The Wall Street extended its rebound on the back of oversold conditions and solid corporate earnings, after sharp selloff of stocks last week. Adding on to investors’ woes, Trump had earlier threatened to impose tariffs on all remaining Chinese imports if talks next month with Beijing during the G20 summit failed to yield any meaningful results to ease the trade frictions. In a U-turn, the mercurial President then changed tack when he said that he held “very good conversations with Xi”.

Over the last two weeks, Dow Jones Industrial Average remained relatively unchanged closing at 25,380.74.

Likewise, the China market moved higher despite October PMI coming in below expectation at 50.2. Nonetheless, rising yields and persisting RMB weakness continued to pressure the stock market. Meanwhile, Hong Kong market held its ground supported by HSBC’s upbeat results. Last fortnight, Shanghai Composite Index and Hang Seng Index gained 4.9 percent and 3.6 percent respectively.

In Singapore, the Public Transport Council (PTC) announced the increase in bus and train fares to be implemented starting from 29 December, following the conclusion of its annual transport fare review exercise. Citing mounting cost pressures as a result of higher energy prices and wages as the reasons behind the raise, PTC explained that the decision for the adjustments was difficult but necessary. This could spell good news for transport operator SBS Transit.

The Straits Times Index (STI) reclaimed its territory above 3,000 after falling through this psychological level last week as United Overseas Bank registered weaker net interest margins and quarter-on-quarter results. Meanwhile, Oversea-Chinese Banking Corporation posted a record net profit of $1.3 billion for its 3Q18 earnings while DBS Group is slated to deliver its quarter results next Monday on 5 November.

Overall, STI inched up 1.8 percent over the last two weeks to end at 3,116.39.