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Singapore Shares Surge as Trump Cancels Strikes on Iran; Aspen (Group) Up 7%

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Singapore shares surged on Friday, tracking regional gains, with investor sentiment buoyed by the US president, Donald Trump's decision to end strikes on Iran.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,995.83 and 5,045.28 throughout the day. It ended the session at 5,025.80, up 37.70 points or 0.8% compared to Thursday's close.

On the corporate front, shares of Aspen (Group) (SGX:1F3) surged nearly 7% at the close as its associated company, Rivnis Ventures, signed a definitive agreement with Malaysia's Railway Assets Corporation (RAC), for a mixed development project in Penang.

Serial Achieva (SGX:XHV) closed over 5% higher as it secured a $14.1 million AI infrastructure order following a successful first phase delivery.

Meanwhile, shares of Aspial Lifestyle (SGX:5UF) were up nearly 3% at the close as it concluded its preferential offering, raising a total of SG$84.8 million in gross proceeds.

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Update: US Equity Indexes Jump After Trump Cancels Further Strikes on Iran

(Updates with index and price moves and cancellation of planned attacks on Iran from the first paragraph.)US equity indexes shot up after President Donald Trump canceled planned attacks on Iran and as core producer price inflation grew less than forecast.The Dow Jones Industrial Average jumped 1.8% to 50,814.5, the Nasdaq Composite surged 2.2% to 25,718.8, and the S&P 500 advanced 1.6% to 7,386.6 ahead of Thursday's close.In a social media post, Trump said he is canceling the attacks planned for Iran on Thursday."Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump said in the post.Crude oil futures fell, with front-month global benchmark North Sea Brent down 4% to $89.42 per barrel and US West Texas Intermediate lower by 3.5% to $86.90 per barrel.The core Producer Price Index, which excludes the more volatile food and energy prices, grew 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and a 0.7% rise in April. Core PPI remained at 4.9% year-over-year but below the 5.4% consensus.Headline producer prices rose by 1.1% in May, the same as in April but above the forecast for a 0.7% gain. PPI jumped 6.5% year-over-year, the strongest pace since November 2022, from 5.7% in the previous month. Energy prices surged almost 11% in May following a 7.5% jump in April, according to a Stifel note."This is a Fed that has been willing to tolerate above-target inflation for years, so any notion of a temporary, or bringing back a favorite word, 'transitory' impact from higher energy prices will not be enough to force the Fed's hand," Stifel Chief Economist Lindsey Piegza said in the note.

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Japan

Update: US Equity Indexes Rise After Wholsale Inflation Rate Rises Slower Than Forecast

(Updates with new information from the first paragraph.)US equity indexes rose amid a broad-based rally after core producer price inflation, which excludes the more volatile food and energy prices, grew less than forecast in May.The Dow Jones Industrial Average rose 0.7% to 50,276.7, followed by a 0.5% gain in the Nasdaq Composite to 25,317.2 and a 0.4% increase in the S&P 500 to 7,295.3 in midday trading on Thursday.All sectors except communication services, financials, and real estate advanced. Industrials and materials led the gainers.Core producer price index, which excludes the more volatile food and energy prices, increased by 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and following a 0.7% gain in April. Core PPI remained at 4.9% year-over-year but below the 5.4% consensus.Meanwhile, crude oil prices rose, with front-month global benchmark North Sea Brent crude up 0.4% to $93.45 per barrel and US West Texas Intermediate crude higher by 0.9% to $90.82 per barrel.The US will hit Iran with an attack "VERY HARD TONIGHT," and it will take control of the Kharg Island sometime in the "not too distant future," President Donald Trump said Thursday on a Truth Social post. The island is, reportedly, the gateway for a vast majority of Iran's crude oil exports. Iran's Foreign Ministry has condemned the recent US strikes on the country, saying that it has rendered the ceasefire "practically meaningless," the Associated Press reported Thursday.BlackRock placed $5 billion order to buy SpaceX (SPCX) shares, The Wall Street Journal reported. The company is expected to go public on Friday.

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US Equity Futures Rise Pre-Bell After US Says Strikes Completed Against Iran

US equity futures were higher pre-bell Thursday as the US said it completed attacks against Iran after another round of "self-defense strikes."Dow Jones Industrial Average futures were 0.8% higher, S&P 500 futures were up 0.7%, and Nasdaq futures were 1.2% higher.The strikes, which started after a US Army Apache helicopter was shot down on Wednesday, were conducted at the direction of President Donald Trump, US Central Command said in an X post. Iran responded with attacks on Kuwait and Bahrain, while Israel warned of launches from Lebanon.Trump later told Fox News that he had spoken directly with Iranian officials, who had asked him to stop bombing.Traders watched the latest round of earnings, with Oracle (ORCL) posting higher fiscal Q4 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.4% at $91.78 per barrel and US West Texas Intermediate crude 1.2% lower at $88.92 per barrel.The May Producer Price Index, scheduled for release at 8:30 am ET, is expected to show a 0.7% gain following a 1.4% increase in the preceding month, according to estimates compiled by Bloomberg. The weekly jobless claims bulletin is expected to show 220,000 new unemployment claims for the week ended June 6, down from 225,000 in the prior week.

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