Straits Times Index

USTR Flags 60 Economies Over Forced Labor Import Gaps, Proposes New Tariffs

The U.S. Trade Representative has concluded that 60 economies failed to properly ban or enforce restrictions on imports linked to forced labor, calling the practices harmful to fair global trade, the US Executive Office announced Tuesday.Among the Southeast Asian countries named are the Philippines, Thailand, Vietnam, Malaysia, Indonesia, Cambodia and Singapore. Taiwan is also included separately among the economies cited.The findings are part of a broader review of many economies. Officials said the gaps create unfair competition by helping producers who use forced labor.USTR has proposed additional tariffs of 10% to 12.5% on affected imports and is seeking public comments before finalizing any action, with hearings scheduled for July 2026.

Mapletree Investments' Full-Year Profit After Tax Up 26%

Mapletree Investments' profit after tax and minority interest, or PATMI, rose 26% in the fiscal year ended March 31 to SG$285.6 million from SG$227.2 million a year earlier, according to a release by the REIT on Tuesday.The REIT reported a stable revenue of SG$2.2 billion during the period and booked total gross proceeds of SG$4.2 billion.In fiscal 2026, the REIT completed 13 development projects and as of March 31, it had SG$5.4 billion worth of projects under development.

Banking Sector Growth Fastest Among 18 Broader Asian Sectors in May, S&P Data Shows

Banking sector growth was the fastest among the 18 broader Asian sectors in May, with activity expanding at the strongest pace in seven months, S&P Global said in a Wednesday release.Output growth was recorded across 16 of the 18 monitored Asian sectors last month, which was unchanged from April. Only the forestry and paper products, and construction materials sectors incurred declines from April, along with lower new orders received, S&P said.New orders rose across the remaining 16 sectors last month, led by the transportation sector.Employment increased in 10 of 18 sectors, with software & services and technology equipment experiencing the strongest hiring, while insurance witnessed a cutdown in employed staff.

Singapore's Manufacturing PMI Climbs to 51 Points in May from 50.7 Points in April, According to SIPMM

Singapore Shares Gain More Than 1% Over US-Iran Peace Hopes; Salt Investments Surges 33%

Singapore shares surged more than 1% at the close of trading on Tuesday, tracking broader regional gains, as investor sentiment received a boost from hopes of the US and Iran reaching a peace deal despite recent skirmishes.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,027.30 and 5,097.42 throughout the day. It ended the session at 5,097.42, up 59.56 points or 1.2% compared to Friday's close.On the corporate front, Salt Investments' (SGX:FQ7) shares surged over 33% at the close as its attributable loss to equity holders widened 136% to SG$12.6 million in the fiscal second half ended March 31 from SG$5.3 million a year earlier.

Asia Week Ahead: Manufacturing Activity; Policy Rate Decision; and Inflation Prints

For the week ahead in Asia, manufacturing activity will be in focus as S&P Global releases a broad mix of purchasing managers' index reports covering multiple economies.The week opens with a flurry of manufacturing PMI readings for May, followed by inflation data from South Korea and Indonesia on Tuesday.Mid-week, Australia's first-quarter GDP report will take center stage, while markets will also watch a heavy batch of readouts from Vietnam.Thursday will be lighter, led by Australia's April trade report, before Friday brings India's policy rate decision and GDP figures and inflation readouts from multiple regions.Here's what to watch in the week ahead.MONDAY, June 1The week kicked off with a flurry of S&P Global's purchasing managers' index (PMI) reports covering May manufacturing activity across the region.China's manufacturing activity eased after the seasonally adjusted RatingDog China General Manufacturing PMI came in at 51.8, compared with 52.2 in the previous month and the consensus estimate of 51.4 from Investing.com.Data from the National Bureau of Statistic similarly showed factory activity easing, with the official purchasing managers' index falling to a neutral 50 from 50.3 in April.A reading above 50 means growth, while a reading below 50 indicates contraction.Manufacturing activity similarly slowed in Australia as new orders fell sharply for a third consecutive month amid rising costs and ongoing supply-chain disruptions linked to the war in the Middle East.In contrast, Japan's manufacturing production expanded, with the latest S&P Global Japan Manufacturing PMI coming in at 54.5, compared with 55.1 in April, matching the flash data.South Korean manufacturing output also expanded during the month, hitting its highest in five years due to a rise in production and new order volumes, S&P Global said.India, Taiwan and Vietnam were also among the regions that experienced improved output during May.Meanwhile, The Philippines' manufacturing activity returned to growth in May as stronger output and a recovery in new orders offset continued weakness in exports.Moving ahead, the Melbourne Institute said its monthly inflation gauge fell in May after two consecutive monthly increases, driven largely by a decline in transport costs. The monthly cost of living also declined in May, particularly for self-funded retirees.Elsewhere, South Korea recorded a trade surplus of $26.9 billion in May, a new all-time high, and marking the third straight month of more than $20 billion in trade surplus.TUESDAY, June 2Focus shifts Tuesday to inflation data coming in from South Korea.Economists at ING said consumer prices could reach 3% year on year in May, reflecting higher input costs that are likely to be passed on to consumers.Pipeline cost pressures are also likely to reflect in Indonesia's inflation print due Tuesday, with ANZ expecting prices to tick up to 3% from 2.42% in the prior month, the Wall Street Journal reported.Trade figures due in Indonesia the same day could also show moderating exports as the effects of front-loaded demand fade and commodity prices soften, the WSJ said, citing an RHB economist.On the activity front, S&P Global releases its monthly manufacturing PMIs for Indonesia, Malaysia, and Thailand. The Singapore Institute of Purchasing and Materials Management's PMI report is also expected.Lastly, Hong Kong will release its retail sales stats for April.WEDNESDAY, June 3Australia's first-quarter gross domestic product (GDP) data will dominate headlines Wednesday.Both Westpac and CommBank said they expect growth to have moderated during the first three months of the year, though their estimates differed.CommBank forecast a 0.2% quarterly rise in GDP, while Westpac projected 0.5%; both would be slower than the 0.8% growth recorded in the final quarter of 2025.Neighboring New Zealand will disclose first-quarter export and import price stats.Markets will also be following a speech by Bank of Japan Governor Kazuo Ueda for clues on the central bank's next interest-rate hike.Wednesday also features a heavy slate of macro data from Vietnam, including inflation, balance of trade, industrial production, and retail sales.Trading Economics expects Vietnam's May inflation to accelerate to 6% from 5.46% in April. Meanwhile, the data platform estimated the country's trade deficit could widen to $3.4 billion from $3.28 billion a month prior.Meanwhile, S&P Global will release the next batch of its PMI reports covering composite and services activity in China, India, Japan, Australia, and Hong Kong.THURSDAY, June 4Thursday will be relatively light on readouts, with Australia's April trade figures among the handful of releases of note.Australia is expected to post a trade surplus of A$2.6 billion in April, rebounding from a A$1.8 billion deficit in March - its first shortfall since late 2017, Westpac said in a preview.According to the bank, major commodity exports appeared to have increased notably during the period after recording three consecutive monthly declines.In Singapore, S&P Global's monthly PMI will be due, while Thailand will release a business confidence report.FRIDAY, June 5The tail end of the week brings a policy rate decision in India, which will also release its quarterly GDP growth figures.The Reserve Bank of India is expected to hold rates at 5.25% but could signal hawkish sentiment during its vote, the WSJ reported, citing a UOB economist.Meanwhile, a Trading Economics consensus placed the country's GDP growth rate at 7.3%, down marginally from the 7.8% recorded in the final quarter of 2025.ANZ Research said the economy stayed broadly healthy in the fiscal fourth quarter, although growth eased slightly in March as manufacturing, exports and profit margins came under pressure due to global disruptions, the WSJ reported.Taiwan is set to report monthly inflation data, with ING expecting consumer prices to rise above the 2% target for the first time since April 2025. The bank expects inflation to accelerate to 2.2% year on year in May from 1.7% in April, reflecting Taiwan's reliance on imported energy, which leaves the economy vulnerable to higher global prices."We expect inflation to peak toward the middle of this year, raising the risks for a potential central bank rate hike at the coming meetings," ING said in a preview.Thailand and the Philippines will similarly report their respective inflation rates for May, with the latter also releasing industrial production stats.Lastly, Singapore will report its retail sales figures for April.

Market Chatter: Sea Ltd. Establishes Team to Expedite AI Investment Plans

Sea Ltd. has established a dedicated team to look out for new AI investments as part of the company's strategy to diversify beyond e-commerce, Bloomberg News reported on Friday, citing people familiar with the matter.The team will report to the company's executive, Endong Zhang, the report said, citing the people. It will focus on potential investments in startups from across the globe, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Singapore, Italy Sign Supply Chain Resiliency Agreement

Singapore and Italy signed a memorandum of understanding on supply chain resilience, according to a ministry notification on Friday.The MOU focuses on strengthening defense supply chains between the two states, which includes high-level visits, military exchanges and defense technology collaboration.The bilateral pact was finalized on the sidelines of the high-profile International Institute for Strategic Studies (IISS) Shangri-La Dialogue hosted in the city-state.

Qatar, Singapore Look to Strengthen Ties in Defense and Energy Security

Qatar and Singapore are exploring opportunities to deepen cooperation in areas such as defense and energy security, according to a statement issued on Saturday after the meeting of Qatar Deputy Prime Minister and Minister of State for Defence Affairs Sheikh Saoud bin Abdulrahman bin Hassan bin Ali Al Thani and Singapore's Prime Minister and Minister for Finance, Lawrence Wong.PM Wong and HE Sheikh Saoud bin Abdulrahman Al Thani reaffirmed the friendly bilateral relationship between Singapore and Qatar and exchanged views on global and regional security challenges."PM Wong also conveyed Singapore's appreciation for Qatar's constructive role in promoting regional stability and facilitating dialogue in the Middle East," the statement said.Qatar has been involved in facilitating dialogue in the Middle East amid the ongoing conflict between Iran, the U.S., and Israel.

Australia, Singapore Talk Stronger Defense Ties, Reaffirm 'Longstanding' Relations

Australia and Singapore on May 30 held talks on regional security dynamics and explored ways to strengthen defense collaboration between the two nations.Singapore's Ministry of Defence said potential areas of cooperation include critical underwater infrastructure and enhanced reciprocal access to defense facilities.The meeting held at the 23rd Shangri-La Dialogue in the city-state also reaffirmed the two countries' "longstanding and multifaceted relations."

Singapore Shares Rise Nearly 1% on US-Iran Ceasefire Deal; HS Optimus Surges 17%

Singapore shares surged nearly 1% at the close of trading on Friday, tracking broader regional gains, as investor sentiment received a boost from the US and Iran reaching a preliminary deal to extend a ceasefire by 60 days.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,009.77 and 5,041.11 throughout the day. It ended the session at 5,037.86, up 48.67 points or nearly 1% compared to Thursday's close.In economic news, Singapore's manufacturing prices continued to surge in April, backed by strong performances across the oil and non-oil indices, the city-state's Department of Statistics reported.Meanwhile, Singapore's Export Price Index rose 13.3% year on year in April, following an 8.7% rise in the preceding month, the city-state's Department of Statistics reported.On the corporate front, shares of HS Optimus (SGX:504) surged nearly 17% at the close as it booked an attributable profit to owners of SG$4.1 million during the fiscal second half ended March 31, against an attributable loss of SG$815,000 a year earlier.Mooreast (SGX:1V3) shares closed nearly 18% higher as it signed a placement agreement with ZICO Capital to raise around SG$6 million through the placement of up to 44.5 million shares at SG$0.135 per share.Meanwhile, shares of Beng Kuang Marine (SGX:BEZ) were up nearly 2% at the close after it issued 57.1 million shares at SG$0.35 per share to ISUSTAINABILITY and SPPG, in connection with the acquisition of the remaining 49% stake in Asian Sealand Offshore and Marine.

Singapore Resident Loans Hit SG$908.4 Billion in April

Lending activity in Singapore expanded in April, with total loans and advances to residents rising to SG$908.4 billion from SG$902.3 billion in March, according to preliminary data released by the Monetary Authority of Singapore on Friday.The expansion was led by corporate demand, with loans to business enterprises growing to SG$551.3 billion, compared to SG$547.6 billion a month prior.Consumer loans rose to SG$357.1 billion in April from SG$354.7 billion a month earlier, with housing and bridging loans comprising SG$249.9 billion.

Singapore Real Wages Grow 4% in 2025

Singapore reported growth in employee wages in 2025, with real wages growing 4% year-on-year after adjusting for inflation, according to figures released by the Ministry of Manpower on Thursday.Nominal wage growth moderated to 4.9% in 2025, compared to a 5.6% growth in 2024, reflecting a stabilizing labor market.About 72.4% of private establishments granted wage increases in 2025, down from 78.3% in the prior period.Meanwhile, around 83.1% of businesses reported profitability in 2025 compared to 80.8% in 2024.Financial services, insurance, and administrative support led wage increments, while the construction and accommodation sectors stabilized as post-pandemic hiring surges cooled.

Singapore Manufacturing Prices, Domestic Supply Surge in April

Singapore's manufacturing prices continued to surge in April, backed by strong performances across the oil and non-oil indices, the city-state's Department of Statistics reported Friday.Singapore's Manufactured Products Price Index jumped 27.5% year on year in April, extending the 20.2% increase in March.The oil index jumped 69.2%, while the non-oil index rose 21.4% on-year during the month, the filing said.Month-over-month, manufacturing prices rose 6.7%, following a 11.2% increase in the previous month. The oil index gained 4.1%, while the non-oil index rose by 7.3% on the month, the data showed.Meanwhile, Singapore's Domestic Supply Price Index jumped 31.6% in April, extending a 26.7% surge in March. The oil index zoomed 79.3%, and the non-oil index climbed by 17.1%, the data showed.Month-on-month, the Domestic Supply Price Index rose 3.1%, moderating from a 21% rise in the previous month. The oil index slipped 1.6%, while the non-oil index was up 5.4%.

Singapore's Export, Import Prices Rise in April

Singapore's Export Price Index rose 13.3% year on year in April, following an 8.7% rise in the preceding month, the city-state's Department of Statistics reported Friday.The Non-Oil Export Index gained 1.9%, while the Oil Export Index surged 67.2% on-year during the month.Meanwhile, the Import Price Index rose 18.4% year on year in April, extending a 17.1% decline in the preceding month.The Non-Oil Import Index gained 3.6% and the Oil Import Index surged 72.6% on year, the data showed.On a month-on-month basis, the Export Price Index rose 3%, while the Import Price Index fell 0.3%, the data showed.

Market Chatter: US, Iran Reach Tentative 60-Day Ceasefire Extension

The U.S. and Iran have tentatively agreed to extend a ceasefire for two months while initiating new negotiations over Tehran's nuclear program, fueling optimism that the ongoing three-month conflict may soon end, Bloomberg News reported on Thursday, citing a source familiar with the discussions.The anonymous source confirmed a prior Axios report, though President Donald Trump has not yet signed off on the terms, the newswire said.While both sides have previously celebrated progress and Trump has often claimed a deal was imminent, the impasse has repeatedly persisted, the publication said.Vice President JD Vance told reporters that the two nations are exchanging proposals on specific language regarding Iran's nuclear capabilities, and noted that Iran appears to be engaging in good faith, with tangible progress underway, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Singapore Shares Clock Losses as US Iran Fire Exchange Threatens Peace Talks; Ascent Bridge Zooms 50%

Singapore shares plunged nearly 1% at the close on Thursday as regional peace took a hit following exchange of fire between the US and Iran.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,978.80 and 5,035.58 throughout the day. It ended the session at 4,989.19, down 39.61 points or 0.8% compared to Tuesday's close.On the corporate front, shares of Ascent Bridge (SGX:AWG) zoomed over 50% at the close as it signed a cooperation framework agreement with Scinosen (Shenzhen) Gene Industry Development to establish a joint venture in Singapore.Koh Brothers Eco Engineering (SGX:5HV) shares surged nearly 22% at the close after it submitted an application to the SGX-ST to transfer to the main board.Meanwhile, shares of Valuetronics (SGX:BN2) rose nearly 13% at the close as its attributable profit to owners fell 70% during the fiscal second half ended March 31 to HK$24.1 million from HK$79.9 million a year earlier.

Market Chatter: Singapore's One Raffles Place Attracts Interest from CapitaLand Investment, IOI Properties

One Raffles Place is drawing interest from several companies, including CapitaLand Investment (SGX:9CI) and IOI Properties (KLSE:IOIPG), and tycoons, Raj Kumar and Kishin RK, Bloomberg News reported Tuesday.The office complex is being marketed for more than SG$2.3 billion and comprises two office towers and a retail mall, spanning an area of 65,309 square meters, the report said.One Raffles Place is jointly owned by OUE REIT (SGX:TS0U) and United Overseas Bank (SGX:U11), the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)