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Daily Debrief: What Happened Today
Singapore households and corporates are facing stronger instability risks from the financial markets and the political arena - but are holding up against the central bank's stress tests - said the Monetary Authority of Singapore (MAS) in its financial stability report released on Tuesday.
Singapore's central bank says that markets have not accurately priced in risks to the European Union's (EU) integration efforts following the United Kingdom's vote to pull out from it.
Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5 per cent per annum on their Ordinary Account (OA) and up to 5 per cent per annum on their Special and Medisave Accounts in the first quarter of 2017.
There has been a high demand from foreigners for Singapore's private residential property this year, a JLL study released on Tuesday showed.The number of foreign buyers, excluding Singapore permanent residents, in the first nine months of 2016 rose 11.7 per cent compared to the same period last year, driven by nationals from China, Indonesia, Malaysia and the United States.
Customer satisfaction rose for Singapore's food & beverage (F&B) and tourism sectors in Q3 16, according to the Customer Satisfaction Index of Singapore (CSISG).
A challenging environment has eaten into the quality of assets at Singapore's banks and corporate profitability. Those in the manufacturing, commerce, and transport, storage and communications (TSC) sectors were particularly singled out by the central bank as of concern.
Crowdfunding platform FundedHere has launched a S$2 million junk-bond offer from Catalist-listed waste management company Metech International to accredited investors, and expects the offer to be fully taken up within the next week, a spokeswoman for FundedHere said on Tuesday.
Singapore-listed Malaysian developer Astaka Holdings said on Tuesday its subsidiary has signed an agreement with Johor Baru's city council, Majlis Bandaraya Johor Bahru (MBJB), to develop and sell to MBJB a 15-storey Grade A office tower for RM308 million (S$98.5 million).
The STI Today
The Straits Times Index drifted for most of Tuesday's session, tracking movements in the Dow futures and Hong Kong before ending at 2,879.14 for a gain of 4.49 points on the day.