrow, STI ... (despite Dow & Nasdaq down last nite on inflation fear.)
-----------------------------------------
Wednesday August 9, 10:17 AM
Singapore economy grew 9.4% in H1, full-year forecast raised: PM Lee
The Singapore economy expanded by 9.4 percent in the first half of this year, and for the whole year, the Trade and Industry Ministry has raised the growth forecast to between 6.5 and 7.5 percent, Prime Minister Lee Hsien Loong announced in his National Day message.
When MTI released the first quarter growth figures, it had then revised the whole year forecast to between 5 and 7 percent growth.
Bringing the good news, Mr Lee also calls on Singaporeans to uphold the spirit of self reliance, openness to change and the determination to succeed as the nation builds a brighter future for all.
In his televised message to the nation on Tuesday, he notes that the global economic outlook remains positive.
But he cautions that Singapore must continue to track and anticipate developments around it, especially potential threats to growth and stability.
Mr Lee also notes that the Middle East is in upheaval and if the crisis worsens and disrupts world oil supplies, energy prices will shoot up even higher and trigger a global recession.
Other real concerns are bird flu and extremist terrorism.
On the economic front, Mr Lee says if the WTO trade talks fail, protectionism will grow and Singapore will be very vulnerable.
But he adds that the country's free trade agreements will protect and safeguard access to important markets.
PM Lee says: "To deal with these and other challenges, we need able and dedicated leaders in every sector. We need a good and effective government to lead the country. And we need Singaporeans to work together to take our nation forward."
And this will involve exploring new and risky approaches, instead of clinging to familiar arrangements and helping those less able to cope with rapid changes.
He says: "When oil prices rise, electricity costs more to produce, and buses, taxis and trains cost more to run. We cannot keep electricity tariffs and public transportation fares fixed. But we can and will directly help those in need."
One important strategy to cope with changes, says Prime Minister Lee, is to make Singaporeans more resilient and better able to tackle issues on their own instead of looking to the government to solve every problem.
This is all the more so as Singapore is building a more open society and encouraging freer debate.
Mr Lee says the internet is a tremendous tool changing the world, and Singaporeans should make full use of it to link up, engage one another and be a productive economy and vibrant society.
But it also creates new problems, hence the need to learn to live with and adapt to it.
Mr Lee says: "Singaporeans should express themselves freely but responsibly. We need to help solve problems and build our nation, not chip away at the pillars of our society. We will not always agree with one another, but we must stay cohesive and united in our common vision for Singapore."
This will be all the more important for the younger generation, who are growing up connected to the internet and the world.
"We must do more to engage our young and strengthen their roots in Singapore. We must imbue in them the conviction that Singapore is a special and unique place that belongs to them and that Singapore's future depends on them," Mr Lee says.
Prime Minister Lee says the people's votes in May settled the team to lead the country and the direction Singapore should take over the next five years.
The country should now focus on overcoming the problems ahead.
At the end of the term, the Government will put its record before the people, for voters to judge whether their lives have improved. - CNA/ch
I guess PM Lee's National Day speech in one hr time will be +ve in view of May's election victory. Its a political thing ... And Fed will pause hike tonight at 2am.
A bit of rally after selldown yesterday, especially China stocks. Then crash on Thu after FOMC meeting. Hike or pause, Wall Street will still fall because a pause has already been factored in.
Don't think there is any logical reason other than that people buy on rumours (of good news) and then sell on the fact (i.e. after the PM speech). Yesterday Nikkei was down significantly and STI held up pretty well because of Venture and DBS. Today the opposite: Nikkei and all other regional indices up but STI down, mainly because of SingTel (minus 4% at mid day).
According to OCBC, STI has fallen 12 out of the past 16 years when the market open after National Day. We may have a mini rally today, then fall on 10 Aug.
Post Reply
41-60 of 438
