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Macro News

The Federal Reserve raised interest rates by 75 basis points as expected by the market, and the Hong Kong stock market has recently seen the dawn of a rebound.

The Fed's hawkish line does not change, except that the magnitude of the rate hike will consider the impact and the big picture. U.S. federal funds rate futures show that the market is currently predicting that the Fed will raise interest rates in December by at least 75 basis points with a probability of 21%, and in February next year at least 50 basis points with a probability of 58%, and the Fed will reach a terminal rate of 5.08% in May next year.

Talking about the Fed's two main targets, Powell pointed out that inflation is still well above the Fed's 2% target, not only is the data stronger than expected, inflation expectations also remain solid; and the labor market is extremely tight with very high job openings. "Reducing inflation may require determination and patience. While long-term inflation expectations have fallen back, the rise in short-term inflation expectations is very worrisome and could make inflation entrenched."

🌈*The following are key corporate developments in Singapore:*

1. $SINGAPORE POST LIMITED(S08.SI)$released its first-half results before the market opened on Thursday, showing a loss of $9.9 million for the first half to the end of September, or 0.68 cents per share. The board declared a dividend of 0.18 cents per share with a payout date of Nov. 30. The Group's first half revenue increased by 31.1% year-on-year to $958.9 million, the highest half-year revenue ever recorded.

2. $CapitaLandInves(9CI.SI)$ announced the establishment of two RMB onshore funds, China Business Park Core RMB Fund I (CBPCF I) and CBPCF II, to invest in business park opportunities in China in a pre-market opening announcement. CBPCF I is worth RMB 380 million (approximately S$76 million) and has four new domestic investors, while CBPCF II is worth RMB 3.6 billion and has six new domestic investors. CapitaLand holds a 10% and 20% stake in the fund, respectively.

3. $Nanofilm(MZH.SI)$ reported its first nine months of business after the market closed on Wednesday, noting that the group's revenue in the first nine months was resilient, up 10 percent year-on-year, even though macroeconomic headwinds, supply chain disruptions and slowing capital investment by customers created a challenging operating environment. Growth in advanced materials and nanofabrication offset negative growth in the industrial equipment business.

Despite the challenging short-term operating environment, the Group is taking various measures to optimize revenue and operating costs to cushion the impact.