Singapore stocks drop ahead of Yellen's testimony

The Market In 5 Minutes

The Market In 5 Minutes

During the last two weeks, markets have been reassessing the outlook of tighter monetary policies by major central banks. Shares in Shanghai were down 0.3%, but rose 0.6% in Tokyo while the Hang Seng index in Hong Kong added 1.5%.

The dollar .DXY ground higher against most major currencies, including to a four-month high of 114.43 yen JPY= as traders played the past fortnight's 25 basis-point rise in US government bond yields against the Bank of Japan's vow to keep its stimulus flowing.

Trading volume remained moderate amid cautious sentiment ahead of congressional testimony planned by U.S. Federal Reserve Chairwoman Janet Yellen later in the week, they said.

On Monday data showed that exports from Germany, the biggest economy in Europe, increased stronger than was expected during May.

On the currency front, the United States dollar is trading at 114.13 yen compared to the 113.92 yen it fetched at the close of NY trading on Friday. The yield on the 10-year Treasury note fell to 2.36 percent from 2.38 percent late Monday.

Three kids among nine people shot at baby 'gender reveal' party
Chief Mark Denney says the two men haven't been identified or arrested. When the shooting began, everyone was sitting down watching a movie.

"So while it may not be coordinated communication, I do think there's been a change in rhetoric from central banks across the world - though the ECB is the central bank to watch in the second half of the year".

A rise in interest rates from the central bank of Canada would be the first such increase by that bank in close to seven years.

Bank of Japan is not taking any steps to make Yen stronger, experts say!

The Russell 2000 index of smaller-company stocks rose 2 points, or 0.2 percent, to 1,411.

On Friday, the BOJ sought to keep Japanese government bond yields near its policy target, embarking on a special market operation as well as increasing the size of its regular JGB purchase operations. The rand was also softer against the euro (R15.51) and the pound (R17.53).

USDJPY remains well supported in the aftermath of Friday's better than expected jobs report and any hawkish testimony by Yellen tomorrow will likely push the pair through the key 115 barrier which it has not seen since March of this year. The greenback has strengthened against the yen in the past month as divergent central bank policies come into focus, with the Bank of Japan affirming it will continue to provide stimulus to the Japanese economy. The productivity slowdown, found not just in the USA but also other advanced economies, reflects a combination of factors, perhaps a "productive pause" as firms retool to incorporate new technology as well as a postrecession decline in research-and-development investment that has started to reverse.

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