SG Morning Highlights: Singaporeans most worried about finances in SEA amid rising costs: UOB study

Advancers / Decliners is 111 to 24, with 61.35 million securities worth S$76.39 million changing hands.

Hong Kong fintech company WeLab and Indonesian conglomerate Astra International, controlled by Jardine Matheson, have completed their acquisition of Indonesian commercial bank Bank Jasa Jakarta (BJJ), with plans to transform it into a digital bank. The deal was worth US$510 million, the South China Morning Post reported.

WeLab led a consortium through WeLab Sky, together with Astra subsidiary PT Sedaya Multi Investama, or Astra Financial. The consortium is backed by existing and new investors including Allianz X, Boyu Capital, Horizons Ventures, SCBX Group and TFB (Taipei Fubon Bank) Capital, according to a WeLab statement.

WeLab and Astra each hold 49.56 per cent of BJJ following the completion of the transaction. WeLab had already bought 24 per cent of BJJ in December 2021.

Investors bracing for another jumbo Federal Reserve interest-rate hike are focused on a few key trades: betting on deeper inversion in the US yield curve, further losses in stocks and a stronger dollar.

Short-term Treasury rates have exceeded yields on longer maturities for months, in a time-tested harbinger of an economic downturn ahead. The MLIV Pulse survey, which drew 737 responses, showed that the bulk of contributors expect further inversion. Some see it reaching levels last seen in the early 1980s when Paul Volcker ratcheted up borrowing costs to break the back of hyperinflation.

That outlook underscores the bearish sentiment building amid concern the central bank risks stifling growth in its fight against inflation. Most economists expect a third straight increase of 75 basis points on Wednesday (Sep 21), with further tightening to come. The majority of the MLIV survey's contributors say it's best to bet on dollar gains, and 44 per cent prefer to sell stocks.

Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.

Brent crude futures rose 60 cents, or 0.7 per cent, to US$91.95 a barrel by 0330 GMT after settling up 0.5 per cent on Friday.

US West Texas Intermediate crude was at US$85.50 a barrel, up 39 cents, or 0.5 per cent.

E-commerce platform Shopee is axing more employees as its parent company Sea strains under the pressure to turn profitable amid volatile market conditions.

Singapore-based staff were informed by management on Monday (Sep 19) morning that further cuts will be made to teams, including human resources, regional operations, marketing, and product and engineering.

Singaporeans have the most finance-related worries in the South-east Asian region, amid expectations of rising household expenses and higher inflation, UOB said.

UED Alpha, a wholly-owned subsidiary of Yanlord's United Engineers Limited, submitted the tender with Forsea Residence and Soilbuild Group Holdings.

The parties plan to build a residential development of about 470 units on the 144,714 square feet (sq ft) site, located within the new Lentor Hills estate. The site has a maximum permissible gross floor area of about 434,140 sq ft.