Latest news with #SGD-denominated
Business Times
5 days ago
- Business
- Business Times
Trump, tariffs and the tumble of the US dollar
Trade threats. Sliding currencies. Shifting rate expectations. In the debut episode of Market Focus Weekly by The Business Times, host Emily Liu sits down with Geoff Howie, market strategist at Singapore Exchange (SGX), to break down the headlines roiling Asian markets. From Washington's tariff deadlines to Singapore's stock market highs, this is your Friday must-listen for what's actually moving the region's markets and why it matters. Why listen? Tariffs are back on the table President Trump's July 9 deadline looms. Markets are bracing for a fresh wave of economic uncertainty. The US dollar is down 10% And that's reshaping capital flows into Asia. Will it continue? Fed rate cuts just got downgraded Markets expected 75 basis points. Now it's looking like 50. What changed? 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 Gold is quietly surging Inflows into SGD-denominated ETFs are up. Investors are hedging and watching. Oil prices remain volatile Energy counters on the SGX are swinging. Here's where the action is. Market Focus Weekly cuts through the noise so you can follow the signals. Catch Episode 1 now because in markets, timing is everything. Questions or feedback? Reach us at btpodcasts@ --- Written and hosted by: Emily Liu (emilyliu@ Produced and edited by: Howie Lim & Claressa Monteiro Produced by: BT Podcasts, The Business Times, SPH Media --- Follow Market Focus Daily and rate us on: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Feedback to: btpodcasts@ Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Money Hacks at: BT Correspondents at: BT Podcasts at: BT Branded Podcasts at: BT Lens On:
Business Times
06-07-2025
- Business
- Business Times
Market Focus Weekly: Trump, Tariffs and the Tumble of the US Dollar
Trade threats. Sliding currencies. Shifting rate expectations. In the debut episode of Market Focus Weekly by The Business Times, host Emily Liu sits down with Geoff Howie, market strategist at Singapore Exchange (SGX), to break down the headlines roiling Asian markets. From Washington's tariff deadlines to Singapore's stock market highs, this is your Friday must-listen for what's actually moving the region's markets and why it matters. Why listen? Tariffs are back on the table President Trump's July 9 deadline looms. Markets are bracing for a fresh wave of economic uncertainty. The US dollar is down 10% And that's reshaping capital flows into Asia. Will it continue? Fed rate cuts just got downgraded Markets expected 75 basis points. Now it's looking like 50. What changed? 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 Gold is quietly surging Inflows into SGD-denominated ETFs are up. Investors are hedging and watching. Oil prices remain volatile Energy counters on the SGX are swinging. Here's where the action is. Market Focus Weekly cuts through the noise so you can follow the signals. Catch Episode 1 now because in markets, timing is everything. Questions or feedback? Reach us at btpodcasts@ --- Written and hosted by: Emily Liu (emilyliu@ Produced and edited by: Howie Lim & Claressa Monteiro Produced by: BT Podcasts, The Business Times, SPH Media --- Follow Market Focus Daily and rate us on: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Feedback to: btpodcasts@ Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Money Hacks at: BT Correspondents at: BT Podcasts at: BT Branded Podcasts at: BT Lens On:
Yahoo
14-03-2025
- Business
- Yahoo
As recession fears rise and risk-free rates drop, S-REITs could benefit, JP Morgan says
As recession risks rise to 40%, Fed could have at least 2 rate cuts, benefitting S-REITs borrowing costs while widening yield spreads could trigger a REIT rally. Although S-REITs are an unlikely place to "hide" during a recession, JP Morgan reckons that a faster than expected 31% drop in 6-month Singapore benchmark rates and lower 1-month Sora down 100 basis points (bps) to 2.4% may see investors rotating to defensive yield plays. Against this background, JP Morgan is expecting a 15% upside to the S-REITs' September 2024 highs. "There is further potential for lower rates, as JPM and the Street are expecting two/three Fed rate cuts by end-2025, with our economists highlighting a 40% risk of a US recession this year. We estimate a 4% upside to S-REITs' DPU for every 100 bps fall in floating rates, and anticipate that S-REITs will revise down borrowing cost guidance. Yield spreads of 340 bps, the highest level since March 2022 which triggered a rally then, is also supportive," JP Morgan says. Its top picks are Singapore-focused names including CapitaLand Integrated Commercial Trust C38u, CapitaLand Ascendas REIT A17u, Keppel DC REIT, Frasers Centrepoint Trust J69u and laggards such as Mapletree Logistics Trust M44u. S-REIT borrowing costs should trend down with two-thirds of S-REITs at or above stabilised borrowing costs, JP Morgan reckons. In particular, lower floating rates should benefit S-REITs with a high proportion of floating rate debt, such CDL Hospitality Trusts J85, and those with a larger share of SGD-denominated debt, such as Frasers Centrepoint Trust where borrowing costs could trend lower than the manager's guidance. Additionally, coupons for S-REIT bonds have fallen to a three-year low of 3.2% from reduced spreads and a drop in 3-year swap rates. S-REITs are relatively more attractive with yields at 6.3% compared to bank yields at 6.2%, according to JP Morgan. To this, the caveat has to be added that banks pay out 50% to 60% of their earnings compared to S-REITs minimum payout of 90% of distributable income. But, alternatives, including Singapore's 6-month T-bill rates have fallen to 2.75%, and the 10-year bond yield is at 2.7% as of March 10. A widening yield spread could also trigger an S-REIT temporary, no matter how temporary. See Also: Click here to stay updated with the Latest Business & Investment News in Singapore What to do as US rates stay higher for longer and Chinese rates hit rock bottom Singapore credits to stay resilient in 2025; investors prefer lower-risk REITs Changes in ICR, leverage to come into effect immediately, with additional disclosures in March Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click here
