With a wonky Fed beacon, Singapore banks face foggy times ahead
WITH the surprise rate cut by the US Federal Reserve overnight, some analysts are likely tearing up their earnings and dividend estimates for the Singapore banks for 2020.
As it is, Singapore banks had in February warned of a revenue impact of just 1-2 per cent from the novel coronavirus outbreak, though with a caveat that it should break by the middle of this year.
Still, shares of banks here are down year to date. Interestingly, some 60 per cent of share buybacks recorded in February this year - at S$68 million, at least doubling from both a month ago, and a year ago - came from the S$43 million worth of share buybacks by DBS, Singapore Exchange (SGX) data showed.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
Stablecoin issuer Tether invests US$200 million in brain-computer interface company
Yahoo to lay off staff in Singapore as it shifts to content curation
US: Wall St opens higher on megacap strength, Fed verdict awaited
IReit Global occupancy rate grows to 91.5% in Q1
Yen surges against US dollar on suspected intervention