Posts by Mark Darwin
Amazon seeks partners for US$15 billion warehouse expansion plan
[NEW YORK] Amazon.com is considering a US$15 billion warehouse expansion plan for nearly 80 new logistics facilities in US cities and rural areas that would reverse its post-pandemic construction slowdown, according to sources familiar with the matter. The e-commerce company is asking potential capital partners to submit proposals, the sources said, asking not to be…
Read MoreUS: Wall Street mixed at open as China raises tariffs on US goods
[NEW YORK] Wall Street’s main indexes were mixed at the open on Wednesday (Apr 9) after China announced more levies on US goods, retaliating against President Donald Trump’s reciprocal tariffs that took effect earlier in the day. The Dow Jones Industrial Average fell 257.7 points, or 0.68 per cent, at the open to 37,387.91. The…
Read MoreUS asset sell-off hammers greenback against safe-haven currencies, euro
THE US dollar dropped versus safe-haven currencies and the euro on Wednesday (Apr 9) as investors worried about the economic impact of US tariffs, which spooked the world’s equity markets. Major stock indexes sank, while a sell-off in US Treasuries sparked fears foreign funds were fleeing US assets. US stock index futures struggled after a…
Read MoreUOB Kay Hian cuts Sats target price to S$2.89, downgrades it to ‘hold’ on likely tariff impact
[SINGAPORE] Freight handler Sats might be hit by a potential slowdown in globalisation and decline in global trade volume as a result of the United States’ reciprocal tariffs, prompting one research house to slash its target price and downgrade the stock to “hold”. UOB Kay Hian on Wednesday (Apr 9) lowered the target price of…
Read MoreGlobal bond rout starting to sound market alarm bells
[SINGAPORE/LONDON] US Treasuries, the bedrock of the global financial system, were hit by fresh selling pressure on Wednesday (Apr 9) in a sign that investors were dumping their safest assets as turmoil unleashed by US tariffs prompts forced selling and a dash for cash. The 10-year Treasury yield has risen 36 basis points (bps) to…
Read MoreGrab, Sea seen as defensive stocks as they’re not exposed to direct trade links with US
[SINGAPORE] Singapore-headquartered tech giants Grab and Sea – both listed in the US – have not been spared amid a wider market sell-off sparked by “reciprocal tariffs” announced by US President Donald Trump on Apr 2. Since the announcement, Grab has tumbled some 19 per cent to US$3.73 as at Apr 8 and Sea has…
Read MoreChina’s central bank asks state lenders to reduce dollar purchases: sources
[BEIJING] China’s central bank will not allow sharp renminbi declines and has asked major state-owned banks to reduce US dollar purchases, people with direct knowledge of the matter said on Wednesday (Apr 9). The directive from authorities comes as the renminbi faces heavy downward pressure following massive US tariffs on Chinese exports and retaliatory moves…
Read MoreBank Indonesia will act boldly to maintain rupiah stability
[JAKARTA] Indonesia’s central bank will act boldly to maintain rupiah stability by intervening in the spot, domestic non-deliverable forwards, and bond markets, a deputy governor said on Wednesday (Apr 9) after the rupiah hit a record low against the dollar. Bank Indonesia’s (BI) senior deputy governor Destry Damayanti told Reuters that moves in domestic bonds…
Read MoreTariff woes spark S-Reits sell-off on Wednesday
[SINGAPORE] Singapore-listed real estate investment trusts, or S-Reits, slumped on Wednesday (Apr 9) afternoon, with almost all counters in the red. Among the biggest losers were industrial S-Reits. Mapletree Logistics Trust was the biggest loser among all S-Reits, shedding close to 10 per cent as at 1.30 pm on Wednesday. Other industrial S-Reits that fell…
Read MoreMalaysia’s Khazanah says hard to exit private assets right now
Trump’s administration has imposed a 24 per cent levy on imports from Malaysia as part of broader measures by the US to counter what it said were large imbalances with trading partners [KUALA LUMPUR] Malaysia’s sovereign wealth fund Khazanah Nasional said the uncertainty stemming from US President Donald Trump’s sweeping global tariffs is making it…
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