Posts by Mark Darwin
Bank of England allots record £30 billion in weekly repo
THE Bank of England allotted a record £30.359 billion (US$39 billion) on Thursday (Jul 25) in its weekly short-term repo, which is designed to smooth out volatility in sterling lending markets as it unwinds its quantitative easing programme. Sums allotted in the repo have been hitting fresh records on an almost weekly basis since April.…
Read MoreUK’s biggest investor LGIM ditches Trump trade on Biden drop out
LEGAL & General Investment Management (LGIM) is bailing on a bet that the Treasury curve will steepen, saying President Joe Biden’s exit from the US election race reduces the chance of a Republican clean sweep. Christopher Jeffery, head of macro asset allocation at the UK’s biggest asset manager, said the probability that Donald Trump wins…
Read MoreAstraZeneca raises profit outlook on strong medicines demand
Anglo-Swedish drugmaker AstraZeneca raised its full year sales and profit forecast on Thursday (Jul 25) after beating analyst expectations for second-quarter revenue on strong demand for its cancer, rare disease and heart disease medicines. Sales in AstraZeneca’s top business, oncology, grew 19 per cent at constant currency rates to US$5.33 billion and accounted for 41…
Read MoreSTMicro cuts full-year outlook for second time, shares tumble
CHIPMAKER STMicroelectronics (STM) cut its full-year revenue and margins guidance for a second time on Thursday (Jul 25) as industrial customer orders did not improve and automotive demand declined. The Franco-Italian company, whose clients include Tesla and Apple, said it expects revenue of US$13.2 billion to US$13.7 billion for 2024, down from a previous forecast…
Read MoreJulius Baer’s profit falls as post-Benko recovery awaits new CEO
JULIUS Baer Group said profit fell in the first half of the year even as clients began returning funds, signs of an uneven recovery from last year’s Signa real estate scandal. The Zurich-based bank, which appointed Goldman Sachs Group’s Stefan Bollinger as its new chief executive this week, said on Thursday (Jul 25) that…
Read MoreCut-off yield on latest Singapore 1-year T-bill slips to 3.38%
The median yield in the latest auction stands at 3.16%, from 3.4% in the previous auction THE cut-off yield on Singapore’s latest one-year Treasury bill (T-bill) is offering a cut-off yield of 3.38 per cent, indicated auction results released by the Monetary Authority of Singapore (MAS) on Thursday (Jul 25). This is down 0.2 percentage…
Read MoreConsortiums led by Keppel, Sembcorp-SLNG shortlisted for ammonia power and bunkering project
EMA and MPA will select one of the two bidders as the project’s lead developer by the first quarter of 2025 THE Energy Market Authority (EMA) and the Maritime and Port Authority of Singapore (MPA) shortlisted two consortiums for the next round of proposal evaluation of an ammonia power and bunkering project. The project aims…
Read MoreBitcoin, Ether slide as risk aversion spreads to crypto market
ETHER, the second-largest token, paced a drop in digital assets following a slump in equities that spread unease in global markets. Ether slid about 6 per cent, the most in three weeks, and was trading at US$3,170 as at 11.13 am on Thursday (Jul 25) in Singapore. Market-leader Bitcoin was down approximately 3 per cent…
Read MoreMt Gox creditors get crypto repayments after decade of waiting
MT GOX creditors are receiving a portion of the roughly US$8 billion worth of cryptocurrency they have been owed since a hack drove the Tokyo-based exchange into bankruptcy a decade ago. Kraken has distributed Bitcoin and Bitcoin Cash from the Mt Gox estate, according to a post on the X social media platform from the…
Read MoreGold little changed as traders brace for US data
GOLD prices were little changed on Thursday (Jul 25) as investors waited for US economic data to gauge the timing of the central bank’s interest rate cuts. Spot gold was unchanged at US$2,398.17 per ounce, as at 0032 GMT. US gold futures ticked 0.8 per cent lower to US$2,397.40. Markets are awaiting the US gross…
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