SeaPRwire

Expect some volatility amid earnings season

elean
4 minutes

SINGAPORE - After a volatile week, all three major Wall Street indices surged to record high closes last Friday. Ironically, their gains were underpinned by signs that the United States jobs market was still weak. First-time weekly jobless claims for the week ended July 3 rose to 373,000, higher than market estimates of 350,000. This came on the heels of a report a week earlier suggesting that US unemployment edged up to 5.9 per cent last month, above the estimated 5.6 per cent. This translates into the US Federal Reserve sticking to its quantitative easing bias and eliminating the risk of a "taper tantrum" any time soon. Meanwhile, the closely watched 10-year US Treasury yield remains below 1.4 per cent. What all this means is this: Easy money will continue to slosh around, providing ample liquidity for stocks. After a 260-point drop last Thursday, the Dow surged 448.23 points on Friday to end the week 0.2 per cent higher at 34,870.16 points. The S&P 500 logged its sixth straight week of gains, closing at a record 4,369.55 points to notch a 0.4 per cent weekly gain. The Nasdaq closed at a new high of 14,701.92, or a 0.4 per cent gain, despite President Joe Biden signing a Bill blo...

ACN Newswire
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Government Blockchain Association Announces Government Blockchain Week in Washington DC September 27 – October 2

indie
2 minutes

Washington, D.C., Jul 8, 2021 - (ACN Newswire via SEAPRWire.com) - September 27-October 2, 2021, the Government Blockchain Association, (GBA), will present Government Blockchain Week, live, in Washington DC. This global experience will be the largest government blockchain event in history. Government Blockchain Week will be 6 days of classes, seminars, forums, a pitch competition, the Annual Achievement Awards ceremony, and an Art Show with NFTs and Voting opportunities. The nights will be captivating with 3 Evening Receptions, each presenting a unique and dramatic opportunity to make connections, make a deal, or showcase your blockchain products. Held in government buildings, embassies, and iconic venues throughout the city, the day events will cover topics such as Banking and Cryptocurrency; Cybersecurity; International Trade; Economic Growth; and New Paradigms. On Thursday and Friday of the week, all attendees will gather at the Congressional Auditorium of the U.S. Capitol for GBA's flagship event, "The Future of Money, Governance, & The Law". Leaders from around the globe will converge on Washington DC to discuss how blockchain technology will impact money, governance, and ...

SeaPRwire

US jobs gain signals return to normalcy, but variant fears linger

elean
4 minutes

SINGAPORE - After gyrating between fears over the increasing worldwide Covid-19 outbreaks and euphoria over signs of a sequential economic recovery, the market surged towards the end of last week, buoyed by a strong US jobs report. All three major Wall Street indexes ended the week higher, bolstered by the higher-than-expected 850,000 non-farm payroll increase last month - significantly more than the 559,000 chalked up in May. The big board's Dow Jones index gained 1 per cent to 34,768.35 points, while the broader S&P 500 hit a new record as it rose 1.7 per cent for the week to 4,352.34 points. The tech-heavy Nasdaq posted a weekly gain of 1.9 per cent to close at a new high of 14,639.33 points. In Singapore, the Straits Times Index (STI) went through a 60-point swing between last Tuesday's low and Thursday's high before ending with a modest 0.2 per cent gain at 3,128.95 points as banks and blue chips seemed to lose some steam. Fears of a United States Federal Reserve taper seemed to ease somewhat as the 10-year yield remained muted at below 1.5 per cent. At a June 16 meeting, the Federal Reserve had indicated that interest rate hikes would likely kick in by 2023, but assured the m...

SeaPRwire

S&P 500 ends at record to conclude winning week for US stocks

elean
2 minutes

NEW YORK (AFP) - The S&P 500 finished at a fresh record on Friday (June 25), concluding a strong bounceback week for Wall Street on easing worries about monetary policy uncertainty. The broad-based index ended at 4,280.70, up 0.3 per cent and a second straight record. The index added 2.7 per cent for the week. The benchmark Dow Jones Industrial Average jumped 0.7 per cent to 34,435.16, while the tech-rich Nasdaq Composite Index slipped 0.1 per cent to 14,360.39, snapping a streak of three straight records. The Dow suffered its worst week since October last week due in part to a shift in messaging from the Federal Reserve. But equities recovered this week, as investors greeted statements from Fed Chair Jerome Powell and other top central bankers that signalled no plans for an abrupt pivot in their easy money policies. This week's parade of Fed speakers showed "most" are sanguine about inflation, "but some are getting nervous," said Chris Low of FHN Financial. "At the moment, there's no way to know for certain which group is closer to the truth," Low said. On Friday, investors shrugged off Commerce Department data that showed the personal consumption expenditures (PCE) price index sp...

ACN Newswire
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Government Blockchain Week is Coming to Washington DC

indie
2 minutes

Washington, DC, Jun 17, 2021 - (ACN Newswire via SEAPRWire.com) - September 27- October 2, Washington DC. The Government Blockchain Association (GBA) will host a week-long live event, Government Blockchain Week.Blockchain leaders, government policymakers, and more will converge on Washington DC for GBA's Government Blockchain Week. This week-long, live event will feature 6 days of blockchain conferences with flair. Blockchain is gaining momentum in multiple fields, inspiring topics such as cybersecurity & cryptocurrency, International Trade & Aid, NFTs, Legal & Law Enforcement, and more. On Thursday and Friday, the entire conference will converge on the Congressional Auditorium of the US Capitol. This two-day conference is GBA's flagship event, 'The Future of Money, Governance, & The Law'.- Network with government leaders and blockchain innovators from around the world. - One of the founding fathers of blockchain technology, Scott Stornetta, - Australian Trade & Investment Commission- Blockchain Architect from the London Stock Exchange- Head of Tax Risk Analysis from the Croatian Ministry of Finance, - Our speaker line up is a global powerhouse...Plus many more....

SeaPRwire

Markets on roller coaster amid fear, hope, greed

elean
5 minutes

SINGAPORE - The markets were on a roller coaster last week as the forces of fear, hope and greed collided. Fear of inflationary forces put downward pressure on stocks, while hope of more long-term upside was fanned by signs of a sequential economic recovery. Meanwhile, greed kept stocks grinding higher despite mixed signals from various data releases. A positive close on Friday (June 11) saw the New York mainboard's Dow Jones index cutting its loss to 276.79 points, or 0.8 per cent, for the week to end last Friday at 34,479.60 points. However, the broader S&P 500 index ended flattish with a 17.55 point, or 0.4 per cent, gain for the week at 4,247.44 points. The tech-heavy Nasdaq, which has been volatile in recent weeks, gained 254.93 points, or 1.8 per cent, for the week to end last Friday's session at 14,069.42 points, supported by the big techs and semiconductor stocks. Singapore's Straits Times Index (STI) ended at 3,157.97 points, up 5.93 points, or 0.2 per cent, for the week. With about a 40-point range between its high (3,188.00) and low (3,145.79) since the end of last month, this is a comparatively calm start to the month. The banks, which account for 40 per cent of the ind...

SeaPRwire
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Pangea Ocean Cleanup Announces World Ocean Week Campaign, the Crypto Community Can Save Our Oceans

pandora
5 minutes

Singapore / SEAPRWire / June 09, 2021 / - PANGEA is an ecological organization, and movement which was founded in 2019 by three nature-loving travelers: Marcos, William, and Juan. Now they have announced a World Oceans Week Campaign to support their newly launched crypto token Pangea Ocean Cleanup ($POC) which will raise funds to place thousands of effective trash barriers in the most polluting rivers of the world. World Oceans Week is an initiative to raise awareness about our impact on the ocean, find solutions, and inspire us to take action. Many Crypto community projects have launched in recent times, showing the benefit of embracing new technologies and innovative strategies for positive causes. Now they are joined by Pangea Ocean Cleanup ($POC), a community-driven crypto project focused on the ocean that allows everyone to be part of the solution for the pollution. Unlike other Community cryptocurrency projects, Pangea Ocean Cleanup's team has already been actively making an impact for several years. They launched one of the most funded cleaning projects in history on both Kickstarter and IndieGoGo, collectively raising $450k, which helped them conduct 40 cleanups across Mexi...

SeaPRwire

Wall Street ends volatile week sharply higher

elean
3 minutes

NEW YORK (REUTERS) - Wall Street closed higher in a broad rally on Friday (May 14), an upbeat conclusion to whipsaw week of buying and selling as signs of a rebounding economy squared off against mounting inflation jitters. All three major US indexes extended Thursday's gains, which saw S&P 500 notch its biggest one-day percentage bump in over a month. "Today 'everything is going up day' because everyone is buying," said Chuck Carlson, senior vice president at Wealthspire Advisors, in New York. "It's a 'buy everything' day." Still, the indexes suffered their biggest weekly declines since late February. "This week, given the big swings, is more evident of a trader's environment than a long-term investor's environment," Carlson added. "It's a market looking for its next sustained impulse to the upside." Those big swings were stoked by economic data, which fanned concerns that near-term price spikes could translate into long-term inflation, despite assurances to the contrary from the US Federal Reserve. "Inflation continues to be the biggest concern," Carlson added. "And when interest rates didn't go to new highs the bulls take over and investors are willing to step in and buy some of...

SeaPRwire

The ills of overworking at home

elean
5 minutes

(NYTIMES) - Overwork and burnout aren't just issues at investment banks. For many, the pandemic has essentially erased the boundaries between work and home: White-collar workers feel stretched to their breaking point. And when offices reopen in earnest, few expect overwork to vanish or burnout to be relegated to the past. Research suggests all of this excess work isn't good for anyone, employers included. So why are so many companies still encouraging it? And when companies do claim they are trying to reduce long hours, why do these efforts so often fail to make a difference? The diminishing returns of overwork "There is now a mountain of careful research showing that people who experience long hours of work have serious health consequences," said Dr John Pencavel, professor emeritus of economics at Stanford. A review of more than 200 studies over two decades on the relationship between long work hours and health found a correlation between extended work weeks and a higher incidence of heart problems and high blood pressure. People who worked longer hours (which in most studies meant 50 to 60 hours a week - practically part-time by some industry standards) were more likely to suffe...

SeaPRwire

Expect more volatility – and also opportunity

elean
4 minutes

SINGAPORE - If there is one thing that is a constant for equity markets, it is turbulence and volatility. And that proved true last week as key stock indexes bounced between record highs and month lows as sentiment swung between greed and fear. Reports that the Biden administration was proposing a capital gains tax to fund its expensive fiscal and reconstruction agenda sent Wall Street stocks plunging on Thursday to their lowest levels in weeks, only to quickly bounce back the next day. The Dow Jones index rose 227.59 points to close the week at 34,043.49, while the broader S&P index gained 45.19 points to 4,180.17. The tech-heavy Nasdaq rose 198.39 points to 14,016.81. The Straits Times Index posted a slight 6.26 point gain to 3,194.04. But for the week, the Singapore benchmark was down 7.72 points as sentiment was dampened somewhat by concerns over a resurgence of Covid-19 community cases here. Record daily highs in new global Covid-19 cases are sending jitters through markets. But every challenge also presents opportunities. Singapore's most traded pure-play medical suppliers and distributors ended the week on a high note. Stocks like Top Glove, Medtecs International, Riverstone...

SeaPRwire

US stocks end volatile week on positive note

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks rose on Friday (April 23) to finish a volatile week on a positive note following strong new home sales data. New home sales surged 20.7 per cent in March, pushing the annualised sales rate to a 15-year high and more than recovering from cooling caused by winter storms in February. The strong data helped the market shrug off weakness seen elsewhere much of the week, especially on Thursday when stocks fell sharply following reports the Biden administration is preparing a capital gains tax hike. The Dow Jones Industrial Average finished up 0.7 per cent at 34,043.49. The broad-based S&P 500 advanced 1.1 per cent to 4,180.17, while the tech-rich Nasdaq Composite Index jumped 1.4 per cent to 14,016.81. Stocks still finished the week modestly in the red, but Friday's gains cut into the losses. Analysts have pointed to concerns over lofty equity valuations and rising coronavirus cases in India, Japan and other countries. Among individual companies, Dow member Intel slumped 5.3 per cent despite reporting better-than-expected results. Analysts pointed to disappointment over the chipmaker's forecast. American Express fell 1.9 per cent despite better-than-ex...

SeaPRwire

Strong earnings poised to lift shares higher

elean
4 minutes

SINGAPORE - As if low interest rates and massive liquidity injections were not enough, equity markets look set to be further fuelled by blowout corporate first-quarter results. On Wall Street, key market indexes powered to new highs in the past week as the first set of results from the likes of JP Morgan, Bank of America, Wells Fargo, Citi and Goldman Sachs came forth. Technology stocks, which had faced some headwinds in recent months, seemed revitalised as the 10-year Treasury yield fell below 1.6 per cent during the week. The Dow Jones ended the week with a gain of 400.07 points to close at 34,200.67, while the tech-heavy Nasdaq closed at 14,052.34 for a weekly addition of 152.16 points. Meanwhile, the broader S&P Index ended the week with a 56.67-point weekly gain at 4,185.47. The S&P has risen by more than 11 per cent since the beginning of this year, indicating strong appetite for equities. Besides strong earnings, especially from banks, market sentiment was also lifted by data showing a 9.8 per cent surge in United States consumer spending last month and unemployment claims dipping to their lowest level since March last year. US factory output rose last month, shaking off its...

SeaPRwire

Dow, S&P 500 again end at records as Wall Street rally continues

elean
2 minutes

NEW YORK (AFP) - Wall Street saw no reason to stop rallying as the US economy pulls out of its downturn, lifting the Dow and S&P 500 to their second consecutive record on Friday (April 16). At the close of US trading, the benchmark Dow Jones Industrial Average had gained 0.5 per cent to end at 34,201.13. The broad-based S&P 500 rose 0.4 per cent to hit 4,185.53. The tech-rich Nasdaq Composite Index saw slightly less ebullient trading, gaining 0.1 per cent to close at 14,052.34, about 125 points below its all-time high. Both the S&P 500 and Dow also posted their fourth consecutive weekly gains, ending a week that saw the government release data indicating weekly jobless claims hit their lowest point of the pandemic, and retail sales boomed in March thanks in part to government stimulus. Chris Low of FHN Financial said that data, combined with easy monetary policy from the Federal Reserve that its leadership indicated it wasn't looking to end, put traders in an optimistic mood. "We had tremendous data all week this week," he said. "In addition to strong data, we get reassurances from Fed officials all week, including the chair, that they're very comfortable with the economic and infl...

SeaPRwire

Dow, S&P 500 end at records, extending rally

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks concluded a strong week with fresh records on Friday (April 9), extending a bullish run for US equities propelled by optimistic growth expectations as more people are vaccinated. The Dow Jones Industrial Average jumped 0.9 per cent to end the week at 33,800.60, a new all-time high. The blue-chip index climbed about 2 per cent for the week. The broad-based S&P 500 gained 0.8 per cent to 4,128.80 to close at a third straight record, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 13,900.19. Stocks have been on a roll most of 2021, cheered by US President Joe Biden's US$1.9 trillion (S$2.5 trillion) stimulus package enacted last month and an accelerating vaccination campaign in the world's largest economy. At the same time, the Federal Reserve has remained committed to highly accommodative monetary policies, a stance reiterated in recent days by chairman Jerome Powell. "The market is convinced that the Fed is not going to change course for a very long time," said Joe Manimbo, analyst at Western Union Holdings. "The Fed is being more confident on the outlook, but they don't want to change." Art Hogan, chief market strategist at Na...

ACN Newswire
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Join Asia’s top Cloud and Cybersecurity Experts as they discuss Industry 4.0 developments at Digital Week, 20-22 April 2021

indie
3 minutes

Singapore, Apr 6, 2021 - (ACN Newswire via SEAPRWire.com) - Digital Week: Northeast Asia is bringing together 2,500+ Cloud and IT professionals and 50+ renowned international speakers for a three-day event covering the region's most exciting technological developments. From 20-22 April 2021, you can join this virtual conference for live Q-and-A sessions, expert panel discussions, and live product demonstrations. Hear insights from regional tech giants including IBM, Rakuten, Cloud Security Alliance, Coupang, HSBC, AWS, Microsoft, and many more! Each day will highlight a specific market: Korea, Japan, Mainland China, Hong Kong, and Taiwan, offering a chance for local players to share their experiences and predictions for the future of their industries.Whether you're interested in cloud security or the rise of digital banking, Digital Week has something for everyone as we explore the Cloud & IT ecosystem of Northeast Asia.Want to know more? Registration is now open and completely free, so sign up today to begin networking with industry peers, building your personalised conference agenda, and access exclusive pre-show content.Full Agenda and Speaker Lineup here: https://w.media/di...

SeaPRwire

Wall Street rallies on strong recovery hopes

elean
4 minutes

NEW YORK (REUTERS) - The S&P 500 and Dow rose in a broad-based rally on Friday (March 26) with technology, healthcare and financial stocks providing the biggest lift as investors bet on a recovery that is expected to deliver the fastest economic growth since 1984. The S&P 500 and the Dow ended a seesaw week higher as investors rebalancing their portfolios at the quarter's end continued to buy stocks that stand to benefit from a growing economy while they added some beaten-down technology shares. The Nasdaq also ended higher as less popular tech shares advanced, but the composite index posted its second weekly decline in a row. Wall Street surged in the last half hour of trading, lifting all three indexes more than 1%. The Russell 1000 value index, which includes energy, banks and industrial stocks, has gained more than 10% this year, outperforming its counterpart the Russell 1000 growth index , which is just above break-even for the year. Some of the tech heavyweights slid, such as Tesla Inc and Google parent Alphabet Inc, but Microsoft Corp and Facebook Inc bucked the trend, helping lift the S&P 500 and Nasdaq higher. "It is less a move out of technology than a move that evidences...

SeaPRwire

Strategists see upside for equities from broad economic rebound

elean
4 minutes

SINGAPORE - Market turbulence continued through last week with sentiment swinging between euphoria over potential economic recovery and fear over inflation. United States President Joe Biden's US$1.9 trillion (S$2.6 trillion) Covid-19 rescue package fuelled hopes of supercharging the economic recovery, while also stirring up concerns that adding more liquidity to a system already floating on some US$4 trillion of cash could further add to inflationary pressures. Treasury yields, especially that of the 10-year bond, continued to trend upwards, testing the key 1.6 per cent levels. The number of people making initial claims for jobless benefits fell the previous week to its lowest level since the pandemic, but US consumer prices rose by just 0.4 per cent last month, in line with expectations. Despite inflation concerns, most market strategists see an upside for the equity market in the foreseeable future, largely supported by a broad economic recovery. Here is how BlackRock put it last week: "Nominal yields have been climbing since September, but the magnitude has lagged that of the rise in inflation expectations during the period. Inflation-adjusted yields remain deep in negative ter...

SeaPRwire
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Travel corridors for vaccinated passengers could open in 2nd half of 2021: Ong Ye Kung

aseanpr
5 minutes

SINGAPORE - Bilateral travel corridors for vaccinated passengers from places with low to moderate infection rates may well happen in the second half of this year, said Transport Minister Ong Ye Kung on Friday (March 12) as Singapore continues to explore ways to open up its borders and revive air travel. In an interview with Money FM 89.3, Mr Ong said stay-home notices and other quarantine measures will kill travel. Singapore, he added, needs to find ways to get rid of such requirements, a point he also made last week during the debate on his ministry's budget. "Nobody is going to come to Singapore and stay for 14 days," he told radio DJ Elliott Danker. While vaccinations are changing the game, this needs to work in tandem with other measures such as testing, movement restrictions and identifying countries that are "safe" and have successfully controlled the virus, Mr Ong said. For example, Singapore could open up to travellers from places with moderate Covid-19 infection rates but have ongoing vaccination programmes. "(Combine that) with testing, and you can possibly open up a safe travel corridor," he added. On air travel bubbles, Mr Ong said such arrangements require reciprocity,...

SeaPRwire

Oil jumps above US$70 after Saudi Arabian energy facility attacked

elean
2 minutes

SINGAPORE (BLOOMBERG) - Oil surged above US$70 a barrel in early Asian trading on Monday (March 8) after Saudi Arabia said an energy facility was attacked, with prices extending gains after Opec+ last week said it would keep production steady. Futures in London jumped as much as 2.6 per cent after rising 4.9 per cent last week. The kingdom said a storage tank in the Ras Tanura export terminal in the country's Gulf coast was attacked on Sunday by a drone from the sea. Output appeared to be unaffected after the barrage of missiles and drones were intercepted. Oil climbed last week after Saudi Arabia and Opec+ made a surprise pledge to maintain output steady in April, accelerating a rally this year that has seen prices surge more than 35 per cent. The move prompted a raft of investment banks to raise their price forecasts, with Goldman Sachs Group estimating global benchmark Brent will top US$80 a barrel in the third quarter. The attacks are the most serious against the Saudi oil installations since a key processing facility and two oil fields came under fire in September 2019, cutting oil production for several days and exposing the vulnerability of the Saudi petroleum industry. That...

SeaPRwire
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Asia stocks bounce as bond market calms

elean
3 minutes

SYDNEY (REUTERS) - Asian shares firmed on Monday (March 1) as some semblance of calm returned to bond markets after last week's wild ride, while progress in the huge US stimulus package underpinned optimism about the global economy. China's official manufacturing PMI out over the weekend missed forecasts, but investors are counting on better news from a raft of US data due this week including the February payrolls report. Also helping sentiment was news deliveries of the newly approved Johnson & Johnson COVID-19 vaccine should start on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, after shedding 3.7 per cent last Friday. Japan's Nikkei rallied 2.0 per cent, while Nasdaq futures bounced 0.8 per cent and S&P 500 futures 0.7 per cent. Yields on US 10-year notes came off to 1.40 per cent, from last week's peak of 1.61 per cent, though they still ended last week 11 basis points higher and were up 50 basis points on the year so far. "The bond moves on Friday still feel like a pause for air, rather than the catalyst for a move towards calmer waters," said Rodrigo Catril, a senior strategist at NAB. "Market participants remain nervous over the p...