Singapore banks' earnings buffers able to absorb oil hits: Fitch
Singapore
SINGAPORE banks have healthy earnings buffers to absorb any credit hits from the low oil prices, said Fitch Ratings in a report this week.
This comes as US crude prices plunged to about US$46 a barrel this week after data showed stockpiles of oil in the US surged by 3.3 million barrels in the week ended June 2. The figures from the Energy Information Administration were in stark contrast to analysts' expectations of a 3.5 million-barrel decline, and reflected the largest surge in US crude and products supplies since 2008.
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
Cordlife directors offer differing views on future oversight if board is rejigged
Tesla lays off more staff in software, service teams, Electrek reports
Robinhood Crypto gets Wells notice from US SEC
Morgan Stanley strategists see inflation as key for path of US stocks
US: Wall Street opens higher as rate-cut hopes linger
Tyson raises outlook as lower costs boost chicken segment