Posts by Mark Darwin
China’s Chery delays plan to build EVs in Spain on EU tariffs
CHERY Automobile has pushed back a goal to bring electric-vehicle (EV) production to Europe by a year, after the European Union (EU) imposed provisional tariffs on EV imports from China. The Chinese carmaker is now targeting output of its flagship Omoda 5 EV in Spain from October 2025, sources said. Chery is assessing how the…
Read MoreNikkei rallies 2% on softer yen, Japan leadership tussle in spotlight
JAPAN’S Nikkei share average rallied more than 2 per cent on Friday (Sep 27), buoyed by further softening of the yen as markets closed just before results of the ruling Liberal Democratic Party’s leadership election were out. The Nikkei ended 2.32 per cent higher at 39,829.56, its highest close since Jul 19, before the final…
Read MoreMany Wall Street executives are worried about Trump but wary of Harris
MANY Wall Street executives have reservations about backing either candidate in the US presidential election, worried that former President Donald Trump’s policies will hurt the economy but wary Vice-President Kamala Harris will lean too far left. While multiple Wall Street heavy-hitters including Bill Ackman, John Paulson and George Soros have backed a candidate, many other…
Read MoreHong Kong stocks rally more than 3% at open
HONG Kong stocks rallied more than three per cent at the open of business on Friday, building on a huge surge this week fuelled by a series of Chinese measures aimed at kickstarting the economy. The Hang Seng Index jumped 3.17 per cent, or 631.67 points, to 20,556.25, while the Shanghai Composite Index added 2.17…
Read MoreSingapore shares open lower on Friday; STI down by 0.1%
SINGAPORE stocks began Friday (Sep 27) trading in negative territory, despite overnight gains in global markets. As at 9.01 am, the Straits Times Index (STI) dropped 0.1 per cent or 2.12 points to 3,580.11. Across the broader market, gainers outnumbered losers 61 to 39 after 30.8 million securities worth S$41.2 million changed hands. Investment holding…
Read MoreFederal Reserve’s Cook says she ‘wholeheartedly’ supported half-point rate cut
FEDERAL Reserve Governor Lisa Cook on Thursday endorsed the US central bank’s 50-basis-point interest-rate cut last week as a way to address increased “downside risks” to employment. “I whole heartedly supported the decision,” Cook said in remarks prepared for delivery to The Ohio State University. “That decision reflected growing confidence that, with an appropriate recalibration…
Read MoreOil prices slide 3% on prospect of more Opec+ oil
OIL prices fell more than 3 per cent on Thursday on a Financial Times report that Saudi Arabia, the world’s top crude exporter, will give up its US$100 price target in preparation for raising output, along with Opec members and allies in December. Brent crude futures settled down US$1.86, or 2.53 per cent, to US$71.60 a…
Read MoreSwatch CEO says ‘nothing new’ in buyout talk lifting stock
SWATCH Group chief executive officer Nick Hayek said that it’s “pure speculation” that the company is considering going private now, although it’s something that “would be nice to do.” The CEO made those comments to Bloomberg after an interview he gave to a Swiss publication on the matter contributed to the biggest intraday jump in…
Read MoreCICT’s preferential offering closes with 82% valid acceptances
CAPITALAND Integrated Commercial Trust (CICT) received valid acceptances of 82 per cent at the close of its preferential offering on Tuesday (Sep 24). In a bourse filing on Thursday, the manager of the real estate investment trust said that it received valid acceptances of 309.5 million new units and excess applications of 183 million units.…
Read MoreChina’s August net gold imports via HK lowest in over 2 years
China’s monthly net gold imports via Hong Kong dropped 76 per cent to their lowest level in more than two years in August, data showed on Thursday (Sep 26), as a record price rally curbed appetite in the world’s top bullion consumer. China imported a net 6.245 tonnes in August, down from 25.659 tonnes in…
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