Treasuries Slip Before 30-Year Bond Sale, Weekly Jobs Numbers
US 10-year yields were one basis point higher at 4.34%, trimming a decline of seven basis points on Wednesday that was driven by strong demand for an offering of notes. Longer maturities rose slightly as the Treasury prepared to sell $22 billion of 30-year debt.
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Yahoo
8 minutes ago
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Singapore tackles tariffs with bold economic strategy review; Pritam reflects on WP's GE2025 near misses: Singapore live news
Singapore has launched a forward-looking Economic Strategy Review (ESR) to navigate rising global uncertainties, including US-imposed tariffs and technological disruption. Spearheaded by Deputy Prime Minister Gan Kim Yong, the ESR will be driven by five new committees focused on global competitiveness, technology and innovation, entrepreneurship, human capital and economic restructuring. Each committee is co-chaired by political leaders and includes stakeholders from the private sector and unions. The review aims to build on existing strategies while embracing new approaches, especially in areas like AI and workforce transformation. Singapore's baseline tariff with the US now stands at 10 per cent, with further levies expected. The committees will engage widely and publish a final report by mid-2026. The ESR signals Singapore's commitment to staying agile, competitive and resilient. Workers' Party (WP) leader Pritam Singh opened up about the 2025 General Election (GE2025) in a candid radio interview, revealing that the party had hoped to win one or two new constituencies. Despite retaining its strongholds, WP fell short in areas like Punggol and Tampines. Pritam blamed boundary changes for forcing a strategic pivot, including the decision not to contest Marine Parade GRC. That move led to a walkover win for the PAP and criticism from other opposition parties. Pritam praised WP's candidates for their courage and commitment, especially the 14 newcomers. He emphasised the importance of long-term planning over short-term gains. Pritam says WP may not have tipped new seats this time, but the fight for broader representation continues. More on Pritam's GE2025 candid interview here. Read more in our live blog below, including the latest local and international news and updates. Government launches Economic Strategy Review to tackle global shifts Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Pritam Singh shares WP's GE2025 lessons learned Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here. Government launches Economic Strategy Review to tackle global shifts Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Singapore has kicked off a major Economic Strategy Review (ESR) to safeguard its future amid rising US tariffs, geopolitical tensions and rapid technological change. Led by Deputy Prime Minister Gan Kim Yong, the review will culminate in a comprehensive report by mid-2026. Five new committees will focus on global competitiveness, technology and innovation, entrepreneurship, human capital, and economic restructuring. Each is co-chaired by political office holders and includes private sector and union representatives. The Global Competitiveness committee aims to reinforce Singapore's status as a trusted investment hub. The Technology and Innovation group will explore AI adoption and digital transformation. Meanwhile, the Entrepreneurship committee will strengthen the startup ecosystem, and the Human Capital team will equip workers for career mobility and resilience. The final committee will address the social and economic fallout of restructuring. Pritam Singh shares WP's GE2025 lessons learned Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here. Workers' Party (WP) chief Pritam Singh hoped to 'tip one or two more constituencies' in Singapore's May 2025 General Election (GE2025). Despite strong efforts, the party retained its seats in Aljunied GRC, Sengkang GRC and Hougang, but couldn't break into new ground like Punggol and Tampines. Pritam cited boundary changes as a major factor, saying the Electoral Boundaries Review Committee's adjustments forced WP to pivot its strategy. The party had previously contested Marine Parade GRC but chose not to this time, drawing criticism from other opposition groups. Pritam praised WP's 26 candidates, including 14 newcomers, for their grit and character. He emphasised the uphill battle smaller parties face due to limited resources. For Pritam and WP, the fight continues. 'We came close, not close enough. But that just tells you there's still work to do,' he said. Read on Pritam's GE2025 reflections here.
Yahoo
8 minutes ago
- Yahoo
Shares in Asia rally, dollar lower against yen on Fed rate cut bets
By Rocky Swift TOKYO (Reuters) -Shares in Asia rose for a second consecutive session and the U.S. dollar held most of its losses on Tuesday as investors increased bets the Federal Reserve will act to prop up the world's largest economy. U.S. shares rallied on Monday on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday. Oil remained lower after output increases by OPEC+ and threats by U.S. President Donald Trump to raise tariffs on India over its Russian petroleum purchases. Japan's Nikkei rallied, with data showing a jump in the nation's service sector activity in July. "There are signs of weakness in parts of the U.S. economy, that plays to the view that maybe not in September, but certainly this year that the Fed's still on course to ease potentially twice," said Rodrigo Catril, senior currency strategist at National Australia Bank. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6% in early trade. The Nikkei climbed 0.5% after falling by the most in two months on Monday. The dollar dropped 0.1% to 146.96 yen. The euro was unchanged at $1.1572, while the dollar index, which tracks the greenback against a basket of major peers, edged up 0.1% after a two-day slide. Odds for a September rate cut now stand at about 94%, according to CME Fedwatch, from a 63% chance seen on July 28. Market participants see at least two quarter-point cuts by the end of this year. The disappointing nonfarm payrolls data on Friday added to the case for a cut by the Fed, and took on another layer of drama with Trump's decision to fire the head of labor statistics responsible for the figures. News that Trump would get to fill a governorship position at the Fed early also added to worries about politicisation of interest rate policy. Trump again threatened to raise tariffs on goods from India from the 25% level announced last month, over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests. Second-quarter U.S. earnings season is winding down, but investors are still looking forward to reports this week from companies including Walt Disney and Caterpillar. Tech heavyweights Nvidia, Alphabet and Meta surged overnight, and Palantir Technologies raised its revenue forecast for the second time this year on expectations of sustained demand for its artificial intelligence services. "Company earnings announcements continue to spur market moves," Moomoo Australia market strategist Michael McCarthy said in a note. In Japan, the S&P Global final services purchasing managers' index climbed to 53.6 in July from 51.7 in June, marking the strongest expansion since February. Oil prices were little changed after three days of declines on mounting oversupply concerns, with the potential for more Russian supply disruptions providing support. Brent crude futures were flat at $68.76 per barrel, while U.S. crude futures dipped 0.02% to $66.28 a barrel. Spot gold was slightly higher at $3,381.4 per ounce. [GOL/] The pan-region Euro Stoxx 50 futures were up 0.2%, while German DAX futures were up 0.3% and FTSE futures rose 0.4%. U.S. stock futures, the S&P 500 e-minis, were up 0.2%. Bitcoin was little changed at $114,866.06 after a two-day rally.
Yahoo
8 minutes ago
- Yahoo
Dollar weakens as rate cut odds rise, tariff uncertainties linger
By Ankur Banerjee and Gregor Stuart Hunter SINGAPORE (Reuters) -The U.S. dollar wavered on Tuesday as the rising odds of Federal Reserve rate cuts weighed on sentiment, while investors assessed the broader economic impact of U.S. tariffs unleashed last week. The dollar remained under pressure following Friday's U.S. jobs report that showed cracks in the labour market, prompting traders to swiftly price in rate cuts next month. U.S. President Donald Trump's firing of a top statistics official and the resignation of Federal Reserve Governor Adriana Kugler also exacerbated market unease, leading to a sharp dive in the dollar on Friday. The U.S. currency found its footing on Monday but was weaker in early trading on Tuesday. The euro last bought $1.1579 while sterling stood at $1.3298. The dollar index, which measures the U.S. currency against six other units, was at 98.688 after touching a one-week low earlier in the session. Traders are now pricing in a 94.4% chance of the Fed cutting rates in its next meeting in September, compared to 63% a week earlier, CME FedWatch tool showed. Goldman Sachs expects the Fed to deliver three consecutive 25 basis point cuts starting in September, with a 50 basis point move possible if the unemployment rate climbs further in the next report. San Francisco Federal Reserve Bank President Mary Daly said on Monday that given mounting evidence that the U.S. jobs market is softening and no signs of persistent tariff-driven inflation, the time is nearing for rate cuts. "I was willing to wait another cycle, but I can't wait forever," Daly said. Meanwhile, the focus remains on tariff uncertainties after the latest duties imposed on scores of countries last week by Trump, stoked worries about the health of the global economy. The Japanese yen firmed slightly to 146.95 per dollar after minutes of its June policy meeting showed a few Bank of Japan board members said the central bank would consider resuming interest rate increases if trade frictions de-escalate. The Swiss franc was steady at 0.8081 per dollar after dropping 0.5% in the previous session as Switzerland geared up to make a "more attractive offer" in trade talks with Washington to avert a 39% U.S. import tariff on Swiss goods that threatens to hammer its export-driven economy. The long-term impact of the tariffs though remains uncertain, with traders bracing for volatility. "This is going to be like the pandemic, we all expect to see the transitory impact on supply chains to happen very quickly," said Rodrigo Catril, currency strategist at National Australia Bank in Sydney. "It'll probably take six months to a year to see exactly where we land and who's going to be winners and losers from all this." In other currencies, the Australian dollar was 0.11% higher at $0.64736, while the New Zealand dollar rose 0.11% to $0.5914. "We're still of a view that the big dollar is heading down," Catril said, referring to the U.S. dollar. "While global growth means pro-growth currencies like Asian currencies and the AUD should struggle, we've other structural dynamics in the USD, where policies are dollar-negative."
