The Afternoon Update with Lynlee Foo

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.

Earlier this it was announced that Malaysia will lift a ban on exports of renewable energy. Rachel Kelly speaks with  J Y Chew, Head of Asia Renewables & Power Research, Rystad Energy, to find out what this might mean for Singapore when it comes to the energy sector and your power bills.

Q2 gold demand dropped slightly by 2% year-on-year, driven by a marked deceleration in net central bank buying compared to above average purchases in Q2 of 2022. But despite the drop and softer central bank demand, gold was still supported. To find out more about the demand for gold in the 2nd quarter in Singapore and globally, on Money in the Market, Hongbin Jeong speaks to Shaokai Fan, Head of Asia-Pacific (ex-China) & Global Head of Central Banks, World Gold Council.

There are several questions on the minds of investors - whether the outlook for earnings-per-share (EPS) growth reflects a soft landing, whether the EPS predictions have fully reflected in valuations, and how equities might respond to interest rates’ remaining higher for longer. In fact, in response to the current market environment, a stock index that tracks broad global equity-market performance, called the MSCI ACWI, rose 6.3% in the second quarter of 2023. So to find out more about this stock index and to review market performance through the lens of MSCI indexes, on Money in the Market, Hongbin Jeong speaks to Hitendra D. Varsani, Managing Director and Head of Derivatives & Exchanges Solutions Research, MSCI.

Wall Street indexes ended last week in the red, after a mixed jobs report. There was something for every bull and bear in Friday’s data, but markets are still clinging to hopes that the Fed is close to wrapping up its hiking cycle. But despite that the S&P 500 erased gains. So is the rally in the S&P 500 now reversing? To find how Asian markets are faring to start off the week in response to this, on Money in the Market, Hongbin Jeong speaks to Wong Kok Hoong, Head of Equity Sales Trading, Maybank Securities. Highlights: 00:56 - What's moving markets this week? 01:48 - Is Fitch Rating's downgrade on US credit still affecting markets? 03:30 - Do investors largely believe last month's US Fed hike is the last one? 04:50 - Is the S&P 500 set to erase all the gains made earlier this year? 06:00 - Is the US stock market in a bubble?

Singapore’s soaring housing prices have been bucking a global slump but the upward trend in prices seems like it’s easing now.  Recent data have shown Singapore home prices falling for the first time in three years in the second quarter, and the sky high rents have finally shown its first signs of cooling. On Money in the Market, Hongbin Jeong speaks to Audrey Siek, Show Host and Producer, Ohmyhome to find out more about what's happening in the property market.

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 recent decline in Singtel shares; earnings results from the trio of banks and how their shares are faring in response; Singapore's PMI results; and the recent downgrade of the US credit rating from Fitch and its effects. 

The US dollar fell against a basket of its peers after the Federal Reserve raised interest rates by a quarter of a percentage point last week, citing still-elevated inflation as a rationale for what is now the highest US central bank policy rate in 16 years. So how is the greenback faring this week? Is the US dollar set for more volatility?  To find out more about the US dollar and other currencies on the back of last week’s slew of interest rate decision, on Money in the Market, Hongbin Jeong speaks to Simon Harvey, Head of FX Analysis at MonFX.

Trip.com has recently launched an AI chatbot called TripGenie, and it helps users plan their trip including booking the cheapest flights and hotels. To find out more on how exactly you can use this AI chatbot, on What's Trending, Hongbin Jeong speaks to Amy Wei, Senior Product Director at Trip.com and Product Owner of TripGenie.