Latest news with #JeffNg
Business Recorder
4 days ago
- Business
- Business Recorder
Asian currencies in tight range
BENGALURU: Currencies and equities in emerging Asia traded in a tight range on Tuesday, as investors remained cautious over tariff developments and assessed Chinese economic data pointing to underlying weakness in the region's biggest economy. Indonesia's rupiah slipped to a near three-week low, while equities pared early gains to trade slightly up. The Malaysian ringgit, the Philippine peso, Singapore's dollar and Taiwan's dollar also edged lower. South Korea's won and the Indian rupee held steady near their previous session's close. Asian currencies were in a tentative mood on Tuesday, said Jeff Ng, head of Asia macro strategy, Sumitomo Mitsui Banking Corp, adding that investors were awaiting further clarity on trade tariffs. China reported second-quarter economic growth that beat market estimates but fell short of the prior quarter's pace. While the economy has so far avoided a sharp slowdown, markets are bracing for a weaker second half as US tariffs weigh on exports. One of the key focal points during trade talks between the United States and trade partners have been levies on trans-shipments as US President Donald Trump seeks to curb China's trade penetration in the region. 'We think (China's) exports could slow visibly in H2, likely to close to zero in H2, especially if other countries start cracking down on transshipments under US pressure,' Barclays analysts led by Yingke Zhou said in a client note. The Shanghai Composite index fell 1% to a one-week low, while the blue-chip CSI300 Index shed early gain to slip 0.5%. The Chinese yuan drifted lower against the US dollar. Equity markets in emerging Asia were mixed: Singapore's stocks extended their recent rally, nudging higher to set an all-time high for the tenth consecutive day.
Business Recorder
5 days ago
- Business
- Business Recorder
Currencies, stocks in tight range as markets gauge tariffs, China data
Currencies and equities in emerging Asia traded in a tight range on Tuesday, as investors remained cautious over tariff developments and assessed Chinese economic data pointing to underlying weakness in the region's biggest economy. Indonesia's rupiah slipped to a near three-week low, while equities pared early gains to trade slightly up. The Malaysian ringgit, the Philippine peso, Singapore's dollar and Taiwan's dollar also edged lower. South Korea's won and the Indian rupee held steady near their previous session's close. Asian currencies were in a tentative mood on Tuesday, said Jeff Ng, head of Asia macro strategy, Sumitomo Mitsui Banking Corp, adding that investors were awaiting further clarity on trade tariffs. China reported second-quarter economic growth that beat market estimates but fell short of the prior quarter's pace. While the economy has so far avoided a sharp slowdown, markets are bracing for a weaker second half as U.S. tariffs weigh on exports. One of the key focal points during trade talks between the United States and trade partners have been levies on trans-shipments as U.S. President Donald Trump seeks to curb China's trade penetration in the region. 'We think (China's) exports could slow visibly in H2, likely to close to zero in H2, especially if other countries start cracking down on transshipments under U.S. pressure,' Barclays analysts led by Yingke Zhou said in a client note. The Shanghai Composite index fell 1% to a one-week low, while the blue-chip CSI300 Index shed early gain to slip 0.5%. The Chinese yuan drifted lower against the U.S. dollar. Equity markets in emerging Asia were mixed: Singapore's stocks extended their recent rally, nudging higher to set an all-time high for the tenth consecutive day. Stock markets in Indonesia and Thailand edged higher, while those in Malaysia and the Philippines slipped 0.4% each. In Indonesia, analysts are divided ahead of Bank Indonesia's interest rate decision on Wednesday. A Reuters poll showed 15 of 29 economics expect the central bank to cut its key borrowing rate by 25 basis points. In East Asia, Taiwan's benchmark index, dominated by semiconductor firms, rose 0.6% to recoup losses from Monday, while South Korea's KOSPI slipped lower. An MSCI index of equities in emerging Asia ticked higher. Asian stock markets have rebounded sharply from their April slump, reaching multi-week highs as investors bet that the worst tariff scenarios are unlikely to materialize and that the duties won't trigger a U.S. recession or severely impact corporate earnings.
Yahoo
5 days ago
- Business
- Yahoo
Instant view: China's Q2 GDP grows 5.2% y/y, above market forecast
(Reuters) - China's economy grew at a slightly faster pace than expected in the second quarter, showing resilience in the face of U.S. tariffs, though analysts warn of intensifying headwinds that will ramp up pressure on policymakers to roll out more stimulus. Data on Tuesday showed China's gross domestic product (GDP) grew 5.2% in the April-June quarter from a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1%. KEY POINTS * Q2 GDP +5.2% y/y (f'cast +5.1%, Q1 +5.4%) * Q2 GDP +1.1% q/q (f'cast +0.9%, Q1 +1.2%) * June industrial output +6.8% y/y (f'cast +5.7%, May +5.8%) * June retail sales +4.8% y/y (forecast +5.4%, May +6.4%) * H1 fixed asset investment +2.8% y/y (forecast +3.6%, Jan-May +3.7%) * H1 property investment -11.2% y/y (Jan-May -10.7%) MARKET REACTION China's blue-chip CSI300 Index reversed course to trade flat, while Hong Kong's benchmark Hang Seng cut gains after the data came in. The CSI 300 index was down 0.1%, while the Hang Seng was up 0.7%. COMMENTARY JEFF NG, HEAD OF ASIA MACRO STRATEGY, SMBC, SINGAPORE "The market reaction was quite muted because of the fact that expectations were already there for China to grow by more than 5%. "Growth has been supported by front-loading... (but) I think we're still staring at a slowdown once the tariffs come into fruition. "The domestic economy and retail sales, of course, it'll still be dragged by concerns. The sentiment isn't that great, but at least I see some signs of it bottoming out." BACKGROUND * U.S. President Donald Trump's global trade war has added a significant new layer of risk for China's economy, which has been struggling to mount a solid recovery due to a prolonged property crisis, deflationary pressures and low consumer confidence. * The world's second-biggest economy has so far avoided a sharp slowdown this year due partly to a fragile U.S.-China trade truce and policy support measures. * China's exports regained some momentum in June while imports rebounded, as firms rushed out shipments to capitalise on the tariff truce between Beijing and Washington ahead of a looming August deadline. * Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from Trump's trade tariffs. * But analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years. * China has set an ambitious 2025 growth target of "around 5%", though the trade war with the United States has already prompted many analysts to sharply downgrade their GDP forecasts for this year. * For the whole of 2025, China's GDP growth is forecast to cool to 4.6% - falling short of the official goal - from last year's 5.0% and ease further to 4.2% in 2026, according to a Reuters poll.
CNA
6 days ago
- Business
- CNA
CNA938 Rewind - Stock take today: Market resilience tested by fresh Trump tariffs
On the daily markets analysis on Open For Business, Andrea Heng and Susan Ng speak with Jeff Ng, Head of Asia Macro Strategy at Sumitomo Mitsui Banking Corporation.
CNA
10-07-2025
- Business
- CNA
CNA938 Rewind - Singapore v Australia at opening of World Aquatics Championships
CNA938 Rewind - Business Adaptation Grant; How far can a $100,000 go? Singapore will launch a new Business Adaptation Grant capped at $100,000 per company with a co-funding element in October. The grant will cover businesses that export to or operate in overseas markets and are affected by tariffs, as well as those which need help with reconfiguration costs, including logistics and inventory holding costs. Daniel Martin learns more from Jeff Ng, Head of Asia Macro Strategy, Sumitomo Mitsui Banking Corporation. CNA938 Rewind - From Wimbledon to Fukuoka: Inside Ascott's Gan Hup Tan's Holiday Highlights In 'Destination Anywhere', Melanie Oliveiro finds out about the holidays of Gan Hup Tan, Vice President (Marketing, Loyalty & Partnerships) at The Ascott Limited. Tan will highlight trips to France, England and Japan. In France, he'll recall going to Roland Garros - the French Open in May, visiting the museum Centre Pompidou for its unique architecture, and savouring must-eat bites & meals. In England, Tan will talk about going to Wimbledon for lawn matches, spending hours at the Seven Dials neighbourhood at Covent Gardens and grabbing a cup of java at Monmouth Coffee. And as for Japan, Tan will talk about Fukuoka city – known as the home of the tonkotsu ramen and Tenjin, an area where there's fun to be had at some Christmas markets.
