Posts by Stephanie Irvin
Europe: Shares decline as cautious Fed commentary weighs
EUROPEAN shares fell in broad-based declines on Tuesday in the lead-up to crucial inflation prints around the world this week, while cautious commentary from Federal Reserve officials further dented sentiment. The pan-European Stoxx 600 index closed 0.6 per cent lower, its biggest single-day day drop in a month. Most local equity indexes also ended the day lower,…
Read MoreSea cargo rates surge to pandemic highs
EQUIPMENT shortage, port congestion and a surge in shipments have come together to create a perfect storm, sending ocean freight rates up to highs last seen during the pandemic – and no relief is in sight for the short-term. Market watchers believe this might have little impact on Singapore’s inflation rate for now unless the…
Read MoreApple loses bid to appeal order allowing consumer antitrust class action
APPLE has failed to persuade a US appeals court to consider blocking a class action that accuses the iPhone maker of monopolising the market for iPhone apps and keeping prices artificially high for tens of millions of customers. The 9th US Circuit Court of Appeals on Friday (May 24) rejected Apple’s bid for a pretrial…
Read MoreT-Mobile to buy US Cellular assets for some US$2.4 billion
T-Mobile US, the second-largest mobile carrier in the US, has agreed to buy US Cellular’s wireless operations and some of its spectrum assets for roughly US$2.4 billion. The deal includes US Cellular’s wireless customers, retail stores and 30 per cent of its spectrum assets, according to statements from the companies. T-Mobile said it’s paying a…
Read MoreUS: S&P 500, Nasdaq open higher as investors await inflation data
The S&P 500 and the Nasdaq opened higher on Tuesday (May 28) after a holiday-extended weekend, with investors awaiting key inflation data later in the week that could influence expectations for the Federal Reserve’s policy trajectory. The Dow Jones Industrial Average fell 40.6 points, or 0.10 per cent, at the open to 39,028.99. The S&P…
Read MoreUS dollar edges down ahead of data, set for first monthly drop in 2024
THE US dollar edged down on Tuesday (May 28) ahead of key US and eurozone inflation data later this week that could affect expectations for major central banks’ monetary policy outlooks. The greenback was also on the verge of its first monthly decline in 2024. “A backdrop where the Federal Reserve can start cutting rates…
Read MoreSingapore stocks close higher, buck mild downward trend in Asia; STI up 0.4%
THE Straits Times Index (STI) ended Tuesday (May 28) at 3,330.09, up 11.64 points or 0.4 per cent, narrowly bucking a mild downward trend in Asian stocks. Across the broader market, advancers beat decliners only slightly, at 276 to 272. In Japan, the Nikkei 225 ended down 0.1 per cent. Hong Kong’s Hang Seng Index…
Read MoreECB to make bank health checks shorter, more intrusive, Buch says
The European Central Bank will revamp its annual bank evaluation process to make it shorter but at times more intrusive to reflect changes in the operating environment of lenders, ECB supervisor Claudia Buch said on Tuesday (May 28). The ECB checks on the health of commercial banks each year in the Supervisory Review and Evaluation…
Read MoreSouth Korea finds high levels of toxic chemicals in Shein products
CHILDREN’S products sold by the Chinese-founded online shopping giant Shein contained toxic substances in amounts hundreds of times above acceptable levels, the government of South Korea’s capital Seoul said on Tuesday (May 28). Shein, headquartered in Singapore, has skyrocketed in popularity around the world in recent years, offering a vast selection of trendy clothes and…
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