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196 stories mentioning Straits Times IndexUpdated 7h ago

Singapore's benchmark surged Monday, tracking regional gains after a US-Iran deal to reopen the Strait of Hormuz lifted investor sentiment.

Asia

Market Chatter: Singapore's Oil Product Stocks Hit New Low Amid US-Iran War

Singapore's oil product stocks totaled 44.83 million barrels as of May 6, the lowest level in nine months, Reuters reported Thursday, citing data from Enterprise Singapore.The drop is mainly due to the impact of the U.S.-Iran war, which has disrupted crude and fuel exports across the region, the report said.Residential fuel inventories came in at 19.88 million barrels, slightly closer to a 50-week low of 19.488 million barrels a week earlier, according to the report.Meanwhile, middle distillate stocks dropped to 10.077 million barrels, 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.)

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Asia

Market Chatter: Singapore to Clamp Down on Home Flipping

Singapore's Minister for National Development, Chee Hong Tat, outlined plans to discourage flipping of some homes, Bloomberg News reported Friday.The regulator is looking to introduce measures aimed at executive condominiums, the minimum occupation period of which will be doubled to 10 years, the report said.Under the new rules, buyers of executive condos will be required to go through the minimum occupation period before renting out the unit, selling it, or purchasing another home, the report noted.The new rules will be implemented to ease speculation in the city-state's real estate market and to improve profitability, according to the report.(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.)

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Asia

Amazon Singapore to Pivot to International Store Model

E-commerce giant Amazon is looking to carry out a significant restructuring of its retail operations in Singapore, according to a company release on Thursday.Under the plan, the technology company will phase out its local grocery fulfilment vertical and will divert focus towards its international catalogue.The shift will reportedly result in under 10% of its workforce in Singapore losing jobs, according to a report by The Business Times.However, the company has outlined plans to provide support to employees who might not be internally relocated to other departments.

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Asia

Singapore Shares Extend Gains Amid Positive US-Iran Talks

Singapore shares extended gains on Thursday, after the US president, Donald Trump, revealed that he held positive discussions with Iran, leading to a sharp decline in oil prices.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,932.89 and 4,958.05 throughout the day. It ended the session at 4,941.96, up 14.58 points or 0.3% compared to Wednesday's close.Earlier, Iran revealed it was reviewing a new US proposal to put an end of hostilities between the two nations.In economic news, Singapore's foreign exchange reserves rose to SG$544.1 billion in April from SG$541.7 billion in March, according to data from the Monetary Authority of Singapore.On the corporate front, shares of Coliwoo (SGX:W8W) surged nearly 7% at the close as its net profit attributable to equity holders jumped 44% in the fiscal first half ended March 31 to SG$13.4 million from SG$9.3 million a year earlier.AIMS APAC REIT's (SGX:O5RU) shares were up nearly 4% after its distribution per unit rose 2.6% in the fiscal year ended March 31 to SG$0.0985 from SG$0.096 a year earlier.Meanwhile, StarHub (SGX:CC3) reported 1% declined in its net attributable profit to shareholders plunged 81% in the first quarter of the year to SG$5.9 million from SG$31.8 million a year earlier.

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International

Singapore's Forex Reserves Climb Over SG$544 Billion in April

Singapore's foreign exchange reserves rose to SG$544.1 billion in April from SG$541.7 billion in March, according to preliminary data from the Monetary Authority of Singapore released Thursday.The city-state logged a month-on-month increase in gold and foreign exchange to about SG$534.0 billion from about SG$531.6 billion.The International Monetary Fund reserve position increased to over SG$1.86 billion during the month from SG$1.80 billion in the preceding month, the data showed. Special drawing rights, however, fell to SG$8.24 billion from about SG$8.30 billion.In US dollar terms, total foreign exchange reserves jumped to nearly $427.3 billion from $419.9 billion in March, according to the latest update.

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Asia

Singapore Shares Eke Out Gains; MeGroup Rises 9%

Singapore shares closed marginally higher on Wednesday, as investor sentiment improved on hopes of the US and Iran reaching a peace deal.The Straits Times Index ranged between 4,915.13 and 4,935.68 throughout the day. It ended the session little changed in positive territory at 4,927.38.On the corporate front, shares of MeGroup (SGX:SJY) rose 9% after its subsidiary, Menang Nusantara, agreed to acquire two freehold commercial units in Malaysia for 14 million ringgit.Ley Choon (SGX:Q0X) closed nearly 5% higher as its subsidiary, Ley Choon Constructions and Engineering, secured underground utilities services contracts worth SG$35.6 million.Meanwhile, Centurion Accommodation REIT (SGX:8C8U) gained 2% as its net property income reached SG$37.5 million in the first quarter, above the expected SG$36.6 million.

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Asia

Market Chatter: New Zealand Considering Singapore, Malaysia as Fuel Storage Options Amid Middle East Conflict

New Zealand is considering storing its fuel in Singapore and Malaysia amid the impact of the Iran war, according to a report by Bloomberg on Wednesday.The country's resource minister, Shane Jones, revealed that New Zealand does not have surplus storage capacity and is currently exploring alternatives, with Malaysia and Singapore cited as two countries to cater to the country's storing needs, the report said.New Zealand's storage capacity was severely impacted following the closure of a solitary refinery in Auckland in 2022, the report noted.(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.)

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US Markets

Singapore's Private Sector Growth Accelerates in April Amid Record Demand

Singapore's private sector growth surged to its second-highest level since July 2022, driven by a record influx of new business.The headline seasonally adjusted S&P Global Singapore Purchasing Managers' Index (PMI) rose to 57.9 in April from 56.7 in March, according to a report released Tuesday."The Singaporean private sector gained speed in April, with stronger growth in output and a record influx of new business signaled," S&P Global Market Intelligence economist Eleanor Dennison said. "April's demand injection meant that input requirements were greater and this triggered a record increase in buying activity."New business accelerated due to a pick-up in domestic demand, offsetting the slowdown in export sales.Ongoing tensions in the Middle East, which disrupted global oil supply, particularly in March, drove up prices and affected international demand for Singapore businesses.Escalating oil prices also intensified cost pressures for local businesses, prompting most firms to pass the burden onto consumers by raising prices, according to S&P.Companies reported accumulating backlogs as many trimmed jobs due to cost pressures."At a time of severely elevated inflationary pressures, firms therefore looked to cut costs where they could, which materialised as a reduction in employment levels," said Dennison.Despite a drop in headcounts, business sentiment remained upbeat, with Singaporean companies' growth expectations currently at "their brightest on record," Dennison added.Meanwhile, Singapore's retail sector remained resilient. Despite fluctuating fuel prices, strong vehicle sales continued to boost retail activity. Data from Statistics Singapore on Tuesday revealed a 4.8% year-over-year increase in retail sales in March, boosted by a 12.9% surge in motor vehicle and parts sales.Singapore's first-quarter performance points to "resilient" consumer activity, supported by labor market conditions and tourism, Chua Han Teng, senior economist with Singapore-based DBS Bank said in a recent note, as per Singapore-based The Straits Times.

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International

S&P Global Singapore PMI Expands at Faster Pace in April

The S&P Global Singapore Purchasing Manager's Index posted above the 50.0 no-change mark for the 15th straight month in April, according to survey data released by S&P Global on Wednesday.PMI edged up to 57.9 in April from 56.7 in March, with the latest figure driven by a record injection of new business.The acceleration was also attributed to a pick-up in domestic demand, which offset a softer uptick in exports.

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Asia

Singapore Stocks Edge Down as Middle East Tensions Offset Upbeat Retail Data

Singapore shares incurred losses on Tuesday, mirroring regional losses as investors responded negatively to the possibility of the US and Iran returning to hostilities amid a fragile ceasefire.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,891.83 and 4,920.61 throughout the day. It ended the session at 4,920.61, down 3.70 points or 0.1% compared to Monday's close.In economic news, Singapore's total retail sales rose 4.8% year on year in March, following the 8.3% growth in the preceding month, according to data released by the Department of Statistics Singapore.On the corporate front, shares of UltraGreen.ai (SGX:ULG) dropped over 7% at the close as its total vial shipment fell 8.7% during the first quarter of the year to 280,900 vials from 307,600 vials a year earlier.Overseas-Chinese Banking Corp. or OCBC (SGX:O39) were hardly moved at the close, as it agreed to acquire the retail and wealth management business of HSBC's (HKG:0005) Indonesian arm.Meanwhile, shares of United Overseas Insurance (SGX:U13) were down under 1% as its insurance revenue dropped to SG$24.9 million in the first quarter of the year from SG$27.3 million a year earlier.

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US Markets

Singapore Retail Sales Gain in March Driven by Auto and Tech Demand

Boosted by vehicle sales, Singapore retail activity logged a strong performance in March, as reported by Statistics Singapore on Tuesday.The city-state's retail sales grew 4.8% year on year in March and rose a seasonally adjusted 3.7% from the preceding month, reported officials.Motor vehicle and part sales in March in Singapore grew by 12.9% on year in March, and expanded by 6.1% on month.Computer and telecommunications equipment sales increased by 11.9% on year in March, and by 6.2% from February, added Statistics Singapore.In contrast, Singapore, food and alcohol sales fell by 6% on year and by 5.1% from the previous month, according to official figures.Also lagging a bit were furniture and household equipment sales, off 1.9% on year in March, though up 0.2% from February.Singapore's first-quarter performance points to "resilient" consumer activity, supported by labor market conditions and tourism, said Chua Han Teng, senior economist with Singapore-based DBS Bank, reported the Singapore-based The Straits Times.Nevertheless, the city-state's retail outlook is "clouded by heightened global economic uncertainty stemming from the Middle East conflict," with consumer spending likely to turn more cautious as inflation weighs on purchasing power and labor market conditions soften, added the DBS economist.

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International

ASEAN Manufacturing Growth Slows to Nine-Month Low in April, S&P Global Says

ASEAN's manufacturing sector expanded at a slower pace in April, with growth easing to a nine-month low as price pressures intensified, according to data released by S&P Global on Tuesday.The S&P Global ASEAN Manufacturing Purchasing Managers' Index fell to 50.7 in April from 51.8 in March, marking the weakest reading since July but extending the current expansion streak to nine months.New order growth slowed to an eight-month low, while production growth eased further and moved close to stagnation. New export orders declined for a second straight month at the fastest pace since last July.Firms cut employment for the first time in eight months, while purchasing activity increased.On the price front, input cost inflation surged to its highest level since March 2022, while output prices rose at the fastest pace in 49 months, reflecting stronger cost pass-through by firms.Despite challenges and weak historical levels, business confidence stayed positive in April, with manufacturers expecting production to grow over the next year, the report said.

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International

Singapore's Retail Sales Jump 4.8% in March

Singapore's total retail sales rose 4.8% year on year in March, following the 8.3% growth in the preceding month, according to data released by the Department of Statistics Singapore on Tuesday.Excluding motor vehicles, retail sales climbed 3.3% on year in March.On a seasonally adjusted month-on-month basis, total retail sales were up 3.7% during the month, the data showed. Excluding motor vehicles, seasonally adjusted retail sales rose 3.3% in March.Estimated total retail sales came in at SG$4.7 billion in March, with online sales making up 15.7% of it, the data showed. Excluding motor vehicles, total retail sales stood at SG$3.8 billion.

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Asia

Grab Attributable Profit Surges in Q1

Singapore-headquartered ride-hailing company Grab reported attributable profit of $136 million in the first quarter of the year from $24 million a year earlier, according to a company release on Tuesday.Basic earnings per share were $0.03 compared with EPS of $0.01 a year ago.Revenue climbed 24% year over year to $955 million from $773 million, backed by growth across the on-demand and financial services segments.

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Asia

Singapore, New Zealand Sign Deal to Keep Supply Chains Open Even During Crisis

Singapore and New Zealand have signed a new agreement on supply chain resilience as part of a broader partnership between the two states.The deal will keep essential goods like food, fuel, and other critical supplies moving even during a crisis or shortages, Singapore Prime Minister Lawrence Wong said in a joint press conference with New Zealand Prime Minister Christopher Luxon on Monday.

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Asia

Singapore Stocks Mirror Regional Gains Buoyed by IT Rally; Salt Investments Zooms 33%

Singapore shares surged on Monday, tracking regional sentiment lifted by a rally in technology stocks.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,924.31 and 4,960.14 throughout the day. It ended the session at 4,924.31, up 11.62 points or 0.2% compared to Thursday's close.On the corporate front, shares of Salt Investments (SGX:FQ7) soared over 33% at the close as it signed a placement agreement with Evolve Capital Advisory to raise up to SG$4.8 million.OxPay Financial Services (SGX:TVV) closed over 15% higher as its subsidiary, Oxygen7, secured a financial services license from the Gelephu Financial Services Office of Bhutan.Meanwhile, shares of Emerging Towns & Cities Singapore (SGX:1C0) fell nearly 17% at the close with the property developer forecasting a loss in the first quarter of the year.

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International

Asia Week Ahead: PMI Reports; Central Bank Decisions; and Inflation Prints

For the week ahead in Asia, the economic calendar is packed with S&P Global's monthly purchasing managers' index reports, inflation prints, and central bank decisions across the region.Monday brings a slate of S&P Global manufacturing PMI reports for April, alongside Indonesia's inflation and trade figures.On Tuesday, markets will turn to the Reserve Bank of Australia's interest rate decision, while Thailand and the Philippines release April inflation data.Wednesday features South Korea's April inflation print and New Zealand's first-quarter labor-market report, along with PMI readings from India, China, Hong Kong and Singapore.On Thursday, Malaysia's central bank decision will be in focus, alongside Taiwan's April inflation data and the Philippines' first-quarter GDP report.On Friday, Taiwan's April trade data and Malaysia's March industrial production figures will be due, before China closes out the week with April trade figures on Saturday.Here's what to watch in the week ahead.MONDAY, May 4The week kicked off with a slate of S&P Global purchasing managers' index reports covering manufacturing activity during April.Most economies in the region saw a rise in output despite the ongoing conflict in the Middle East which has pushed oil prices upwards.Malaysia's manufacturing sector expanded at its fastest pace in four years in April, supported by stronger output and a return to growth in new orders.The S&P Global Malaysia Manufacturing Purchasing Managers' Index rose to 51.6 in April from 50.7 in March, marking a second straight month of expansion.Output grew at the fastest pace since December 2021, while new orders increased as firms and clients built safety stocks amid uncertainty linked to the Middle East war.Output activity also expanded in South Korea, India, and Taiwan, according to S&P Global.Meanwhile, Vietnam's manufacturing sector also expanded, albeit at a slower pace.The S&P Global Vietnam Manufacturing PMI slipped to 50.5 in April from 51.2 in March, a seven-month low, signalling a tenth straight month of expansion but only marginal growth.In contrast, Indonesia's manufacturing sector slipped into contraction in April as cost pressures intensified due to material shortages and delays linked to the Middle East conflict.The S&P Global Indonesia Manufacturing Purchasing Managers' Index fell to 49.1 in April from 50.1 in March, dropping below the 50 mark for the first time in nine months.Manufacturing activity similarly slipped in the Philippines as new orders fell sharply and cost pressures intensified.Indonesia released inflation figures, noting a 2.4% year on year rise in prices during April -- slower than the 3.5% recorded a month prior.The island state also booked a trade surplus of $5.55 billion in the first quarter, supported by a strong non-oil and gas balance despite higher import growth, according to official data released by Statistics Indonesia.The Melbourne Institute released its monthly inflation gauge, noting another increase in April, mainly driven by higher recreation-related prices. The monthly cost of living also increased in April, especially for employees and self-funded retirees.TUESDAY, May 5An interest rate decision in Australia will capture headlines on Tuesday.The Reserve Bank of Australia is likely to rate hikes by 25 basis points to 4.35% as persistent inflation pressures and rising fuel costs linked to Middle East supply disruptions keeps the central bank on a hawkish path even as global peers hold steady.Thailand and the Philippines will release inflation data for April.Economists at ING said they expect the Philippines' headline inflation to rise above 5% as the government passes on the impact of higher global oil prices onto consumers. The Philippines' inflation climbed to 4.1% in March.Thailand is similarly expected to see a rise in consumer prices during April. According to a consensus compiled by Trading Economics, headline inflation could clock in at 1.7% on an annual basis, compared with a 0.08% decline in March.First-quarter gross domestic growth data will be due in Indonesia. DBS said it was forecasting 5.6% growth for the quarter thanks to government spending and festive spending during the period, the Wall Street Journal reported.Hong Kong will similarly release its first-quarter advance GDP growth estimate on Tuesday.Meanwhile, March retail sales figures will be expected in Singapore.On the activity front, S&P Global will release PMI reports manufacturing activity in Thailand and services and composite activity in Australia.WEDNESDAY, May 6Another inflation print, this time in South Korea.Economists at ING said they expect consumer prices to rise at a faster pace in April despite attempts by Seoul to rein in the impact of rising oil costs on consumers. A consensus compiled by Trading Economics indicated headline inflation could clock in at 2.6%.In March, South Korea's annual inflation rose to 2.2%, breaching the central bank's 2% target.First-quarter labor data from New Zealand will also be in the news.CommBank expects headline labor-market figures to remain weak, forecasting just 0.1% quarterly employment growth and a rise in unemployment to 5.5%, compared with Trading Economics consensus estimates of 0.3% employment growth and a 5.4% jobless rate for the first quarter."We do not envisage a labor market recovery until 2027, reflective of adverse impacts from geopolitical ructions," CommBank said in a preview.The Philippines will similarly release labor data for March, as well as industrial production figures.ING said it expects unemployment to edge higher. "On the industry side, weak soft construction activity should continue to weigh on growth," ING said.Additional S&P Global PMI reports covering services and composite activity in India and China, as well as overall activity in Hong Kong and Singapore, will be due.A business confidence report will be due in Thailand, while Hong Kong's March retail sales figures will also be on display.THURSDAY, May 7Malaysia's central bank will meet for its interest rate decision, with no change expected in the 2.75% policy rate.RHB Bank said it expects Bank Negara Malaysia to hold rates as growth remains steady and inflation remains in check, the Wall Street Journal reported.Taiwan's April inflation print will be due, with analysts looking for signs on how the Iran war was weighing in on prices. ING said it expects to see inflationary pressure picking up after limited pass through of energy prices in March.Australia will release March trade figures. The country's trade surplus could fall to A$4.45 billion from the A$5.69 billion recorded in the month prior, according to a consensus compiled by Trading Economics.CommBank said it expects the goods trade balance to decline due to rising fuel imports in the wake of the Iran conflict.The Philippines' first-quarter GDP growth figures will be expected. ING said the Philippines' economy could recover to a growth of 4.3% year on year thanks to favorable base effects and some pick-up in government spending.The Philippines' economy grew by 3% last quarter.Another confidence report covering consumer sentiment will be due in Thailand.FRIDAY, May 8Markets will be on the lookout for Taiwan's trade data for April.ING said it expects the island state's trade surplus to rise to $21.6 billion from $21.3 billion in the month prior. "We're looking for another strong month, with 59.3% YoY export growth and 35.5% import growth," ING said in a preview.In Malaysia, March industrial production figures will be due.S&P Global will release PMI reports covering services and composite activity in Japan.SATURDAY, May 9China will release its April trade data on Saturday.The world's second largest economy could record a surplus of $82.4 billion for the month, rising from $51.13 billion in March, according to a consensus compiled by Trading Economics.Analysts at DBS expect a sharp uptick in surplus, with export growth more than doubling to 8.4% from the 2.5% rise seen in March, the WSJ reported.

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Asia

Market Chatter: Southeast Asians Turn to New Crude Oil Suppliers Amid Middle East Crisis

Southeast Asian countries are changing where they buy crude oil, moving away from Gulf suppliers and turning to places like the US, Brunei and Libya, Nikkei Asian Review reported Monday, citing trade data and Kpler shipping figures.The shift comes as disruptions in Middle Eastern supply routes have hit flows through the Strait of Hormuz, pushing import-reliant economies such as Thailand and Vietnam to look for new sources. Thailand's imports from the UAE fell sharply in April, while shipments from Brunei and Libya increased, according to the report.Vietnam has also reworked its supply mix, with lower volumes from traditional suppliers offset by arrivals from countries including Angola, Argentina and the United States. Singapore has similarly cut reliance on Gulf crude, with most of its imports now sourced from the US, the news outlet 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.)

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Asia

ADB Commits $70 Billion Investment in Asia Through 20235 to Boost Energy, Digital Infrastructure

The Asian Development Bank will inject $70 billion through 2035 to expand energy and digital infrastructure across the Asia-Pacific, with a focus on cross-border electricity trade and broader internet access.In the recent report on Monday, ADB President Masato Kanda said stronger regional connectivity will help lower costs and support growth. The bank plans to mobilize $50 billion under its Pan-Asia Power Grid Initiative to link national grids, scale up renewable energy use, and build transmission lines, substations and storage.A further $20 billion will go towards the Asia-Pacific Digital Highway, funding fibre networks, data centres and other digital systems. By 2035, the projects aim to connect 200 million people to power, widen broadband access, and generate jobs across the region, the report said.

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US Markets

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

The Asian Development Bank is committing $70 billion to support new energy and digital infrastructure initiatives across the Asia-Pacific region by 2035.ADB President Masato Kanda announced the pledge on Sunday during the lender's annual meeting in Uzbekistan."Energy and digital access will define the region's future," said Kanda. "These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."The pledge comes as the ADB sharply downgraded its forecast for the APAC region, citing energy disruptions from the ongoing Middle East conflict.On Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7% in 2026 from the previous 5.1% forecast.Inflation for 2026 is projected to accelerate to 5.2% in 2026 from 3% in 2025, before easing to 4.1% in 2027."Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.The bank's new outlook assumes that oil prices average around $96 a barrel in 2026, well above the $69 per barrel average in January and February before the Middle East conflict. The bank expects oil prices to ease to around $80 per barrel in 2027."We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility. ADB will remain an agile partner in protecting the region's economy; tracking fast-moving risks, and moving with urgency to scale up our support," Kanda added.Diesel prices across several Southeast Asian countries have increased by more than 100% since late February, the ADB said in its updated outlook report.The ADB also noted in its Wednesday report that the energy shock is also affecting fertilizer prices, which it said could add to food inflation, particularly for economies most dependent on Middle East imports.Against that backdrop, the ADB is committing $70 billion to build new energy and digital infrastructure in Asia and the Pacific by 2035.The largest investment, worth $50 billion, will be allocated towards cross-border power infrastructure to unlock renewable energy at scale, the ADB said.The project will focus on transmission and grid integration, including cross-border lines, substations, storage, and grid digitalization, according to the lender.By 2035, the bank aims to integrate about 20 gigawatts of renewable energy across borders, connect 22,000 circuit-kilometers of transmission lines, and cut regional power sector emissions by 15%, while improving energy access for around 200 million people.The remaining $20 billion will fund the Asia-Pacific Digital Highway, targeting digital corridors, data infrastructure, and AI-ready economies.The project aims to bring first-time broadband access to 200 million people and cut connectivity costs in remote and landlocked areas by about 40%.The South Korean government will back a new Center for AI Innovation and Development in Seoul with a $20 million contribution. The center will aim to train about 3 million people in digital and AI-related skills by 2035.Separately on Sunday, the ADB also unveiled a Critical Minerals-to-Manufacturing Financing Partnership Facility designed to help the region move beyond mining into higher-value industries such as processing, manufacturing, and recycling.Japan committed $20 million to the grant window, the UK contributed $1.6 million, and the Korea Eximbank and the Korean Trade Insurance Corporation each signed $500 million memorandums as the facility's first partners.

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