SG Morning Highlights | Singapore retail sales in February rebound to 12.7% after brief dip

Advancers / Decliners is 37 to 84, with 29.97 million securities worth S$38.88 million changing hands.

Singapore's total retail sales in February jumped 12.7 per cent year on year, more than reversing the brief dip in the previous month, data from the Department of Statistics Singapore (SingStat) showed on Wednesday (Apr 5).

This brought total retail sales value in February to S$3.6 billion, of which 12.4 per cent was derived from online sales.

SingStat noted that the increase was due in part to a lower base, as some shops were not open during the Chinese New Year festive season in early February last year.

A new S$10 million fund for media featuring Singapore and rejuvenation plans for Orchard Road are among the Singapore Tourism Board's (STB) efforts to strengthen the country's appeal and make it top-of-mind for potential visitors.

The board will also support the Global Sustainable Tourism Council (GSTC) to develop international sustainability criteria for meetings, incentives, conferences and exhibitions (Mice) and attractions.

Minister of State for Trade and Industry Alvin Tan announced these plans at the Tourism Industry Conference at Suntec Singapore Convention and Exhibition Centre on Wednesday (Apr 5).

The US services sector slowed more than expected in March as demand cooled, while a measure of prices paid by services businesses fell to the lowest in nearly three years, giving the Federal Reserve (Fed) a boost in the fight against inflation.

The Institute for Supply Management (ISM) said on Wednesday (Apr 5) that its non-manufacturing PMI fell to 51.2 last month from 55.1 in February. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. Economists polled by Reuters had forecast the non-manufacturing PMI decreasing to 54.5.

The PMI remains above the 49.9 level which the ISM says over time indicates growth in the overall economy. Nevertheless, the softer-than-expected reading, coming on the heels of continued weakness in manufacturing activity last month, increases the risk of a recession this year.

On Wednesday (Apr 5), the systems integration solutions provider said most of these customers comprise multinational companies and companies in the marine, offshore oil and gas, petrochemical, semiconductor, infrastructure and security industries sectors.

The new contracts are not expected to have a material impact on Nordic's consolidated net tangible assets per share and earnings per share, for its current financial year.

Named after the bank's headquarters' address on 65 Chulia Street, the initiative aims to improve financial literacy among bank customers aged 18 to 25; it is also an alternative way for Web 3.0 enthusiasts to access OCBC's suite of banking services.

Customers logging onto the platform will find links to services such as applying for a credit card, or opening a current or savings account. They may also customise their own avatar, or chat with other users in the virtual world – as is done in other metaverse applications.