What are the 3 factors that steered SG markets in 3Q23?

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\u003Cp\u003E\u003Cstrong\u003EIn 3Q23, the STI generated a 2.1% total return.\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003EThe Straits Times Index (STI) outpaced the FTSE ASEAN Extended 60 Index with a total return of 2.1% in 3Q23.\u003C/p\u003E\n\u003Cp\u003EAccording to the SGX, the increase in Brent crude oil prices, high rates, as well as slower growth outlook contributed to the total returns generated in 3Q23.\u003C/p\u003E\n\u003Cp\u003E“Fueled by the announcement by Saudi Arabia and Russia to extend their voluntary oil production cuts through the end of this year, Brent crude oil gained 27% to US$95/bbl in 3Q23, and has since returned to near US$90/bbl ahead of OPEC\u0027s Joint Ministerial Monitoring Committee,” the SGX said.\u003C/p\u003E\n\u003Cp\u003ESingapore’s three most traded energy stocks – Rex International, Geo Energy Resources and RH Petrogas – averaged 29% in total returns in 3Q23 on the back of the oil price rally in September. \u003C/p\u003E\n\u003Cp\u003EThe US Federal Reserve’s decision to keep rates higher for longer in 2024 also steered the market during the quarter.\u003C/p\u003E\n\u003Cp\u003E“With the firming of the higher for longer rate outlook, 3Q23 saw less ‘FedSpeak fever’ and less day-to-day swings in the forward expectations of FOMCs and the Federal Funds Rate than seen in 2Q23,” the SGX said.\u003C/p\u003E\n\u003Cp\u003EMeanwhile, the slower 2024 global growth also affected the markets in 3Q23.\u003C/p\u003E\n\u003Cp\u003E“Manufacturing is highly sensitive to global growth outlooks, with Singapore’s Industrial Production in contraction since October 2022, in addition to contracting by 6.6% YoY in the first eight months of 2023,” SGX said.\u003C/p\u003E\n\u003Cp\u003E“The iEdge SG Adv Manufacturing Index generated a 0.5% decline in total return in 2023, bringing its 9-month decline in total return to 1.8%,” it added.\u003Cbr /\u003E\n \u003C/p\u003E