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Economy and Trade
The U.S. Federal Reserve may be set to cut rates ahead, but DBS CEO Gupta was sanguine on the earnings impact for the bank.
DBS is expected to report its 2Q19 earnings grew on-year, but analysts expect the quarter may mark the peak for the bank’s net interest margin.
HPHT reported Wednesday its second quarter net profit fell 19.7 percent on-year to HK$136.5 million amid a hit from the ongoing U.S.-China trade war.
Global fund managers were a tad less pessimistic, but they continued to fret over economic risks, the BofA-ML fund manager survey for July found.
Maybank Kim Eng cut its outlook for Singapore economic growth Friday after second-quarter data came in worse than expected, with a rising recession risk.
Singapore’s economy barely grew in the second quarter, with GDP edging up 0.1 percent on-year, according to MTI’s preliminary estimates Friday.
These are Singapore companies which may be in focus on Wednesday, 10 July 2019: Temasek, Singapore Exchange, SATS, UOL and UIC.
Temasek’s portfolio has been buffeted by the U.S. trade war, and Singapore’s state-owned investment company said it’s carefully weighing its next steps.
Singapore state-owned investment company Temasek reported Tuesday its net portfolio value rose S$313B as of end-March, compared with fiscal 2018’s S$308B.
Trump may see Vietnam as another trade war target, but Taimur Baig, chief economist at DBS, said it likely won’t keep firms from setting up shop there.
Global markets may have heaved a sigh of relief after this weekend’s G-20 meeting in Japan, but the trade-war hostilities likely won’t end anytime soon.
Singapore banks are seeing rising credit demand from trade-related sectors, suggesting Southeast Asia is benefiting from the trade war, Maybank KE said Monday.
“Fighting won’t stop you from eating,” the brokerage said in a note Friday.
Small-to-medium sized enterprises (SMEs) are likely to benefit from Singapore’s move to allow digital banks into the market, DBS said in a note Monday.
The Monetary Authority of Singapore said Friday it would issue up to five new digital bank licences, opening the banking sector to non-bank players.
Investors should be watching the earnings impact of the trade war, Steven Wieting, chief investment strategist at Citi Private Bank, said Tuesday.
Huawei may be under fire from U.S. trade restrictions, but so far, Konesh Kochhal, a director at the company, said the carrier business wasn’t affected.
These are Singapore companies which may be in focus Wednesday, 19 June 2019: BofA-ML fund manager survey, Sembcorp Industries, SGX, CapitaLand and Hyflux.
Global fund managers are at their most pessimistic since the Global Financial Crisis amid trade war concerns, the BofA-ML survey for June found.