Posts by Mark Darwin
Schwab, Fidelity, other online brokerages face disruption on frenetic trading day
ONLINE services at brokerages Charles Schwab and Fidelity Investments faced an outage on Monday (Aug 5), frustrating investors looking to trade on a day when many dumped anything risky from stocks to crypto on fears of a US recession. Some users were having problems logging into their accounts, the trading apps confirmed, without elaborating. Wall…
Read MoreMagnificent Seven set to shed US$900 billion in value, led by Apple, Nvidia
APPLE and Nvidia led a sell-off in technology stocks on Monday (Aug 5) as US recession fears and Berkshire Hathaway’s decision to cut its stake in the iPhone maker punctured a months-long rally in the sector. High-performing shares of Alphabet, Amazon, Meta Platforms, Microsoft and Tesla, as well as Apple and Nvidia, fell as much…
Read MoreLendlease Global Commercial Reit posts 21.2% lower DPU for H2 of S$0.0177
THE manager of Lendlease Global Commercial Reit (LReit) posted a distribution per unit (DPU) of S$0.0177 for the second half of financial year 2024 (FY2024) ended Jun 30, down 21.2 per cent from S$0.0225 in the same period a year ago. The lower DPU was primarily due to higher borrowing costs amid an elevated interest…
Read MoreCSE Global bags new Q2 orders worth S$204.4 million
The new orders bring its first-half order intake to S$390.6 million, edging down 0.1 per cent from S$391 million in H1 FY2023 SYSTEMS integrator CSE Global on Monday (Aug 5) said it has secured S$204.4 million worth of new orders in the second quarter ended Jun 30, a decrease of 11.7 per cent from S$231.4…
Read MoreJPMorgan asset cools on China bond frenzy as curve flattens
A RELENTLESS rally in Chinese bonds has at least one global investor taking pause as yields continue to plumb record lows. JPMorgan Asset Management is taking a break from pursuing gains in China’s government debt with the benchmark 10-year yield trading just above 2.1 per cent. It’s concerned that the yield gap between short and…
Read MoreSoftBank Group shares plunge most since going public in 1998
A STOCK rout in Japan wiped out US$15 billion of SoftBank Group’s value on Monday (Aug 5), after the company’s biggest single-day fall since founder Masayoshi Son took the company public in 1998. The technology giant’s stock fell 19 per cent, extending its decline for the September quarter so far to 38 per cent, in…
Read MoreChina asks large state financial institutions to drop auditor PwC: sources
CHINESE regulators have in recent months asked several large state-owned clients of PricewaterhouseCoopers (PwC) to drop the auditor as it braces for penalties over its work for troubled property developer Evergrande, said two sources. The regulators, mainly the Ministry of Finance (MOF), have given so-called “window guidance”, or unofficial, verbal instructions to big state-owned financial…
Read MoreTaiwan stocks fall by record 8.4% on tech sector fears
TAIWAN stocks ended down 8.4 per cent on Monday (Aug 5), a record slump, with tech stocks including TSMC plunging as investors sold off one of Asia’s top-performing markets this year, spooked by a poor outlook for global tech stocks and the US economy. The main index shed 1,807.21 points, its worst one-day percentage fall,…
Read MoreChina’s Honor gets strong state backing as it readies IPO
CHINESE smartphone maker Honor is receiving an unusually high level of support from local government backers, as the former Huawei unit prepares an initial public offering (IPO), according to policy documents and a source close to the matter. Honor is receiving research-and-development funding, tax breaks and support to expand overseas, three Shenzhen government documents showed.…
Read MorePhilippine central bank says rates can stay steady, open for cut when price pressures ease
THE Philippine central bank can keep policy settings unchanged but can consider a rate cut if price pressures continue to ease, its governor said on Monday (Aug 5). The balance of inflation risks has shifted to the downside and inflation expectations are well anchored, Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona told legislators at…
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