The Afternoon Update with Lynlee Foo

Global stock markets have been jittery in recent weeks owing to the economic turmoil that is erupting within China.  A Chinese media outlet recently reported that China plans to allow local governments to sell 1.5 trillion yuan ($205.9 billion) of special financing bonds to help 12 regions repay debt. The report added that the People’s Bank of China may even set up a special purpose vehicle with banks to provide low-cost and long-term liquidity to local government financing vehicles. So how are investors coping with the spiralling state of China’s economy? On Money in the Market, Emaad Akhtar speaks to Wong Kok Hoong, Head of Equity Sales Trading, Maybank Securities, to find out more.  Highlights:  02:16 - Will Chinese lenders continue to boost loans to support China's economy recovery? 02:49 - Were China's 1-year and 5-year loan prime rate numbers surprising?  04:56 - Global investors are de-risking their Chinese portfolios. Is this an alarming sign for the health of the world economy? 06:29 - Will equity benchmarks continue to experience negative trends? 08:23 - What can be expected from the Jackson Hole Symposium?

The U.S. economy has surprised analysts and investors alike, posting stellar results despite continuing predictions of a looming recession. It posted two quarters of positive growth in the first half of 2023, and both the labour market and consumer spending are expected to remain strong in the months to come. So should recession fears be put to bed entirely, and will we face a hard, soft, or perhaps even a trampoline landing? Additionally, could we witness another wave of inflation, with commodity prices on the rise? On Money in the Market, Hongbin Jeong speaks to Laurent Lequeu, Head of Portfolio Management & Research, Lumen Capital Investors, to find out more. 

On The Afternoon Update, Hongbin Jeong is joined by Geoff Howie, Market Strategist at the SGX, for a market wrap of the week. They discuss how the STI performed in the past week; the biggest movers on the STI; the outlook for Singapore's economy following a 10th consecutive month of contractions in non-oil domestic exports; China's weak economic data and the PBOC's response; and the minutes from the Federal Reserve's Federal Open Market Committee meeting this week which revealed that most officials still regarded high inflation as an ongoing threat that could require further interest rate hikes.

This week, the Chinese yuan declined to its lowest level in 9 months following the release of grim economic data that added to concerns about weakening growth.  China's major state-owned banks were reportedly seen selling US dollars to snap up yuan in both onshore and offshore spot markets, with the measures aimed primarily at helping the currency recover. The People’s Bank of China also set the fixing for the yuan at 7.2 per dollar on Thursday.  So what is the near-term future outlook for the yuan, and how will a further fall impact other regional currencies? Will Chinese assets become less attractive to overseas investors if this is the case? On Money in the Market, Hongbin Jeong speaks to Peter Chia, Senior FX Strategist, UOB, to find out more. 

Despite a slump in global markets in 2022, Singapore's Straits Times Index remained one of the best performing benchmarks. So what made the STI outperform its competition?  Looking ahead to the remainder of the year, should we expect positive returns from investing in Singapore shares? Are there certain sectors that stand out, or investment trends worth examining? On Money in the Market, Hongbin Jeong speaks to Too Juncheong, Equity Dealer, Moomoo Singapore, to find out more.  Highlights:  01:03 - What made Singapore shares outperform other global stock markets? 02:00 - Are investors seeing better returns from the STI than global stock markets?  02:53 - Is more upside expected for Singapore shares for the rest of the year?  03:44 - Why should investors be investing in Singapore shares? 07:42 - Is investing in Singapore shares a good starting point? 

Bitcoin's price stability in recent times has led some analysts to view it as a strong sign the digital assets market has matured and is becoming less fragmented. So is this period of low volatility for Bitcoin expected to continue? And what has prompted renewed interest in meme coins such as Shiba Inu?  Worldcoin, a new cryptocurrency created by OpenAI CEO Sam Altman, has also been grabbing the headlines. What differentiates Worldcoin from other cryptocurrencies, and is the hype surrounding it justified? On Money in the Market, Hongbin Jeong speaks to Carney Mak, Head Of Investment, FinTech, FXHB Asset Management, to find out more. 

China's CSI 300 index just capped its worst week since March, a reflection of the impact deflation is having on the nation's stock market. The ailing property sector, which makes up about a fifth of China’s GDP, has also been in the headlines with Country Gardens, one of the biggest Chinese developers, facing a liquidity crunch that has bad omens for the economy. What measures, aside from monetary and fiscal stimulus, could the government or central bank deploy to aid the deteriorating economy? And will these measures help global stock markets rally? Earnings season is also in full swing - what can we expect from both Big Tech and other industry earnings results in the coming days? On Money in the Market, Hongbin Jeong speaks to Ishika Mookerjee, Deputy Team Leader for Asia Stocks, Bloomberg News,to find out more. 

A new COVID-19 variant that has been making rounds.  It’s been dubbed Eris, officially designated EG.5. But with our lifestyles now basically back to pre-pandemic.. Should we be concerned? Are we ready for any potential outbreak? On What's Trending, Hongbin Jeong speaks to Dr Leong Hoe Nam, Infectious Disease Expert at the Rophi Clinic, to find out more.

In recent days Chinese stocks in Hong Kong have tumbled as disappointing trade data added to investor concerns about the strength of the economic recovery and as worries about the real estate sector intensified. Plus, President Joe Biden imposed limits on US investments in China as part of a push to restrict the country’s ability to develop next-generation military and surveillance technologies that might threaten US national security. So what does this mean for Chinese markets and the tech sector?  Has the earlier rally that was fueled by Beijing’s vow for more measures to boost the weak economy fizzled out?  On Money in the Market, Hongbin Jeong speaks to Kelvin Tay, Regional Chief Investment Officer,UBS, to find out more. 

On The Afternoon Update, Hongbin Jeong is joined by Geoff Howie, Market Strategist at the SGX, for a market wrap of the week. They discuss how the STI performed in the past week; the biggest movers on the STI; the sectors expected to benefit from Singapore Airlines' decision to step up flights to key markets; the impact increasing delistings may have on the SGX's attractiveness for companies who want to raise capital through IPOs; and the country's latest 2023 GDP growth outlook.