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Market Review

US:

The three main indexes finished higher in a choppy session led by gains in utilities, financials, consumer staples and industrials. Communication services stocks were the biggest drag, driven by losses in Alphabet, which ended down about 6%.

Asia:

Asian markets traded higher on Friday, following the overnight rally on Wall Street, and the release of economic data in the region.

India:

On Thursday, the Indian stock market indices resumed their downward march and ended over half a percent lower each. Market is expected to open on a positive note and likely to witness range bound move may be seen during the day.

Global economy:

Singapore's current account surplus increased to SGD 34.14 billion in the Q3 of 2024 from SGD 33.96 billion in the Q3 of 2023. The services account surplus widened to SGD 13.94 billion in the Q3 of 2024 from SGD 10.96 billion in the Q3 of 2023, mainly due to higher transport and freight services, while the goods account surplus declined slightly to SGD 52.53 billion from SGD 52.90 billion, amid a surge in imports. In the meantime, the primary income deficit widened to SGD 30.47 billion in Q3 from SGD 27.71 billion in Q3 of 2023, while the secondary income gap dropped to SGD 1.86 billion from SGD 2.19 billion. In 2023, the current account surplus widened to SGD 133.11 billion from SGD 123.67 billion in 2022.

South Korea's government is contemplating a supplementary budget early next year to address declining consumer spending and slow economic growth. The proposed budget for 2025 sets total government expenditure at 677.4 trillion won, reflecting a 3.2% increase from 2024. This increase is slightly more than this year's smallest boost since 2005 (2.8%) but falls short of the previously projected 4.2%. The finance ministry plans to submit this budget proposal to the National Assembly for approval soon.

Commodities:

Oil prices rose in Asian trade on Friday and were headed for a positive week as increased concerns over Russia and Ukraine saw traders attach a greater risk premium to crude. Gold prices held steady on Friday, heading for a weekly gain as geopolitical tensions fueled safe-haven demand. Investors awaited clearer signals on U.S. interest rates following mixed messages from Fed officials and positive U.S. jobless claims data.

Currency:

The U.S. dollar stuck close to a 13-month high on Friday as investors assessed the outlook for the Federal Reserve's interest rate path and uncertainty in Europe kept the euro on the back foot, while bitcoin eyed the $100,000 level.

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