SG Morning Highlights | 'Good progress' made in uplifting incomes of low-wage workers: MOF report

Advancers / Decliners is 39 to 80, with 65.30 million securities worth S$76.30 million changing hands.

There has been "good progress" made in uplifting the real incomes of low-wage workers in Singapore, with real income growth for the group outpacing that of median earners between 2016 and 2021, said the Ministry of Finance (MOF) in its latest Singapore Public Sector Outcomes Review.

The biennial report takes stock of Singapore's performance in key areas such as the economy, liveability, environment sustainability and governance, said Prime Minister (PM) Lee Hsien Loong in a Facebook post.

In particular, the seventh edition showcases "the collective efforts of our nation and people in overcoming the challenges of the pandemic", while also highlighting the progress made in key national priorities, said head of civil service Leo Yip.

India's economy is expected to grow 6.9 per cent this fiscal year, the World Bank said on Tuesday (Dec 6), adding that it is well-positioned to tackle global headwinds.

Asia's fourth-largest economy expanded 6.3 per cent from July to September. The Indian government last week estimated that gross domestic product growth for the full year would be between 6.8 per cent and 7 per cent.

The World Bank had earlier forecast growth of 6.5 per cent for India this year. While upping its call, the international financial institution also trimmed its expectation for next year to 6.6 per cent, from 7 per cent earlier.

Gold prices were little changed in early Asian trade on Tuesday (Dec 6), after falling more than 1.5 per cent in the previous session as the US dollar rebounded on bets that strong economic data may prompt bigger interest rate hikes by the Federal Reserve.

Spot gold was flat at US$1,768.61 per ounce, as of 0011 GMT. Bullion hit a five-month high on Monday before closing 1.6 per cent lower in its biggest daily drop since Sep 23.

US gold futures were little changed at US$1,780.90.

Signs of a potential slowdown in the Federal Reserve's pace of its rate hikes have led CGS-CIMB to downgrade its sector call to "neutral" from "overweight".

Although the research house thinks sector net interest margin (NIM) expansion is likely to continue in FY2023, it sees limited scope for further upward earnings revisions as rate hikes pause.

The data centre, to be situated at the trust's eight-hectare International Tech Park in Madhapur, will have a built-up area of approximately 250,000 square feet and 36 megawatts of power capacity. Madhapur is a suburb of Hyderabad and is known as a centre for information technology activity.

Approximately INR1,200 Crores (S$210 million) is expected to be deployed in the next three to five years for this project, CapitaLand India Trust Management said in a filing on the Singapore bourse on Tuesday (Dec 6).