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Singapore Shares Close Higher Despite AI Concerns Linger

Singapore shares closed in the green on Friday despite broader regional losses as investors remained skeptical over potential returns from the spending on AI stocks.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,539.54 and 5,588.34 throughout the day. It ended the session at 5,588.34, up 6.58 points or 0.1% compared to Thursday's close.On the corporate front, shares of Centurion (SGX:OU8) were down nearly 2% at the close as its subsidiary, Westlite Juniper (Mandai), accepted an offer from JTC Corp. to extend the tenancy of premises at 1A Tuas Avenue 2 Dormitory in Singapore.ESR REIT (SGX:J91U) agreed to acquire a 100% stake in a freehold logistics property located in Melbourne, Australia, for AU$52.5 million.Meanwhile, HG Metal Manufacturing (SGX:BTG), along with unnamed joint venture partners, submitted a tender called by Singapore's National Environment Agency for the development and operation of a metal recovery facility.

^STISGX:BTGSGX:J91USGX:OU8

Research22d ago

Tisco Securities Upgrades Star Petroleum Refining to Buy from Hold; Price Target is THB12.50

Star Petroleum Refining (BKK:SPRC) has an average rating of buy and mean price target of 9.63 baht, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

BKK:SPRC

Research22d ago

BMO Capital Upgrades Dover to Outperform From Market Perform, Adjusts PT to $240 From $255

Dover (DOV) has an average rating of overweight and mean price target of $253.25, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$DOV

Research22d ago

Morgan Stanley Upgrades Progressive to Equalweight From Underweight, Adjusts PT to $210 From $190

Progressive (PGR) has an average rating of hold and mean price target of $235.38, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PGR

Research22d ago

Macquarie Upgrades Sands China to Outperform from Neutral; Price Target is HK$15

Sands China (HKG:1928) has an average rating of buy and mean price target of HK$19.32, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

HKG:1928

Research22d ago

HSBC Downgrades Great Wall Motor to Hold from Buy; Price Target is HK$9.30

Great Wall Motor (HKG:2333, SHA:601633) has an average rating of overweight and mean price target of HK$13.74, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

HKG:2333SHA:601633

Equities22d ago

Red Rock Resources JV Partner Secures Contract for Wall Panel Factory in DR Congo

Red Rock Resources' (RRR.L) joint venture partner Koto DRC signed a contract with the Democratic Republic of Congo's Ministry of Rural Development to establish a wall panel manufacturing plant in the province of Kinshasa.The UK-listed natural resource exploration and development company's partner will receive an initial payment of $7.2 million under the contract, which covers a further two factories, according to a Friday release.

$RRR.L

Research22d ago

JPMorgan Downgrades Rollins to Neutral From Overweight, Adjusts Price Target to $45 From $70

Rollins (ROL) has an average rating of overweight and mean price target of $46.75, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$ROL

Asia22d ago

Siemens, HD Hyundai Expand Strategic Partnership on Digital Shipyard

Siemens (SIE.F) said that it has signed a low-triple-digit million-dollar deal with HD Hyundai (KRX:267250), expanding its strategic partnership through a digital shipyard initiative, according to a Friday release.Under the agreement, HD Hyundai will integrate the German technology group's Xcelerator industrial software and automation portfolio, linking ship engineering, manufacturing, suppliers, and shipyard operations.The partnership will also support the US-Korea Shipbuilding Technology Cooperation Center in Washington, DC, US, focused on shipyard modernization, workforce development, and maritime competitiveness.

KRX:267250$SIE.F

Research22d ago

UBS Upgrades China Reinsurance Group to Buy from Neutral; Price Target is HK$1.75

HKG:1508

Research22d ago

UBS Downgrades Topsports International Holdings to Neutral from Buy; Price Target is HK$1.37

Topsports International Holdings (HKG:6110) has an average rating of overweight and mean price target of HK$2.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

HKG:6110

Research22d ago

Macquarie Upgrades Sega Sammy Holdings to Outperform from Neutral; Price Target is 3,000 Yen

Sega Sammy (TYO:6460) has an average rating of buy and mean price target of 2,953.57 yen, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

TYO:6460

Asia22d ago

Celltrion Submits EMA Marketing Authorization Application for Cosentyx Biosimilar CT-P55

Celltrion (KRX:068270) has submitted a marketing authorization application to the European Medicines Agency and European Commission for CT-P55, a biosimilar to Cosentyx (secukinumab), according to a bourse filing on Friday.The company seeks approval for adult plaque psoriasis, psoriatic arthritis, hidradenitis suppurativa, and axial spondyloarthritis, plus pediatric plaque psoriasis and juvenile idiopathic arthritis subtypes.The application is based on a Phase 1 trial in 172 healthy subjects that demonstrated pharmacokinetic equivalence to Cosentyx, with similar safety profiles and low immunogenicity across both groups.The company cautions that submitting an application does not guarantee final approval, and regulatory reviews may yield unexpected outcomes or lead to changes in commercialization plans.This MAA follows prior EMA submissions and approvals for the drug's clinical trial applications between 2023 and 2026.

KRX:068270

Asia22d ago

World Bank Confirms Plan to Phase Out Lending to China

The World Bank confirmed a plan to phase out lending to China by 2031, according to the organization's new country partnership framework published Friday.The move, first reported in early July, will limit fresh financing to $2 billion over the remaining period.The World Bank said its relationship with China has shifted to "more selective engagement built on knowledge, innovation and mutual learning" from a financing-driven one.

Shanghai Composite^SZSE

Asia22d ago

Celltrion Submits Dual-Part EMA Application for Subcutaneous Rheumatoid Arthritis Drug

Celltrion (KRX:068270) has submitted applications for its subcutaneous rheumatoid arthritis drug CT-P13 SC (Zymfentra) to both the U.S. FDA (IND) and the European Medicines Agency (CTA Parts 1 and 2).The company seeks to demonstrate superiority over placebo at 12 weeks in a 296-patient, 52-week global Phase 3 trial, according to a bourse filing on Friday.The subcutaneous formulation, already approved for ulcerative colitis and Crohn's disease in multiple regions, aims to expand its indications and improve patient convenience through a broader treatment population.The company cautions that historically only about 10% of clinical trial drugs ultimately receive marketing approval, and results may fall short of expectations.While both filings share the same clinical design and commercial rationale, the EMA submission explicitly addresses the EU's revised Clinical Trials Regulation requiring separate Part 1 (methodology) and Part 2 (site operations) approvals.Both submissions support commercial differentiation through patient diversity, though investors are urged to carefully review all periodic risk disclosures before making investment decisions.

KRX:068270

Commodities22d ago

Equinor Makes Oil Discovery in Barents Sea

Equinor (EQNR), along with its partners, has made a new oil discovery in the Skrugard North Tubaen, located in the Barents Sea, according to the Norwegian Offshore Directorate.The discovery is pegged at between 1.2 million and 1.7 million standard cubic meters of recoverable oil equivalent, or between 7.6 million and 10.5 million barrels of oil equivalent, according to preliminary estimates.The discovery was made about 6 kilometers (3.73 miles) north of the Johan Castberg field, around 240 kilometers northwest of Hammerfest, Norway. The license partners are assessing whether the discovery can be tied back to the Johan Castberg production hub to maximize its efficiencies through pre-existing infrastructure.The discovery marks the 17th exploration well drilled under production license 532, awarded during Norway's 20th licensing round in 2009.The license is operated by Equinor in partnership with Var Energie and and Petoro, while the well was drilled by the Transocean Enabler rig.

$EQNR

Commodities22d ago

Cathay Pacific to Raise Fuel Surcharge as Middle East Conflict Pushes Up Jet Fuel Cost

Asian airline Cathay Pacific will increase fuel surcharges from Aug. 1 to mitigate its the higher price of jet fuel linked to conflict in the Middle East, it said in a statement on Friday.It said the surcharge would be lower than one applied in April and that it would continue to be reviewed and revised every two weeks. It said the surcharge is included in the quoted price of all Cathay Pacific tickets on "all our direct channels"."Following a period of decreasing jet fuel prices since the previous April peak, prices of jet fuel have recently increased due to the escalation of tensions in the Middle East," it said.The surcharge varies based on where a flight begins and ranges from about $43 for flights within Asia to about $143 for long-haul flights to Europe and North America.

US Markets22d ago

Eurozone Flash PMI Hits Five-month High in July as New Orders Rebound

A renewed increase in new orders helped the euro area's private sector activity modestly grow for the first time in four months in July, according to flash data from S&P Global published Friday.The seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index rose to a five-month high of 51.9 from the previous month's 50, driven by the uptick in new orders, which climbed for the first time in five months and at their fastest pace since April 2023. The preliminary reading comes in above the consensus estimate of 50.3.The services PMI also hit a five-month high of 51.6, against June's 49.4 and the market forecast of 49.8, reflecting a resurgence in business activity. Meanwhile, the manufacturing PMI edged up to a three-month high of 52, higher than the previous reading of 51.4 and the expected 51.5, amid the sharpest rise in factory output since March 2022.Regarding the eurozone's two largest economies, Germany returned to growth for the first time in four months, while France's output decline eased. As a whole, the rest of the euro area delivered the fastest growth in eight months.Business expectations for the year ahead further improved from April's low point to reach a five-month high, though optimism remains weaker than levels seen before the conflict in the Middle East."However, whether all this good news can be sustained in the coming months largely depends on the situation in the Middle East. With oil prices on the rise again in recent days and shipping worries escalating, there's a danger that the economy could relapse if inflationary pressures intensify again and supply disruptions, notably for energy, derail this nascent upturn," S&P Global Market Intelligence Chief Business Economist Chris Williamson said.

^SXXP

Asia22d ago

Xiamen Solex High-Tech Industries to Invest $97 Million in Additional Capital

Xiamen Solex High-Tech Industries (SHA:603992) will invest an additional $97 million in its Solex Technology (Vietnam) subsidiary, according to a Friday disclosure to the Shanghai bourse.The Vietnamese subsidiary's capital will rise to $177 million from $80 million.Solex Technology (Vietnam) produces kitchen and bathroom products.

SHA:603992

Asia22d ago

HCL Technologies Signs MoU With Odisha Government, Sarvam for AI Data Center

HCL Technologies (NSE:HCLTECH, BOM:532281) has signed a memorandum of understanding with the Government of Odisha and Sarvam to establish an AI data center at the upcoming Odisha Sovereign AI Park.The project involves a planned capital outlay of 142.57 billion Indian rupees, including financial assistance from the Odisha government, according to a Friday filing on Indian bourses. The facility will mark HCLTech's first AI data center.Shares of the company rose nearly 2% in recent trade.

BOM:532281NSE:HCLTECH

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