Singapore Stocks (SGX) Market News

The US dollar fell against the yen overnight, trading down to a low of 80.25 before rallying to a high of 80.85 following the stronger-than-expected Chicago PMI figure. It drifted from there, finishing the session at 80.54. It has managed to bounce a little in Asian trade, currently at 80.73, despite a weaker-than-expected quarterly Tankan Index of sentiment survey from large manufacturers. It came in at minus nine for June from minus six in May, versus an anticipated reading of minus seven. This probably indicates that the devastating March 11 earthquake and tsunami have had a bigger impact on business plans and sentiment than initially thought. In other data, Japanese household spending fell more than expected, down 1.9% versus an estimate of 1.7%. Tokyo core CPI was also slightly lower than forecast, coming in at 0.1% versus 0.2% expected. Ben Potter, Australia