Recap last week:
U.S. Interest Rate last Friday : The Fed cut rates by 25 basis points in Nov FOMC meeting, as expected, in a unanimous decision. Jerome Powell said he won’t step down as chair if President-elect Donald Trump asks him to leave, and that demotion or removal of any board leaders isn’t permitted under the law. Powell also said he isn’t ruling “out or in” a further reduction in December.
Goldman Sachs Changes 2025 Fed Call, Sees Slower Pace of Cuts
(Bloomberg) -- Goldman Sachs Group Inc. economists expect the Federal Reserve to cut interest rates by a quarter-point in June and September of 2025, versus a previous projection of cuts coming in May and June. The central bank “might want to move more cautiously,” they wrote in a Nov. 7 note after the central bank’s decision to cut rates by a quarter-point. By Carter Johnson
11/08/2024 21:27:07 [BFW]
Trump 2.0 : "The second presidency of Donald Trump is expected to begin on January 20, 2025..."
Remark:
From now till 20 Jan 2025, the markets anticipate a new master plan from Donald Trump on changing the current policies since he is soon making his way back to white house for 2nd time. In fact, speculation around Trump's cabinet has been keeping the fund managers on their toes. The next FOMC which happens to be the last meeting in 2024 will fall on 17-18 Dec. More uncertainties will be expected from now on.
But one thing for sure, stock market will probably go higher, taking precedent of his first term presidency.
Beside Tesla, Bitcoin, Tech Stock, even Trump Media also investors target to bet on. And most talk about issues now like, lower corporate tax (leading higher profit)... will reciprocally lead to higher national deficit, restricted immigration laws (that leads to higher wages and inflations) and heavy tariffs on China.
China and HK : Under pressure
After a week-long meeting, China's National People's Congress concluded on last Friday with a press conference, announcing debt plan as parts of the fiscal stimulus package as followed:
China unveils $1.8 trillion plan to fix local govt debt; more action likely in case of trade war
What you need to know about China's $1.4 trillion debt package
China is preparing for trade war that likely bigger than before. Meanwhile, UBS cuts China 2025 GDP growth forecast. China’s 2025 GDP growth forecast cut by UBS on Trump threat, others wait and see
Singapore's Earning Seasons : Top spots
Disappointment
SIA’s 1HFY2024/2025 earnings down 48.5% y-o-y to $742 mil, maintains interim dividend of 10 cents per share
Genting Singapore reports 3QFY2024 NPAT of $79.4 mil, 63% lower y-o-y SATS swings back to black in H1 FY25 with $134.7m profit; Sats unlikely to resume dividend payout ratio of 70-80%, but quantum will rise in tandem with profit Venture Corp.’s net profit falls 4.7% QoQ in Q3 2024; Analysts bearish on Venture Corp in the near term, Citi downgrades to ‘neutral’
Surprises
Seatrium says it has net order book of $24.4 bil in 3QFY2024 business update
DBS shares jump 6.9% on 3QFY2024 earnings beat, $3 bil share buyback news UOB signs MOU with Shanghai Gold Exchange
Keppel to buy AI-ready data centre project in Tokyo Sembcorp to sell unit for US$307 million in cross-border deal
SGX achieves record 1.58 million in derivatives daily volume in October
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