Commentary

Singapore’s expanded S$6.5 billion Equity Market Development Programme is bringing institutional capital, research attention and liquidity to local equities. Its lasting impact, however, depends on whether companies improve governance, capital allocation and earnings quality.

The Federal Reserve left rates unchanged, but three officials wanted an increase. That unusually hawkish split makes the pause more conditional than the headline suggests.

The Fed held rates at 3.50%–3.75%, but a 9–3 vote revealed a sharper hawkish divide. Here are five takeaways for inflation, markets, borrowers and the September decision.

China is still growing, but exports and advanced manufacturing are doing more of the work as consumption, property and private investment struggle.

The Fed is expected to hold rates steady, but a live risk of a hike and a potentially hawkish message make the July decision unusually consequential.

This reporting season, the key question is not simply whether profits beat forecasts. It is whether record technology investment can produce enough growth and cash to justify its rising cost.

U.S. durable-goods orders rose only modestly in June, but a 3.1% jump in computers and electronics shows business technology investment is still doing much of the lifting.

An earnings beat or miss rarely tells the whole story. Revenue quality, margins, cash flow, guidance and valuation reveal whether a business is actually becoming stronger.

The Federal Reserve begins its July meeting with inflation elevated, investment strong and household consumption subdued—a combination that makes the economic averages unusually difficult to read.

Microsoft, Alphabet, Amazon and Meta are investing unprecedented sums in AI infrastructure. Demand is strong, but depreciation, utilisation and free cash flow will determine whether the economics work.