Posts by Swedan Margen
Hong Kong stocks end 13.22% down, worst since 1997 Asian financial crisis
[HONG KONG] Shares in Hong Kong plummeted more than 13 per cent Monday (Apr 7) on their worst day in almost three decades as China’s retaliation against Donald Trump’s tariffs ramped up a trade war and fuelled recession fears. The Hang Seng Index ended down 13.22 per cent, or 3,021.51 points, to 19,828.30 – its…
Read MoreChina LPG buyers’ rush to replace US flows sends prices soaring
Diversions or outright purchases of shipments from other origins will come at a hefty price [BEIJING] Chinese liquefied petroleum gas buyers have prompted a price surge as they scramble to replace US supplies of the widely used fuel following Beijing’s tough response last week to Washington’s punitive tariffs. Buyers are trying to swap US cargoes…
Read MoreYuan devaluation market chatter grows as trade war worsens
The deepening trade war is raising speculation in financial markets that China may resort to aggressively devaluing the yuan against the US dollar in a break of their policy of pursuing a stable currency. Strategists from New York to Hong Kong are game-planning if Beijing’s Friday (Apr 4) warning of a “resolute” response to US…
Read MoreBank Indonesia intervenes in offshore rupiah ahead of reopening
It will aggressively intervene in the onshore markets too when they reopen on Tuesday [JAKARTA] Bank Indonesia intervened in the offshore rupiah market ahead of what could be a turbulent reopening for the currency on Tuesday (Apr 8) after over a week-long holiday. The central bank has intervened in the offshore non-deliverable forwards market to…
Read MoreDBS, OCBC, UOB tumble on potential rate cuts if economies slow
[SINGAPORE] Shares of Singapore’s three local banks continued to slide on Monday (Apr 7), leading a broader market sell-off triggered by concerns over US tariffs. As at 12.50 pm, DBS dropped 9.9 per cent to S$39.02, OCBC declined 7.6 per cent to S$15.35, and UOB slid 6.1 per cent to S$33.29. The benchmark Straits Times…
Read MoreTrump’s tariff ‘medicine’ injects turmoil into global markets
[TOKYO] US President Donald Trump warned foreign governments they would have to pay “a lot of money” to lift sweeping tariffs, characterising the duties as “medicine” and triggering further carnage across global financial markets on Monday. Asian stocks posted steep losses in early trading and US stock market futures opened sharply lower as investors registered…
Read MoreGold plunges to 3-1/2-week low as market sell-off hits bullion
GOLD prices continued to face turmoil on Monday, and hit their lowest levels in more than three weeks, as a wider market sell-off triggered by US President Donald Trump’s tariff measures impacted bullion traders. Spot gold was down 1.9 per cent at US$2,981.09 an ounce, as of 0031 GMT, its lowest level since March 13.…
Read MoreSheng Siong CEO Lim Hock Chee’s compensation for FY2024 jumps 20.6% to S$7.06 million
[SINGAPORE] Supermarket operator Sheng Siong’s chief executive officer Lim Hock Chee received S$7.06 million in total compensation for FY2024, an increase of 20.6 per cent from S$5.86 million in the prior year. Based on Sheng Siong’s annual report released on Friday (Apr 4), Lim received a base salary of S$373,000, a variable bonus of S$6.66…
Read MoreThe Hour Glass to acquire newly incorporated SPV for A$90 million
Move is in line with the group’s strategy to continue expanding its presence in the country [SINGAPORE] The Hour Glass’ wholly owned unit in Australia has signed a deal to buy SPV, a watch retailer Down Under, for A$90 million (S$72.4 million). It announced on Monday (Apr 7) that newly incorporated SPV – whose principal…
Read MoreSingapore’s STI plunges 8.5%, Japan’s Nikkei drops over 8% as Asian markets sell off sharply
[SINGAPORE] The sell-off continued as Asian markets tumbled on Monday (Apr 7) morning, following US President Donald Trump’s sweeping tariff announcement last Wednesday. The Straits Times Index (STI) plummeted by 8.5 per cent, falling below 3,500 with a drop of more than 325 points. This marked the largest intraday decline since the STI crashed 8.9…
Read MoreSingapore jewellers keep shining amid gold’s record rally – even as margins thin
[SINGAPORE] Record-high gold prices may be squeezing margins and prompting caution among shoppers, but they have also burnished the yellow metal’s status as a safe-haven investment – a dynamic that is keeping jewellery retailers on their toes. To sustain demand and protect margins in this high-price environment, jewellers are investing in manufacturing efficiency, launching entry-level…
Read MoreDon’t rush to take advantage of the big sell-off
[SINGAPORE] Investors who chased the S&P 500 higher immediately after US President Donald Trump was elected in November last year might now be wondering what they were thinking. Within a fortnight of his inauguration, Trump announced import tariffs on Canada, Mexico and China. Last week, he imposed tariffs on most of the rest of the…
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