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Boeing surges on a mixed day for US stocks

elean 4 12 月

2 minutes

NEW YORK (AFP) - Boeing shares jumped on Thursday (Dec 3) as it announced its first major order of the 737 Max after a lengthy grounding, while US stocks ended little changed following mixed economic data. Equities were in the green most of the day, but stocks weakened near the end of the session following a report that examined challenges in coronavirus vaccine supply chains. The Dow Jones Industrial Average gained 0.3 per cent to 29,969.52. The broad-based S&P 500 dipped 0.1 per cent to 3,666.72, while the tech-rich Nasdaq Composite Index advanced 0.2 per cent to 12,377.18, its second record high in three session. Progress on coronavirus vaccines has propelled indices to records over the last week, but the market retreated following a Wall Street Journal report saying deliveries of the Pfizer/BionNTech vaccine this year would be half the level previously thought, but that the companies expect to produce more than one billion doses next year. Markets also digested data showing slower growth in the US services sector in November and better-than-expected new unemployment claims ahead of Friday's closely-watched Labour Department jobs report. Investors have also monitored ongoing sti...

Dow wraps best month since 1987 on Covid-19 vaccine hopes

elean 1 12 月

2 minutes

NEW YORK (AFP) - The Dow concluded its best month in more than three decades on Monday (Nov 30), with gains propelled by expectations for a 2021 recovery based on coronavirus vaccine progress. The blue-chip index suffered a 0.9 per cent drop in the session to finish at 29,638.64, but that's nearly a 12 per cent gain for all of November, making it the best month since January 1987. The broad-based S&P 500 dropped 0.5 per cent to 3,621.63, while the tech-rich Nasdaq Composite Index slipped 0.1 per cent to 12,198.74. The November gains followed a bruising October amid worries over rising coronavirus cases and fears of a contested US presidential election. But stocks have gained ground since the Nov 3 US presidential election as investors now expect an uneventful transfer of power at the White House, even though President Donald Trump has not conceded the race to former vice-president Joe Biden. Mr Trump has filed dozens of lawsuits but Mr Biden's victory has been confirmed after key states certified the results. Besides easing fears over political uncertainty, markets have rallied in the wake of a series of upbeat announcements on coronavirus vaccines, including one on Monday from Mod...

S&P 500 ends down after rallying to best November ever

elean 1 12 月

3 minutes

NEW YORK (REUTERS) - The S&P 500 index ended lower on Monday (Nov 30) as investors took profits following a sharp rally in recent weeks that led to the benchmark's best November ever. Nine out of 11 of the major S&P 500 sectors fell, with the energy index tumbling 5.4% and leading losses, tracking a drop in crude prices. The S&P 500 technology index rose 0.7%, thanks in part to a 2.1% rise in Apple Inc shares. IHS Markit jumped 7.4% after data giant S&P Global agreed to buy the financial information provider in a US$44 billion deal that would be the biggest corporate acquisition of 2020. Month-end rebalancing of portfolios played into Monday's weakness, analysts said, as investors cashed in on gains after a strong month marked by updates of Covid-19 vaccines making headway and hopes of a swift economic rebound next year. A rotation into energy, industrials and financials, all expected by many investors to outperform as the economy recovers from its downturn, drove gains of almost 11% for the S&P 500 in November and helped the Dow Jones Industrial Average make its biggest monthly gain since 1987. "I would attribute (Monday's drop) to compounding concerns over the coronavirus, combin...

S’pore factory output down 0.9% in Oct

elean 27 11 月

4 minutes

Singapore's manufacturing output dropped for the first time in three months in October, with only the biomedical and precision engineering clusters seeing growth. Factory output fell 0.9 per cent year on year, after a revised 25.6 per cent jump in September and a 16.4 per cent rise in August, according to data released yesterday by the Economic Development Board (EDB). Economists had expected a 6.2 per cent increase, according to the median in a Reuters poll. However, most analysts said the unexpected turn was unlikely to change the trajectory of the economic recovery. They said that even the relatively slow start to the fourth quarter will eventually give way to stronger output next year, backed by rising global demand. On a seasonally adjusted month-on-month basis, last month's output shrank 19 per cent - after four consecutive months of sequential improvement, and was the worst since February when it dropped by 22 per cent. Transport engineering led the output decline with a 31.8 per cent year-on-year plunge. EDB said in a statement yesterday that levels of activity in aerospace firms and shipyards remained low as new orders were adversely impacted by travel restrictions and a w...

US stocks sag as New York shuts schools on Covid-19 rise

elean 19 11 月

3 minutes

NEW YORK (AFP) - Wall Street stocks fell for a second straight session on Wednesday (Nov 18), tumbling after New York City ordered public schools closed with anxiety over the coronavirus deepening. Equities were choppy throughout the day, but took a distinct downward path once New York Mayor Bill de Blasio announced the school closures after the city hit its target of a seven-day average coronavirus positivity rate of 3 per cent. The move came as US coronavirus cases tick higher, with Johns Hopkins University reporting nearly 162,000 new cases in the last day. The Dow Jones Industrial Average finished down 1.2 per cent at 29,438.42. The broad-based S&P 500 also shed 1.2 per cent to 3,567.79, while the tech-rich Nasdaq Composite Index lost 0.8 per cent at 11,801.60. "This is a tug of war between vaccine excitement and nervous trepidation" about the virus, said Art Hogan, chief market strategist at National Securities. Still, Hogan noted that stocks are still at a high level, with both the Dow and S&P 500 ending at records on Monday. Among individual shares, Pfizer rose 0.8 per cent as said it planned to apply for emergency use authorisation of a coronavirus vaccine "within days" fol...

US stocks retreat from records amid Covid-19 gloom

elean 18 11 月

2 minutes

NEW YORK (AFP) - US equities had another bumpy ride on Tuesday (Nov 17), pulling back from new records to close lower as the spike in coronavirus infections undermined tentative optimism about the economic recovery. The bellwether Dow Jones Industrial Average fell 0.6 per cent to end at 29,783.35, after finishing at an all-time high on Monday. The S&P 500, which also closed at a record Monday, lost 0.5 per cent to 3,609.53, while the tech-rich Nasdaq Composite Index dipped 0.2 per cent to 11,899.34. Wall Street has lurched up and down in recent weeks, with changing economic fortunes. The recent rally has been propelled by optimism over news of two successful coronavirus vaccines. But sentiment has been blunted by worries over skyrocketing Covid-19 cases that are leading to new restrictions and undermining hopes economic activity can return to normal soon. Federal Reserve Chair Jerome Powell highlighted the need for caution, noting "significant challenges and uncertainties" about the timing, production, distribution and efficacy of the vaccines. "With the virus now spreading at a fast rate, the next few months may be very challenging," Powell said in a discussion. "So it's probably ...

Singapore non-oil exports post surprise 3.1% drop in October

elean 17 11 月

2 minutes

SINGAPORE - Singapore's non-oil domestic exports (Nodx) shrank unexpectedly in October, snapping four straight months of growth, due to fewer shipments of non-monetary gold and electronics such as integrated circuits. Nodx fell 3.1 per cent, after expanding a revised 5.8 per cent in September, according to data from Enterprise Singapore (ESG) on Tuesday (Nov 17). Shipments also missed the 5.1 per cent growth forecast by analysts in a Bloomberg poll. Month on month and seasonally adjusted, Nodx in October fell 5.3 per cent, less than the previous month's drop of 11.4 per cent. Electronics shipments dipped 0.4 per cent, after rising 21.4 per cent the previous month. Integrated circuits, other computer peripherals and PC parts fell by 12.8 per cent, 6.9 per cent and 1 per cent respectively, contributing the most to the decline in electronic Nodx. Shipments of non-electronics also had a poorer performance, shrinking 3.9 per cent in October after a 1.7 per cent expansion the previous month. Exports of non-monetary gold plunged 61 per cent, while petrochemicals and miscellaneous manufactured articles fell 15.3 per cent and 37.3 per cent respectively, contributing the most to the decline ...

Q: My employer owes me several months’ worth of salary and says he cannot afford to pay me yet because business is really bad due to Covid-19. What should I do?

elean 15 11 月

1 minute

A: Under the Employment Act, your employer must pay your salary within seven days after the end of a salary period, which cannot be longer than one month. For overtime work, salary must be paid within 14 days after the end of a salary period. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

Wall Street ends volatile week with gains, S&P at record

elean 14 11 月

2 minutes

NEW YORK (AFP) - After an unpredictable week, Wall Street finished Friday (Nov 13) on a high note, shrugging off concerns over the surge in Covid-19 cases and new pandemic restrictions that threaten to slow the US economy. The benchmark Dow Jones Industrial Average rose 1.4 per cent to close at 29,479.81. The broad-based S&P 500 also added 1.4 per cent to 3,585.15, a new record, while the tech-rich Nasdaq Composite Index climbed 1 per cent to 11,829.29. "Festering concerns regarding the implications of the persistent surge in new Covid-19 cases also had a hand in the bumpiness this week," Charles Schwab investment bank said, adding that "The earnings front continued to paint a positive picture." Dow-member Walt Disney gained 1.7 per cent after reporting its recently launched streaming television service Disney+ had hit 73 million subscribers, despite the company losing US$710 million (S$950 million) in the latest quarter. And fellow Dow member Cisco Systems jumped 7 per cent after topping earnings forecasts. Stocks that would benefit from a resumption of normal trade and travel patterns once a coronavirus vaccine becomes widespread also resumed their upward climb. Cruise line Carni...

US stocks extend post-election rally, Dow up 2%

elean 6 11 月

2 minutes

NEW YORK (AFP) - Wall Street stocks rose for a fourth straight session on Thursday (Nov 5) on continued positive momentum after the US election despite no closure yet to the presidential contest. The Dow Jones Industrial Average rose 2 per cent to 28,390.18, up around 540 points. The broad-based S&P 500 also gained 2 per cent to 3,510.45, while the tech-rich Nasdaq Composite Index jumped 2.6 per cent to 11,890.93. Analysts have said the rally reflects enthusiasm at the apparent outcome of the election, which may leave Washington politically divided and pose a barrier to sweeping policy changes that could upset investors, such as tax increases. Briefing.com pointed to the continued gains as evidence of a "fear of missing out" in the wake of a seemingly sky-bound market. The gains also come after major US indices last week suffered their worst week since March. There were no major developments in the US presidential contest, with five states still undeclared amid the counting of mail-in and absentee votes. Following a two-day meeting, the Federal Reserve restated its pledge to use all its tools to help the US economy recover from the coronavirus pandemic, but did not announce any new...

US stocks end solidly higher in post-election surge

elean 5 11 月

3 minutes

NEW YORK (AFP) – Wall Street stocks jumped on Wednesday (Nov 4) as markets absorbed the latest developments in the still-unresolved US presidential contest and apparently shrugged off the risk of legal challenges by President Donald Trump. The Dow Jones Industrial Average climbed 1.3 per cent to finish at 27,847.66, rising for a third straight session. The broad-based S&P 500 gained 2.2 per cent to 3,443.44, while the tech-rich Nasdaq Composite Index advanced 3.9 per cent to close at 11,590.78. Analysts attributed the rally to the demise of a “blue wave” election outcome that would have seen a complete Democratic sweep of Washington, including a takeover of the Senate and a White House win by Joe Biden. Biden is still well positioned to win the presidency, carrying leads in key states, but the Senate looks poised to remain in Republican hands. That outcome will “moderate” policies from Washington, lessening the chances of major tax increases or overhauls to health care and other realms, said Shawn Cruz, senior market strategist at TD Ameritrade. The market had “a little bit of a collective sigh of relief,” Cruz said. Investors for now have shrugged off worries about a protracted le...

Girl hurt in Woodlands crash wakes up after 11 days in coma

aseanpr 4 11 月

2 minutes

SINGAPORE (THE NEW PAPER) - An eight-year-old girl who was flung out of a van in a road accident in Woodlands last month woke up on Tuesday (Nov 3) after 11 days in a coma. Her father, Mr Eric Tan, 45, told The New Paper on Tuesday night that Lovelynn regained consciousness at about 4pm. "She cannot speak or respond yet. She just woke up and can only move the left side of her body," he said in Mandarin. Earlier in the day at about 7.30am, Mr Tan had posted an update on social media on his daughter's condition. He said the swelling in her brain had gone down and the blood clots were gradually dissolving. But the mobility on the right side of her body would be affected, and she is estimated to need a longer time to recover. "She will be required to stay in ICU (intensive care unit) for further observation," he wrote. Lovelynn is warded at KK Women's and Children's Hospital, where Mr Tan and his wife have been keeping vigil. She was one of four people injured in the accident involving a van driven by her uncle and a red Audi car on Woodlands Avenue 12 just after 8pm on Oct 23. More on this topic Related Story Father overwhelmed by support from public for 8-year-old in coma after Woodl...

Jack Ma’s personal wealth drops US$3 billion after Ant Group IPO freeze

elean 4 11 月

2 minutes

HONG KONG (BLOOMBERG) - Jack Ma was poised to become Asia's richest person with Ant Group's public offering. Instead his net worth has tumbled almost US$3 billion (S$4.1 billion) and both retail and institutional investors who were betting on a big first-day pop are in limbo. Alibaba Group Holding's US-traded shares slid 8.1 per cent in New York trading on Tuesday (Nov 3) after Ant said its listings in both Shanghai and Hong Kong have been suspended. Ma, a 56-year-old former English teacher who co-founded Alibaba with US$60,000 and turned it into China's largest e-commerce company, would have leaped up the wealth rankings with Ant's planned US$37 billion share sale. The IPO was the most anticipated in years, attracting at least US$3 trillion in orders for its dual listing. The stampede for shares had fueled predictions of a big first-day jump and sparked a frenzy among individual investors in China clamouring for a piece. The sale would also have boosted the fortunes of a group of early investors and employees, with more than a dozen other people slated to become billionaires. Ma owns 4.2 per cent of Alibaba, which owns about a third of the fintech company that was expected to begi...

Big Tech earnings disappoint market where nothing’s good enough

elean 30 10 月

4 minutes

NEW YORK (BLOOMBERG) - Solid quarterly earnings from America's biggest tech firms weren't enough to keep investors from selling late on Thursday (Oct 29), the latest sign sentiment is turning against ultra-expensive digital megacaps. Futures on the S&P 500 tumbled 1 per cent and Nasdaq 100 contracts lost more than that as of 6:07pm in New York. Stocks had rebounded from the worst selloff in four months during the cash session ahead of the slate of megacap results on better-than-expected US economic data. The slide follows a red-hot run this year that saw the tech giants help haul US equities to new highs amid a rampant pandemic and severe economic downturn. "As we've seen in reactions from some of the earnings from these large companies even beats are not strong enough to satisfy this market, which I think speaks to how fully valued a lot of these stocks are," said Evan Brown, head of multi-asset strategy at UBS Asset Management. The quartet of reports comes after a wild two days for megacap tech. The Nasdaq 100 plunged 3.5 per cent for the bigest rout in four months on Wednesday before rebounding almost 2 per cent in Thursday's cash session. While the companies continue to deliver...

S&P 500, Dow slip on worries about earnings, US stimulus outlook

elean 28 10 月

3 minutes

NEW YORK (REUTERS) - Stocks on Wall Street closed little changed on Tuesday (Oct 27), with the Dow and S&P 500 slipping on disappointing earnings and little hope for a US coronavirus stimulus before Election Day, though the Nasdaq rose ahead of big technology company results. Investor sentiment sagged after the White House said a deal on Covid-19 relief could come in "weeks," meaning a deal is unlikely before the Nov 3 election. But the tech-heavy Nasdaq rose as Microsoft Corp firmed in the run-up to its results after the closing bell, and the technology heavyweights kept the S&P 500 slightly in the black for much of the session. Microsoft beat Wall Street estimates for quarterly revenue which rose 12% to $37.2 billion, as the software giant benefited more from a global shift to work and learning from home. Shares of drugmaker Eli Lilly and Co fell 6.9% after quarterly profits took a hit from increased costs to develop a Covid-19 treatment. A trial of its antibody therapy failed to show a benefit in hospitalised patients. "This pullback that we've seen is a little bit more of a risk-off move as an additional stimulus package now has been pushed aside," Kevin Flanagan, head of fixed...

Bitcoin surges past US$13,000 after PayPal embrace

elean 22 10 月

3 minutes

NEW YORK (BLOOMBERG) - Bitcoin surged past US$13,000 (S$17,620) for the first time since July 2019 after PayPal Holdings announced it will allow customers to use cryptocurrencies. The largest digital coin increased US$950, or 8 per cent during tradition trading hours in New York. It climbed another 2 per cent to US$13,119 in early Asian trading. Gains among so-called alt coins were even bigger on Wednesday, with Litecoin jumping more than 13 per cent and Bitcoin Cash surging more than 9 per cent. PayPal customers can buy, sell and hold cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin from digital wallets, as well as use the virtual money to shop at the 26 million merchants on its network. Shares of PayPal jumped 5.5 per cent to US$213.07, the biggest increase since May. Mike Novogratz, who runs Galaxy Investment Partners, on Twitter called it "the biggest news of the year in crypto," adding that banks will embark on a race to service digital currencies. "We have crossed the Rubicon," he said. The news sparked an exuberant response from crypto fans who pointed to a string of recent announcements that suggest wider acceptance by old-school financial mainstays. Two...

Singapore non-oil exports grow at slower 5.9% pace in September

elean 16 10 月

3 minutes

SINGAPORE - Singapore's non-oil domestic exports (Nodx) grew at a slower pace in September, mainly driven by electronic goods from a low base last year, according to data from Enterprise Singapore (ESG) on Friday (Oct 16). September's 5.9 per cent year-on-year rise in shipments was lower than the 7.7 per cent expansion recorded in August. It also missed the 11.5 per cent rise forecast by economists in a Bloomberg poll. Nodx has now risen in seven out of the nine months of this year, compared with only one month of gain last year. The Government in August raised Singapore's 2020 trade forecasts, predicting Nodx to grow by 3 per cent to 5 per cent year on year, compared with an earlier forecast for a 1 per cent to 4 per cent fall. Electronic Nodx grew 21.4 per cent in September after a 5.7 per cent increase the previous month. Integrated circuits, disk media products and parts of PCs grew by 30.1 per cent, 15.2 per cent and 22.7 per cent, contributing the most to the growth in electronic shipments. Meanwhile, non-electronic Nodx rose by 1.8 per cent in September, following the 8.3 per cent growth the previous month. Non-monetary gold (+53.4 per cent), specialised machinery (+34.2 per...

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