While You Were Sleeping: 5 stories you might have missed, July 28, 2025
US President Donald Trump meets with European Commission President Ursula von der Leyen, in Turnberry, Scotland, Britain, on July 27.
US and EU clinch deal with broad 15% tariffs on EU goods to avert trade war
The United States struck a framework trade deal with the European Union on Sunday, imposing a 15 per cent US import tariff on most EU goods, but averting a spiralling battle between two allies which account for almost a third of global trade.
The announcement came after European Commission President Ursula von der Leyen travelled for talks with US President Donald Trump at his golf course in western Scotland to push a hard-fought deal over the line.
'I think this is the biggest deal ever made,' Trump told reporters after an hour-long meeting with von der Leyen, who said the 15 per cent tariff applied 'across the board'.
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WHO says malnutrition reaching 'alarming levels' in Gaza
NYT
Malnutrition rates are reaching 'alarming levels' in the Gaza Strip, the World Health Organization warned Sunday, saying the 'deliberate blocking' of aid was entirely preventable and had cost many lives.
'Malnutrition is on a dangerous trajectory in the Gaza Strip, marked by a spike in deaths in July,' the WHO said in a statement.
Of the 74 recorded malnutrition-related deaths in 2025, 63 had occurred in July – including 24 children under five, one child aged over five, and 38 adults, it added.
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Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide
Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts
Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole
Asia Singapore-only car washes will get business licences revoked, says Johor govt
World Food airdropped into Gaza as Israel opens aid routes
Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close
Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE
Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021
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Several killed in train crash in Germany, media say
AFP
At least three people were injured when a regional train carrying about 100 passengers derailed in southwestern Germany on Sunday, police said.
German media reported that several people had been killed.
'The accident occurred at around 6:10 pm (1710 GMT) near the town of Riedlingen in Baden-Wuerttemberg state,' a police spokesperson told AFP.
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Wildfire in Sardinia forces dozens to flee beach by boat
via REUTERS
Dozens of beachgoers in Sardinia were forced to flee by boat on July 27 when a huge wildfire broke out nearby, blocking other escape routes, firefighters on the Italian island said.
Black smoke could be seen rising from the beach in Villasimius in the south of the island.
Strong winds were hindering rescue efforts, firefighters said in a statement, adding that several cars had been burned.
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Peerless Pogacar claims fourth Tour title, Van Aert wins brutal final stage
REUTERS
Tadej Pogacar claimed his fourth Tour de France title on July 27, cementing his status as the most dominant rider of his generation and moving alongside Britain's Chris Froome on the all-time winners' list.
The 26-year-old Slovenian, who triumphed in 2020, 2021 and 2024, delivered a near-flawless performance, even coming close to prevailing on a spectacular final stage on the Champs Elysees after an epic duel with Belgian Wout van Aert.
'Just speechless to win a fourth Tour de France. Six years in a row on the podium and this one feels especially amazing, and I'm super proud that I can wear this yellow jersey,' Pogacar, who was second in 2022 and 2023, said.
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Business Times
11 minutes ago
- Business Times
Rating firms say US tariffs alone will not trigger EU sovereign downgrades
[LONDON] The sharp increase in US trade tariffs on the European Union will not trigger immediate sovereign rating cuts, but could compound existing pressures, Fitch and other agencies said on Tuesday (Jul 29), while Moody's warned of the effect on exporting firms. One of Fitch's top sovereign analysts, Ed Parker, said the US' baseline tariff of 15 per cent on imports from the EU was in line with assumptions the rating agency has had since March and therefore did not materially shift its economic forecasts. Nevertheless, the 15 per cent rate is a huge increase relative to the 1.2 per cent rate of last year, he said. 'We don't expect the increase in the tariff rate to directly drive EU rating changes on its own, but it could compound existing credit pressures,' Parker told Reuters. Smaller European-based agency Scope Ratings and Morningstar DBRS echoed the view, with Scope's head of sovereign ratings, Alvise Lennkh-Yunus, saying the tariffs arrived 'against a backdrop of accumulating economic shocks'. At a sector level, Moody's warned that 'the credit effects will be significant' for companies that export a lot to the US, depend on complex global supply chains and have limited pricing power in their markets. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up That includes carmakers like Stellantis and Volkswagen, whose ratings Moody's recently downgraded. Large diversified European manufacturing companies like Siemens and ABB generate about 25 per cent of their revenue in the US. But they tend to follow local-for-local strategies, sourcing at least 80 per cent of their procurement within the US and should be able to pass at least some of the tariff increases on to customers. Uncertainty still remains about key goods such as semiconductors and pharmaceuticals. The pharmaceutical sector amounts to 25 per cent of all EU exports to the US, analysts estimate. The exemption of aircraft components meanwhile eases expected tariff-related pressures for Airbus and MTU Aero Engines, 'which reinforces our already positive outlook for the global aerospace and defence sector,' Moody's said. It also said the 15 per cent rate had been broadly in line with expectations it laid out when it cut its eurozone economic growth forecast for the year to below 1 per cent in May. It did not give an EU-wide sovereign view, although it said Ireland, which it rates at Aa3 and has a 'positive' outlook on, was most exposed with total value-added exports to the US accounting for around 8 per cent of its GDP back in 2020. REUTERS
Business Times
11 minutes ago
- Business Times
Are investors overlooking the upside risk in markets?
[SINGAPORE] Equity markets seem to have taken recent tariff headlines in their stride. So far, investors appear to be treating tariffs as a one-off impact, with little evidence that it will evolve into a broader trade war. Remarkably, the 'Trump trade' – higher equities, a softer US dollar and lower yields – seems to be holding. Perhaps it's time to pause before it fades. Investors used to say: 'Don't fight the Federal Reserve.' In today's environment, it might be more apt to say: 'Don't fight President Donald Trump.' This is not to suggest that risks have disappeared – far from it. Recession fears, geopolitical tensions, and higher-for-longer interest rates still dominate the narrative. As investors, we are conditioned to focus on what could go wrong. Prospect theory explains why: We feel the pain of losses much more acutely than the satisfaction of gains. However, markets often work in the opposite way. They climb walls of worry and recover faster – and further – than most expect. After a strong start to 2025, with the Nasdaq-100 index up 9 per cent in the year to date and the S&P 500 not far behind, the debate now turns to whether this rally has legs. What's often overlooked is the potential for upside surprises – factors that could keep markets advancing despite widespread caution. 1. Earnings and growth momentum could surprise: Corporate earnings are the ultimate driver of equity markets. Two weeks into the second-quarter earnings season, early results have been encouraging. A large majority of companies are beating expectations by a healthy margin, well above historical averages. This suggests that analysts may have been too cautious in their forecasts, thus leaving room for the positive earnings momentum to continue. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Although the S&P 500 index earnings growth was estimated to slow to around 5.8 per cent year on year in Q2 at the start of the earnings season (based on LSEG IBES Estimates), this deceleration was well-telegraphed and is likely already in the price. From here, the consensus anticipates a notable acceleration in earnings, with third-quarter earnings growth estimated at 8.4 per cent. Combined with modest US economic growth forecasts that set a low bar for upside surprises, this creates precisely the kind of set-up that markets tend to reward. 2. Liquidity and positioning leave room for risk-taking: Global liquidity continues to expand. Rising money supply is helping to offset the drag from trade tensions and geopolitical shocks, providing a supportive backdrop for risk assets. Investor positioning also points to caution rather than exuberance. Many institutional investors remain underweight on equities, which suggests that there is room for re-risking if confidence improves. Hedge funds, in particular, have scope to re-leverage, with exposures far from extreme. This 'dry powder' could become an additional catalyst should momentum build. 3. Momentum is self-reinforcing: Momentum remains a powerful and often underappreciated force in markets. As momentum builds, it can attract further inflows from investors wary of missing out, creating a self-reinforcing cycle. This behavioural dynamic can extend rallies beyond what fundamentals alone might suggest. Portfolio implications for investors For investors, the key takeaway is to recognise that risks are not only on the downside. There is scope for upside risks as well, such as stronger earnings, improving market breadth, and modest investor positioning. Given this, we would adopt the following strategies: * Staying invested in the growth theme: This remains critical, as missing even a handful of strong days in the market can significantly reduce long-term returns. * Diversifying thoughtfully: While US equities have driven the recent performance, a weak US dollar environment could create opportunities in ex-US equities, particularly Asia ex-Japan, where we are overweight in our global equities allocation. * Balancing discipline with flexibility: Avoid chasing returns indiscriminately, but ensure one's portfolio isn't overly defensive in an environment where the returns on the path of least resistance may be still higher. * Reassessing allocations: For those underweight equities, incremental re-risking may be worth considering, particularly as macroeconomic and earnings momentum improve. The bottom line Markets are designed to recover. Investors, however, are conditioned to doubt them. This persistent scepticism – whether about valuations, leadership concentration, or macroeconomic headwinds – is precisely what allows rallies to extend. While risks to the downside remain, the case for potential upside is also strong and should not be overlooked. The critical question is whether investors are focusing too much on what could go wrong and missing what is quietly going right. The writer is head of asset allocation at Standard Chartered Bank's wealth solutions chief investment office
Business Times
11 minutes ago
- Business Times
Vietnam stocks slide after record high as short-term risks emerge
[HO CHI MINH CITY] Vietnam's benchmark stock index on Tuesday (Jul 29) saw its sharpest drop in nearly four months with trading volume reaching an all-time high, one day after hitting a record high on the 25th anniversary of the local stock market. The Vietnam Ho Chi Minh Stock Index (VN-Index) closed at 1,493.41, down 4.11 per cent, marking its largest single-day drop since the historic 6.68 per cent plunge on Apr 3, which followed US President Donald Trump's announcement of his so-called 'Liberation Day' tariffs that imposed a 46 per cent levy on Vietnamese goods. Stocks of lenders such as SHB, MBBank dropped by more than 6.5 per cent, while real estate companies including Dat Xanh and Novaland, and brokers such as VNDirect and Vietcap closed at their floor prices, significantly dragging down the index. 'I believe the correction will continue over the next few trading sessions, given the growing presence of short-term risks,' said Nguyen The Minh, head of research and development at Yuanta Securities Vietnam, adding that the VN-Index could fall to as low as 1,380 level in the near term. Minh specifically highlighted the VN-Index's price-to-earnings ratio, which has reached its 10-year average of 15 – a level that may prompt investors to reassess valuations in light of actual second-quarter earnings results. 'Pricing is quite high across the board although forward-looking, it is still not extremely demanding but certainly not... attractive anymore,' noted Tyler Nguyen, chief market strategist at Ho Chi Minh City Securities. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Nguyen added that short-term profit-taking by large funds and high-net-worth individuals, the weakening of the Vietnamese dong amid higher-for-longer US interest rate environment, a margin lending cut by a major retail broker and proposed capital gains taxes on real estate and securities trading also contributed to the market's decline. Analysts said that over the medium to long term, Vietnam remains well-positioned, supported by trade advantages, solid economic fundamentals backed by pro-growth policies, and a potential emerging-market upgrade by index provider FTSE this September. Vietnam's equities have seen an upward momentum since early July, when a new trade agreement with the US was announced that imposes a softer 20 per cent tariff on imports from Vietnam. The Vietnamese index has rallied by 17.9 per cent this year and rebounded by more than 36 per cent from the low on Apr 9, well ahead of Asean peers. The selling spree in the past four trading days by foreign investors have also not reversed the inflows recorded so far this month, which stood at 8.6 trillion dong (S$422 million) as at Jul 28. However, cumulative net buying remains negative, with 32.6 trillion dong withdrawn from local stocks in the year to date, following a net sale of 92.5 trillion dong last year. As external tariff challenges ease and a potential market upgrade approaches, combined with narrowing USD-VND interest rate differentials, Yuanta's Minh believes foreign capital may keep returning to Vietnam's market in the medium term. On Jul 9, JPMorgan Chase upgraded Vietnam to 'overweight' within Asean, expecting that equity flows to reverse into the South-east Asian country's equities amid better-than-expected US tariffs outcome and strong economic backdrop. Despite external challenges, Vietnam's economic expansion accelerated to nearly 8 per cent year on year in the second quarter of 2025, with a major contribution from robust public spending and investment disbursement. The government is aiming for 8.3 to 8.5 per cent gross domestic product growth for the full year, from 7.1 per cent in 2024, creating a foundation for double-digit rates in the 2026-2030 period. Speaking at an event to mark the bourse's anniversary, Don Lam, co-founding partner and chief executive of VinaCapital Investment Management, said Vietnam's stock market should focus on several key objectives over the next five years. These include securing an upgrade to emerging status, enhancing financial literacy, encouraging the participation of institutional investors and modernising trading infrastructure. 'Promoting domestic institutional investors is a key factor for sustainable market development as they play a crucial role in the creation and roll-out of new financial products such as pension funds,' he added, noting that retail investors currently account for 85 per cent of the bourse's daily trading volumes.
