US Stocks  JPMorgan Chase JPMorgan Chase reported a drop in second-quarter profits on Thursday (Jul 14), reflecting the impact of a weakening macroeconomic outlook that led it to set aside funds in case of bad loans. The big US bank’s earnings came in at US$8.6 billion for the quarter, down 28 per cent from the year-ago period in results that missed analyst expectations. Chief executive Jamie Dimon said key elements in the US economy remained healthy, but that macroeconomic headwinds including inflation “are very likely to have negative consequences on the global economy sometime down the road”. The bank temporarily suspended share buybacks with Dimon saying that the pause was needed to quickly meet higher capital requirements and “allow us maximum flexibility to best serve

Singapore stocks extended losses into Thursday (July 14) on yet another off-cycle monetary tightening move this year, with the city state having recorded slower-than-expected economic growth. The Straits Times Index (STI) tumbled 1.2 per cent or 38.06 points to 3,090.63 at the closing bell. Losers beat gainers 297 to 180 in the broader market, with 987.7 million securities worth S$935.4 million changing hands. In an unscheduled tightening move, the Monetary Authority of Singapore (MAS) upped its full-year inflation forecast for 2022, on the back of expectation that overall inflationary pressures “will remain elevated in the months ahead”. Regional indices delivered a mixed response to the grim US inflation report late Wednesday, in which consumer prices surged to a 40-year high of 9.1 per

Bank of America (BA)Bank of America (BofA) said customer spending continues to show signs of resilience despite surging inflation, with pent-up demand for travel and leisure countering rising petrol prices and other increased costs. Spending on credit and debit cards was up 11 per cent from a year earlier in June, compared with a 13 per cent increase in April and 9 per cent gain in May, the bank said on Thursday (Jul 7). The higher spending comes amid rising prices and fears that the US is poised to slide into recession. Financial giants have been reporting signs of consumer strength even amid soaring inflation, which accelerated to a new 40-year high in May, and rising interest rates. The largest US banks saw spending on credit cards surge in the first 3 months of the year as customers be

US briefPfizer on Thursday (Jul 28) reported a 78 per cent jump in profit and reaffirmed the combined 2022 sales forecast of US$54 billion for its Covid-19 vaccine and pill, as countries rushed to sign contracts to prepare for a surge of cases in the fall season. Shares rose 1.8 per cent in premarket trading as overall net income rose to US$9.91 billion despite a stronger US dollar, thanks to strong demand for the vaccine as well as its antiviral treatment Paxlovid. Demand for the pill, which was used by President Joe Biden during his bout of Covid-19 infection, has picked up recently in the United States and other countries due to fresh outbreaks. The US dollar rebounded across the board on Thursday (Jul 28) as investors digested the implications of the Federal Reserve's (Fed) latest

In line with its focus on sustainability investing in the last few years, state investment company Temasek has launched a separate investment company dedicated to decarbonisation solutions, and committed an initial amount of S$5 billion as its startup capital. Called GenZero, the new investment platform will deploy this capital across 3 investment focus areas: technology-based solutions that seek to help organisations decarbonise, nature-based solutions that aim to protect and restore the Earth’s ecology, and solutions that support the development of a carbon ecosystem. Speaking at its launch on Monday (Jun 6), GenZero’s chief executive officer designate Frederick Teo said that the investment platform will adopt a flexible investment approach and look at viable solutions from early-stage c

ISDN Holdings reported a net profit of S$11.1 million for the first half of the year ending Jun 30, 2022, down 9.1 per cent from the S$12.2 million earnings in the year-ago period. Revenue for H1 was down 12.2 per cent to S$190.7 million, from S$217.2 million a year ago. Cost of sales was down 14.1 per cent from S$159 million to S$136.6 million. The engineering company’s management attributed the decrease in revenue to business disruptions due to stringent Covid-19 lockdowns in China, particularly in April and May this year. However, this was partially offset by “strong financial performance” in the group’s other geographical markets, including Singapore, it said in an interim report filed with the Singapore bourse on Thursday (Sep 29). The group said its order book has stabilised after Ap

US Stocks Global oil prices dropped on Thursday to their lowest levels since before Russia’s February invasion of Ukraine, as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand. Benchmark Brent crude futures settled down US$2.66, or 2.75 per cent, at US$94.12, the lowest close since Feb 18. West Texas Intermediate (WTI) crude futures settled down US$2.34, or 2.12 per cent, at US$88.54, the lowest close since Feb 2. The fall in oil prices could come as a relief to large consumer nations including the United States and countries in Europe, which have been urging producers to ramp up output to offset tight supplies and combat raging inflation. Oil had surged to well over US$120 a barrel earlier in the year. A sudden rebound in d

United States House of Representatives Speaker Nancy Pelosi’s possible trip to Taiwan stoked geopolitical tensions and stirred regional markets on Tuesday (Aug 2), but Singapore’s was one of those few - though barely - that shrugged off the concerns. Should Pelosi make the trip - a move that mainland China has threatened with repercussions and is expected to carry out military response in Taiwan vicinity - she would be the highest-ranking US official to set foot on the self-ruled island in 25 years. This caused bourses in the region, especially those in North Asia, to feel the heat. Key markets in North Asia dipped by as much as 2.36 per cent. In contrast, Singapore’s Straits Times Index (STI) , the 30-stock benchmark, was 0.4 points or 0.01 per cent higher at 3239.15 points. While it notc

Market Summary  Singapore shares resumed their decline after breaking a five-day slide last Friday, as did most key regional peers on Monday (Oct 3), following Wall Street’s downward trend. The Straits Times Index (STI) fell 0.7 per cent or 23.15 points to 3,107.09, with 24 of the 30 counters that make up the benchmark down. But the stable of Jardine counters closed with gains. Jardine Matheson Holdings was up 3.9 per cent at US$52.60, Hongkong Land rose 1.6 per cent to US$4.49, and DFI Retail Group ended 0.4 per cent higher at US$2.32, while Jardine Cycle & Carriage climbed 1.6 per cent to S $34.32. Wilmar International topped the loser chart of STI stocks and hit a 52-week low at S$3.71, as the agribusiness company slid 3.4 per cent or S$0.13. PropNex International shares were d

Selective US Stocks Analysis  The US dollar rose on Thursday (Nov 17) as investors digested mixed US economic data, while the British pound fell as the UK government unveiled its latest budget update. The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve (Fed) officials have suggested that the central bank can soon slow the pace of its punishing interest rate hikes. Yet the US dollar climbed on Thursday after US retail sales data for October, released on Wednesday, came in stronger than expected. The euro was down 0.63 per cent against the US dollar at US$1.033 at 1340 GMT, after hitting its highest level since July at US$1.048 on Tuesday. The US dollar index, which measures the currency against six major peers, rose 0.66 per cent to 106.98. The