Market Snapshot

Singapore stocks opened lower on Thursday. STI down 1%; YZJ Shipbldg down 4.3%; Seatrium, UOB down over 2%; DBS Group, OCBC Bank down about 1%.

US President Donald Trump said on Wednesday (Apr 2) that he would impose a 10 per cent baseline tariff on all imports to the US and higher duties on dozens of other countries, including some of the United States’ biggest trading partners, deepening a trade war that he kicked off on his return to the White House.

Stocks to Watch

The following companies saw new developments that may affect trading of its securities on Thursday (Apr 3):

OCBC: The lender said on Thursday that it priced 500 million euros (S$733.8 million) in fixed-rate covered bonds due 2028. The covered bonds, which are part of the lender’s US$10 billion global covered bond programme, will bear a fixed interest rate of 2.481 per cent per annum, payable annually in arrear. Shares of OCBC closed on Wednesday up 0.06 per cent or S$0.01 at S$17.22.

Stoneweg European Real Estate Investment Trust (Stoneweg E-Reit): The manager said on Thursday the proposed conversion of Stoneweg E-Reit into a stapled group comprising Stoneweg European Reit and Stoneweg European Business Trust. It will improve the Reit’s corporate structure for better tax efficiency and reduce reliance on passive income, making the stapled entity more resilient to market cycles, the manager said. The counter closed Wednesday 2 per cent or 0.03 euro higher at 1.54 euros.

Trading halt: South-east Asian iron ore mining company Southern Alliance Mining called for a trading halt on Thursday morning, pending the release of an announcement. Its shares closed flat on Wednesday at S$0.435.

SG Local News

New US Tariffs Likely to Hurt Firms in Singapore

Nearly half of companies in Singapore (45 per cent) plan to pass on the increased costs from the new US tariffs to their customers, a flash survey by the American Chamber of Commerce (AmCham) in Singapore has found.

Other firms intend to respond by diversifying their supply chains to reduce their reliance on high-tariff markets, or seizing opportunities to gain market share from competitors who are slower to adapt, AmCham Singapore said on Wednesday (Apr 2).

More than two-thirds of the 36 respondents polled flagged potential reciprocal tariffs on countries taxing US imports as the most significant concern for their business – over existing trade measures.

Singapore PMI Slips to 50.6 in March

Factory activity in Singapore grew more slowly in March, amid rising global trade tensions and tariff uncertainties.

The Purchasing Managers’ Index (PMI) declined to 50.6, down 0.1 point from February, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Wednesday (Apr 2).

Still, this was the 19th straight month of expansion. A reading above 50 indicates expansion, and one below 50, decline.