Finance

OPEC meeting in the spotlight, Nikkei falls with the rising yen

By Margaret Yang, CMC Markets Equities – Asian markets consolidated on the first trading day in June, as uncertainties surrounding the FOMC and Brexit started to dampen market optimism. The Chinese and HK markets both closed marginally lower on Wednesday due to mixed PMI data. The official China PMI stands above 50.0 for a third consecutive month, beating market expectations,  …

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Chinese market surges on MSCI hopes, GBP tumbles on Brexit polls

By Margaret Yang, CMC Markets Equities – The Chinese and HK markets surged on Tuesday, led by the securities sector, particularly Citic and Haitong. The Shanghai Composite rallied 3.3%, with higher volume. The most likely reason for this is market speculation on the possible inclusion of the A-shares into the MSCI index, a decision which will be announced this month. …

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Stocks rise on Yellen’s comments, Noble CEO resigned

By Margaret Yang, CMC Markets Equities – Federal Reserve Chairwoman Janet Yellen commented that a rate increase could be appropriate in the coming months if the economy and labour market were to continue to improve. This is generally in line with market expectations as a series of positive US economic data have led a number of Fed governors to take …

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National Wages Council in talks for possible pay rise for low wage workers

Next week, the National Wages Council (NWC) is expected to announce recommended pay hikes for low wage workers. If these recommendations are accepted by the Government, they will come into effect by 1 July this year. The NWC comprises of 18 members, including chairman Peter Seah, six NTUC unionists, six representatives from employer groups, and five public-sector officials. On 25 …

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Oil price challenging $50 resistance, Yellen’s speech to be watched

By Margaret Yang, CMC Markets Equities – Asian equities markets opened positively today. The Singapore market continued trading sideways this week, with volume reducing. However, Yellen’s public comments tonight could give markets good reason to remain cautious. Recently, a series of positive US economic data has led a number of Fed governors to take a more hawkish stance towards a …

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Is “sell in May” over?

By Margaret Yang, CMC Markets Equities – Asian equities rebounded strongly on Wednesday, led by Hong Kong and Japan. The Hang Seng Index soared 537 points or 2.71%, driven by the energy and consumer sectors. Tencent Holdings (700 HK) and HSBC Holdings (5 HK) jumped 2.5% and 3.81% respectively. The Singapore market closed 0.8% higher, with 1Q GDP data in …

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SingPost shares fall as Acra investigates possible breaches of Companies Act

Singapore Post (SingPost) is currently undergoing investigations by accounting watchdog the Accounting and Corporate Regulatory Authority (Acra) for possible breaches of the Companies Act. In response, investors dumped SingPost shares, causing shares to fall as much as 3.5 per cent to S$1.52 in the mid-morning of 19 May. At the end of the day, SingPost shares closed down 1.6 per …

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Scoot and Tigerair to be managed by new SIA holdings company

Singapore Airlines (SIA) has established a new holding company to own and manage budget airlines Scoot and Tiger Airways. It was announced by SIA on 18 May that the company, Budget Aviation Holdings, will encompass the two budget carriers. Budget Aviation Holdings will be led by the previous CEO of Tigerair Mr Lee Lik Hsin, who had been with Tigerair …

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New passenger terminal building at Seletar Airport by end-2018

A new Passenger Terminal Building (PTB) for Seletar Airport is slated to be completed by the end of 2018, said the Civil Aviation Authority of Singapore (CAAS) and Changi Airport Group (CAG) in an announcement on 19 May. The new PTB will be built at the eastern end of the airport. According to a joint press release by the CAAS …

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