STI falls as Trump's Greenland tariff threats rattle global markets

The index plunged sharply in the morning before failing to sustain a mid-day recovery.

Singapore’s stocks retreated on Wednesday, following fresh tariff threats from US President Donald Trump.

The Straits Times Index closed at 4,809.880, falling 0.38%, with around 1.44 billion shares worth $1.64b changing hands. Across the broader market, advancers outpaced decliners 290 to 270.

The market opened the day at 4,801.985, then fell sharply to 4,793.55. The index recovered to 4,814.113 around mid-day before entering a downward trend to end at the closing level.

Fears were reignited after Trump issued fresh threats to impose tariffs on European allies over the status of Greenland. The president asserted there is “no going back” on his goal to acquire the Arctic territory, notably refusing to rule out military force while lashing out at NATO allies for their opposition.

In other Asian markets, Hong Kong’s Hang Seng Index was up 0.37% to close at 26,585.06, the Shanghai Composite Index inched up 0.08% to close at 4,116.94, and South Korea’s Kospi increased 0.49% to close at 4,909.93. On the other hand, Japan’s Nikkei 225 fell 0.41% to 52,774.64.

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