Posts by Mark Darwin
Uber partners with China’s WeRide to offer robotaxi rides in UAE
UBER Technologies is partnering with Chinese autonomous car company WeRide to expand its robotaxi offering to the United Arab Emirates. Users of the Uber app in Abu Dhabi will be able to book a ride in a robotaxi from later this year, the companies said in a statement on Wednesday (Sep 25). Uber has…
Read MoreTraders flock to China’s five-year bonds on lower intervention risk
The downward trend in China rates may not reverse unless there is a meaningful step-up in fiscal stimulus to stabilise consumption and the property market, a strategist says TRADERS are snapping up China’s five-year government bonds, attracted by the lower risk of central bank intervention for this maturity. Yields declined nearly five basis points to…
Read MoreInvestors face ‘pain trade’ amid China stimulus: Barclays
INVESTORS who have snubbed stocks tied to Chinese growth may face a “pain trade” after the world’s second-biggest economy unleashed a new stimulus package and the Federal Reserves cut interest rates, strategists at Barclays said. Cyclical stocks have been among the worst performers of 2024 as investors flocked into defensive shares, such as pharmaceuticals and…
Read MoreSea freight rates could ride crest of looming US port strike to reverse slide
A strike in the US East and Gulf-Coast ports could hit more than half of US imports and 15 per cent of the global container fleet capacity, HSBC says OCEAN freight rates have been on a steady slide, but events in the US might just kickstart a reversal. Market watchers are warning that a scheduled…
Read MoreHedge funds now employ more than 1,000 people in Dubai
An influx of some of the world’s biggest hedge funds, from Millennium Management to Balyasny Asset Management, has pushed the industry’s headcount in Dubai to over 1,000, burnishing the city’s credentials as an emerging hub for the sector. While that’s still a fraction of the numbers employed in the biggest financial centers – hedge funds…
Read MoreMeituan raises US$2.5 billion in dollar bonds in China’s first tech debt deal of 2024
MEITUAN, China’s biggest delivery platform, has raised US$2.5 billion in a two-tranche US dollar bond deal, according to its regulatory filings on Wednesday (Sep 25), in the country’s first offshore technology sector debt issuance this year. A 3.5-year bond raised US$1.2 billion while a five-year bond raised US$1.3 billion, the filings showed. The final size…
Read MoreChinese EV maker Nio slams ‘unreasonable’ US, EU tariffs
NIO founder William Li hit out at the European Union and the US, saying their moves to level tariffs on electric cars are unreasonable and urged them to cooperate with, rather than fight, China. Expanding the use of electric vehicles (EVs) is a crucial step in combating climate change and achieving sustainable global development, and…
Read MoreAsia: Markets boosted again after another Chinese rate cut
MOST Asian markets built on a global rally on Wednesday as China announced another interest rate cut the day after unveiling a series of measures to boost the country’s ailing economy. Hong Kong and Shanghai, which surged more than four per cent on Tuesday, enjoyed another bumper start following a record performance on Wall Street,…
Read MoreGold stays near record high on Middle East risks, softer US dollar
GOLD prices were steady near record highs on Wednesday (Sep 25), as a weaker US dollar and an escalated conflict in the Middle East lifted bullion’s safe-haven appeal, while investors braced themselves for new signals on the US interest rate trajectory. Spot gold held its ground at US$2,658.07 per ounce, as at 0016 GMT. Bullion…
Read MoreSingapore shares open lower on Wednesday; STI down 0.4%
SINGAPORE stocks began Wednesday (Sep 25) trading in negative territory, despite gains in global equities overnight. As at 9.02 am, the Straits Times Index (STI) shed 14.52 points or 0.4 per cent to 3,608.22. Across the broader market, gainers outnumbered losers 90 to 41, after 56.8 million securities worth S$105 million changed hands. Offshore and…
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