Local telcos have run up their expenses prior to MNP, responding with a slew of campaigns to defend their customer base.

Data issued earlier Wednesday showed that the consumer price index - a non-core measure of costs for goods and services - rose 7.5% from a year earlier.

During the past fortnight from 16 July onwards (I always write on Wednesdays nights), the Dow Jones Industrial Average jumped from a low of 10,918 on 16 July to a high of 11,698 on 23 July before retreating back to 11,100.

If business volume has fallen, then who are the people responsible for the one-two billion shares traded on the Singapore Exchange on a daily basis?

The disappointing figures prompted a rare swing in the local currency market and economists said a bleak economic growth outlook may preclude the central bank from tightening monetary policy further.

However, as mentioned earlier on, a rebound could come anytime and investors should make use of this opportunity to take some profit unless the macro trend shows signs of turning and the DJIA makes a dash past 12,000.

With the Fed expected to keep rates on hold for the foreseeable future and with the European Central Bank expected to approve another rate hike next week, another US$10 assault could be in sight if the dollar hits new lows.

Of course, Euro 2008 was conveniently blamed for the predicament of the stock market just like every four years ago when the market would be flushed with talk that the European Championship and the World Cup would coincide with a falling market.

Finance ministers from the Group of Eight leading nations spent two days in Osaka and all they could come up with is a statement that rising fuel and commodity prices could hurt global economic growth.

Lately, Fed Chairman Ben Bernanke has hinted that the Fed will probably stop cutting rates as they have done enough to promote moderate economic growth. He also added that a weak US Dollar will have the effect of feeding into inflation.