Posts by Yurie Miyazawa
US banks tap complex mortgage product to fight deposit flight risk
US BANKS are ramping up investments in a complex part of the mortgage bond market that offers shorter-term securities, as they cope with the growing risk of their losing deposits amid high rates. Demand from banks is fuelling sales of floating-rate, collateralized mortgage obligations (CMO), which are constructed from simpler mortgage securities. Overall, there were…
Read MoreIPOs in Europe set for handy boost from ECB rate cut, BofA says
THE historic interest rate cut by the European Central Bank on Thursday (Jun 6) might be just the boost the regional market for initial public offerings needs to spur a flurry of deals before the usual summer lull, according to Bank of America. The ECB reduced its key rate from a record high, making its…
Read MoreSteady euro takes ECB rate cut in stride
THE euro wavered in a narrow range on Thursday (Jun 6) after the European Central Bank lowered rates from record highs after months of anticipation, ticking higher then briefly slipping with the outcome of the ECB meeting well priced in. The euro was up 0.04 per cent at US$1.0872, not far from a two-and-a-half month…
Read MoreUS: Wall Street steadies after labour market data; Nvidia boosts Nasdaq
The S&P 500 and the Dow opened little changed on Thursday (Jun 6) after jobless claims data indicated growing weakness in the US labour market, while gains in AI-favourite Nvidia boosted the Nasdaq. Chipmaker Nvidia rose 0.8 per cent, after crossing US$3 trillion in market valuation in the previous session. The Dow Jones Industrial Average…
Read MoreAramco’s US$12 billion sale said to draw strong foreign demand
Foreign investors have flocked to Saudi Aramco’s US$12 billion share sale, people familiar with the matter said, marking a turnaround from the oil giant’s 2019 listing that ended up as a largely local affair. The deal attracted significant interest from foreign investors, according to the people, who declined be identified as the information is private.…
Read MoreSembcorp partners Bloom Energy to produce low-carbon power in Singapore
SEMBCORP Industries : U96 0% will work with US fuel cell provider Bloom Energy on the “potential utilisation” of the latter’s low-carbon power generation technologies in Singapore. The collaboration will involve the use of New York-listed Bloom Energy’s Energy Server platform. It uses a proprietary solid oxide technology to convert natural gas, biogas, or hydrogen…
Read MoreSinopec unit agrees 7.956 billion yuan deal to build gas pipelines for Saudi Aramco
A SINOPEC service unit said on Thursday (Jun 6) it has signed a 7.956 billion yuan (S$1.5 billion) deal to build natural gas pipelines for Saudi state oil company Aramco. The contract is for Sinopec Oilfield Service to procure and construct the third-phase of the Master Gas System in Saudi Arabia, the Chinese firm said. …
Read MoreMost regional indices boosted by ECB rate cut expectations, but STI ends flat
SINGAPORE equities ended Thursday (Jun 6) largely unchanged, as signs point to the European Central Bank (ECB) cutting interest rates for the first time since 2019. The benchmark Straits Times Index (STI) climbed marginally by 0.02 per cent or 0.8 point to 3,330.81. Across the broader market, 1.2 billion securities worth S$1.2 billion changed hands,…
Read MoreRussia says rejecting its gas will have cost Europe 1 trillion euros by end-2024
Europe’s cumulative “losses” from cutting purchases of Russian gas have reached 700 billion euros ($761 billion) to date and will hit 1 trillion euros (S$1.46 trillion) by the end of the year, a Russian official said on Thursday (Jun 6). Kirill Dmitriev, head of the Russian Direct Investment Fund, said at an economic forum in…
Read MoreAirline group aims to lure travellers by cutting transit hassles
FLYING multiple airlines to get to your ultimate destination comes with a myriad of hassles. A global airline group led by American Airlines and British Airways is aiming to make airport transits more seamless for passengers. Oneworld plans to launch a technology platform later this year that will allow travellers to check-in, including their luggage,…
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