Singapore shares fell 0.1 per cent or 3.33 points to 3,203.77 on Tuesday (Jul 4), amid softer regional market sentiment due to worries over the strength of the Chinese economy and geopolitical concerns. Across the broader market, gainers beat losers 276 to 213 after 1.2 billion shares worth S$607.2 million changed hands.

U.S. stock futures were little changed on Tuesday night as Wall Street looks to resume a holiday-shortened week. Markets were closed Tuesday for the Fourth of July holiday. They closed early Monday. Dow Jones Industrial Average futures fell by 31 points, or 0.09%. S&P 500 and Nasdaq 100 futures dipped 0.05% and 0.11%, respectively.

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Singapore’s gross domestic product (GDP) contracted by 0.4 per cent quarter on quarter (qoq) in the first quarter of 2023, compared to growth of 0.1 per cent qoq in Q4 2022. In the near term, the outlook has weakened, dragged down by the electronics downcycle that is likely to be deeper and more prolonged than earlier projected, as well as an apparent slowdown in other advanced economies due to the lagged effects of monetary policy tightening.

THE government is watching Central Provident Fund (CPF) interest rate pegs to ensure they “remain relevant in the prevailing operating environment”, said Minister for Manpower Tan See Leng in a written parliamentary reply on Tuesday (Jul 4).

NEU Battery Materials, a Singapore-based lithium-ion battery recycling startup, has raised US$3.7 million in a seed funding round, it said on Monday (Jul 3). Singapore government-backed deep-tech investor SGInnovate led the round, which was also joined by ComfortDelGro Ventures, Shift4Good, Paragon Ventures I and other angel investors. The startup uses an electrochemical redox targeting technology, which requires just electricity, to recycle battery materials. The process also uses regenerative chemicals to avoid toxic waste and harsh acids. The patented technique generates battery-grade lithium, which can then be supplied back to battery manufacturers.

SATS and Singapore Post (SingPost) are exploring a strategic partnership in the potential establishment of an e-commerce transhipment hub in Singapore. In a joint statement on Tuesday (Jul 4), they said that they aimed to address a growing demand for e-commerce transhipment by leveraging their combined expertise. The transhipment hub is expected to shorten delivery times and enhance customer experience.


GOLD prices edged slightly lower in early Asian trade on Tuesday (Jul 4), as traders awaited the US Federal Reserve’s minutes of the June meeting for more clues on its interest rate hike path ahead.Spot gold edged 0.1 per cent lower to US$1,919.95 per ounce by 0107 GMT, while US gold futures were down similarly to US$1,927.80.

APPLE infringed two telecommunications patents used in devices including iPhones and iPads, London’s Court of Appeal ruled on Tuesday (Jul 4), dismissing the tech giant’s appeal in a long-running dispute with a US patent holder. Texas-based Optis Cellular Technology sued Apple in 2019 over its use of patents which Optis says are essential to certain technological standards, such as 4G. London’s High Court ruled last year that two of Optis’ 4G patents were so-called standard essential patents and that Apple had infringed them.

CHINA-FOUNDED online retailer Shein is working with at least three investment banks about a potential US initial public offering, and has been in talks with the New York Stock Exchange and Nasdaq, people familiar with the matter said. Goldman Sachs, Morgan Stanley and JPMorgan Chase are among the banks helping Shein with its IPO preparation, according to six of the sources.

US semiconductor wafer maker AXT said on Monday (Jul 3) it would seek permits to keep exporting gallium and germanium substrate products from China, after Beijing abruptly imposed export controls on the metals key to chipmaking. California-headquartered AXT, which has manufacturing facilities in China, said its Chinese subsidiary Tongmei would immediately proceed to apply for the permits.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, PSR


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