Posts by Mark Darwin
US: Wall Street opens sharply higher on hopes of tariff talks
[NEW YORK] Wall Street’s main indexes opened sharply higher on Tuesday (Apr 8) after a bruising selloff that has wiped out trillions of dollars since last week, as investors await any sign of the US opening up for negotiations over some of the aggressive tariffs. The Dow Jones Industrial Average rose 861.5 points, or 2.27…
Read MoreDollar falls as prospect of tariff talks calms global markets
[LONDON] The US dollar fell on Tuesday (Apr 8) while the euro perked up as stocks bounced in Asia and Europe on hopes that US President Donald Trump will enter negotiations over his sweeping tariffs that have roiled markets for three days. Rises in both the Japanese yen and Swiss franc showed consistent appetite for…
Read MoreTrump’s tariff chaos becomes US$700 billion storm for big banks
[LONDON] Financial services are excluded from Donald Trump’s trade war for now. Banks are still feeling the pain. HSBC Holdings’s market value has dropped by almost US$30 billion on fears that its Asia-focused operations will bear the brunt of the conflict. At Goldman Sachs Group, the spread between where the bank’s stock actually trades…
Read MoreSGX securities turnover value up 25% in March, volume down 23%
[SINGAPORE] The total securities market turnover value on the Singapore Exchange (SGX) increased 25 per cent year on year to S$29.7 billion in March, with the Straits Times Index (STI) and volumes across multiple asset classes hitting record levels. March’s total market turnover volume fell 23 per cent to 26.8 billion shares, from 34.7 billion…
Read MoreSwiss watchdog backs UBS plan to limit investment bank amid capital rule debate
[BERN] The head of Switzerland’s financial watchdog signalled he is in favour of UBS Group’s offer to limit the size of its investment bank, indicating a potential way forward in the debate about future capital requirements on the country’s largest lender. “UBS has said that it would limit the size of the investment bank as…
Read MoreJapan debt deals worth US$678 million pulled as tariffs roil global markets
[TOKYO] Three Japanese companies have postponed the sale of US8.43 million worth of yen-denominated bonds in the wake of global financial market volatility induced by US tariff announcements, according to a source and the companies. Japan’s largest beer maker, Asahi, was due to issue 50 billion yen (S$458 million) this month but shelved the issuance…
Read MoreCDL group CEO Sherman Kwek gives up long-term incentive of S$1.35 million; total compensation for FY2024 down 15.4%
[SINGAPORE] City Developments Ltd (CDL) group chief executive officer Sherman Kwek has voluntarily forgone his long-term incentive grant of S$1.35 million for financial year 2024, based on CDL’s annual report released on Tuesday (Apr 8). He received S$2.97 million in total compensation for FY2024, a decrease of 15.4 per cent from S$3.52 million in the…
Read MoreVenture capitalist Finian Tan of US$33.3m duped in alleged nickel scam
[SINGAPORE] Well-known venture capitalist Finian Tan told the High Court on Tuesday (Apr 8) that he was red-faced by the loss to alleged fraudster Ng Yu Zhi. “I am embarrassed by this loss. If you ever lose in this way, it’s not something you would be proud of or want to repeat,” said Dr Tan…
Read MoreRisks of bad loans, slowdown in region spark cuts in banks’ target prices; DBS downgraded to ‘sell’, OCBC, UOB get ‘hold’ rating
[SINGAPORE] Analysts have downgraded their outlook on Singapore banks amid concerns of weaker loan growth and higher credit costs, as Trump’s tariffs threaten a global trade war. UOB Kay Hian (UOBKH) downgraded DBS to “sell”, cutting its target price from S$49.80 to S$40. The brokerage maintained a “hold” rating for OCBC, cutting its target price…
Read MoreChinese state funds plan to buy stocks as market rout deepens
Chinese officials have been discussing front-loading potential stimulus to offset the impact of tariffs [NEW YORK] China’s state-backed funds are planning to buy local stocks in a bid to support the market, as an escalating trade war with the US erodes this year’s rally. China Reform Holdings said it will spend 80 billion yuan (S$14.8…
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