Economy
Singapore Bank Selloff Tests Safe Haven Status Amid Earnings Concerns
Livemint2h
THE BRIEF
1
A selloff driven by earnings downgrade fears has caused the Straits Times Index to slide 6.6% from its peak, testing Singapore's safe haven status.
2
DBS, OCBC, and United Overseas Bank shed a combined $22.4 billion in market value last week, accounting for over half of the benchmark index.
3
JPMorgan warned that rising long bond yields will cause mark-to-market losses on bank trading books, while Citigroup downgraded OCBC and reiterated a sell on UOB.