Singapore shares down 1.2% in midday trade after release of Fed's meeting minutes

The Singapore market looks set to extend its losing streak for a sixth day, with the benchmark Straits Times Index (STI) down 1.24 per cent at slightly past noon on Thursday.

The STI's decline of 38.61 points to 3,070.38 points came after the United States Federal Reserve on Wednesday released minutes from its latest policy meeting in July.

The document showed the Fed's inclination to slow its money-printing programme this year, perhaps as early as next month.

Funds have been flowing out of the Asia-Pacific amid rising US government bond yields, but there was some cheer within the gloom as a private reading of China's manufacturing sector came in better than expected.

Across the local market, decliners outnumbered gainers 245 to 89.

Commodity traders were hit, with Olam International down 7.5 cents or 4.7 per cent to $1.525 and Noble Group losing 1.5 cents or 1.9 per cent to 79.5 cents.