Asia markets retreat, led by China losses
Growing concern over US-Sino ties trigger big sell-off in Chinese markets; at home, Chip Eng Seng among key losers
MARKETS across Asia ended markedly lower on Monday, as the US dollar gained on strong economic data and Chinese markets plunged despite central bank efforts to shore up an economy dragged down by the ongoing trade war.
In a sign of growing concern over US-China relations, foreign investors dumped 9.7 billion yuan (S$2 billion) of A shares in the Chinese markets' first session after a week-long break.
The massive sell-off came even as the People's Bank of China (PBoC) announced over the weekend that it would cut its reserve requirement ratio for selected lenders for the fourth time this year, freeing up about 1.2 trillion yuan (S$241.2 billion) in liquidity.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly
HCA beats first-quarter profit estimates on higher patient admissions
F&B operator YKGI to exclusively operate Chicha San Chen in Macau for next eight years