The three major U.S. stock indexes fell for a second straight day on Thursday (Oct. 6) after markets worried that better-than-expected non-farm payrolls data would prompt a more aggressive interest rate hike policy by the U.S. Federal Reserve.
Here are the news from the Singapore stock market:
1. $YANGZIJIANG SHIPBLDG HLDGS LTD(BS6.SI)$
2. $GOLDEN ENERGY AND RESOURCESLTD(AUE.SI)$ announced before the bell that the Group completed the acquisition of the remaining 20% of Stanmore SMC through its Australian listed subsidiary STANMORE RESOURCES.
Golden Energy and Resources' net profit for the first half of the year surged year-on-year, with part of the profit attributed to the revenue growth following the acquisition of Stanmore SMC in May.
3. Intouch Holdings, in which Singtel has an approximate 25% stake, received an arbitration award on Thursday, stating that Thai arbitrators unanimously ruled that THAICOM 7 and THAICOM 8 are not satellites covered by the Domestic Communications Satellite Operating Agreement. As a result, Intouch is not obligated to comply with the claims and demands made against it by Thailand's Ministry of Digital Economy and Society under the dispute. Shares of SingTel fell 1.18% to close at $2.52.
Overnight U.S. Stocks | U.S. Oil Hits Near One-Month High*
1, U.S. Treasury Secretary: the Fed has the "primary responsibility" in the fight against inflation.
On October 6, local time, U.S. Treasury Secretary Yellen said that the first task of countries facing high inflation is to restore price stability. The Fed has the "primary responsibility" in fighting inflation, and monetary tightening in rich countries could have international spillover effects. Yellen said that the victory over high inflation is the first task of the United States and other countries facing dramatic price spikes, but can not ignore that raising interest rates will affect the rest of the world, the United States and Europe, rising interest rates to the developing countries have brought greater pressure.
2, * ECB September minutes: economic slowdown not enough to bring inflation back to target, must violently raise rates by 75 basis points*
On Thursday, October 6, the European Central Bank released the minutes of its September monetary policy meeting, showing that policymakers are strongly concerned about high inflation in the euro area and may make inflation expectations off-anchor, even at the cost of stagnant economic growth, but also to 75 basis points aggressive rate hikes. The minutes said that some (some) management committee members support a 50 basis point rate hike, with the rate hike cycle in July when the range consistent, but "very many people" (a very large number) support a more substantial rate hike, and finally all 25 members of the vote agreed to raise rates by 75 basis points.
3, * Credit Suisse (CS.US) self-help: the sale of its hotels to consider the introduction of external investors, spin-off business *. Credit Suisse is studying the sale of its hotel Mandarin Oriental Savoy Zurich and is working with advisers to attract interest from buyers. The hotel, which has been in operation for nearly 200 years, could be worth about 400 million Swiss francs. Credit Suisse spokesman Simone Meier has since confirmed the sale, saying, "As part of its global real estate strategy, Credit Suisse regularly evaluates its property portfolio. As part of this process, Credit Suisse has decided to initiate the sale of the Hotel Savoy building. We will carefully evaluate all bids and potential investors and disclose the decision in due course."
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