Daily Debrief: What Happened Today

Stories you might have missed

Singapore’s crypto hub ambitions do not involve trading, speculating in cryptos: Ravi Menon

SINGAPORE wants to be a crypto assets hub, but not one that centres on the trading and speculating of cryptocurrencies, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said on Thursday (Nov 3).

Asian markets tumble again after Fed hikes interest rates to highest since 2008

STOCK markets in the region took a beating on Thursday (Nov 3) after the US Federal Reserve announced its fourth 0.75-point interest rate hike of the year. This took the central bank’s short-term borrowing rate to a target range of 3.75 per cent to 4 per cent, the highest level since 2008.

HDB resale volume down 24.1% in October as median price hits high of S$545,000: SRX, 99.co

RESALE volumes of Housing and Development Board (HDB) flats slid 24.1 per cent month on month to an estimated 1,965 transactions in October 2022, as the median price of an HDB resale flat hit a record high of S$545,000, according to estimates from SRX Property and 99.co. on Thursday (Nov 3).

GIC, ESR establish US$600m joint venture to invest in India’s logistics assets

GIC and ESR Group have extended their existing partnership in India to set up a US$600 million joint venture to acquire income-producing core industrial and logistics assets in the country.

Malaysia raises key policy rate to 2.75% in fourth hike this year

MALAYSIA’s central bank raised its overnight policy rate (OPR) by 25 basis points to 2.75 per cent on Thursday (Nov 3) in its fourth hike this year – a move that was expected by economists – to “pre-emptively manage the risk of excessive demand on price pressures”, said Bank Negara in its statement.

SGX RegCo proposes amendments to CDP margining and clearing fund rules

SINGAPORE Exchange Regulation (SGX RegCo) is consulting the market on proposed changes to the Central Depository’s (CDP) margining framework and the CDP clearing fund.

Corporate Earnings

• DBS Q3 profit rises 32% to record S$2.24b; declares S$0.36 per share dividend
• SingPost sinks into the red with S$9.9m loss in H1 on exceptional charge

The STI today

STI sheds 1.2% on Thursday as US Fed hike spooks markets

SINGAPORE shares tumbled on Thursday (Nov 3) alongside a sea of red across the regional markets, following overnight losses in Wall Street amid some confusion – and disappointment – over the messaging from the US Federal Reserve on the speed and extent of the monetary tightening path.