Market View: Grab reportedly planning biggest round of layoffs since pandemic; PBOC’s lower-than-expected rate cut; Chinese Yuan and Japanese Yen weakness; Fed Chair Jerome Powell’s testimony

Your Way Home with Hongbin Jeong · Jun 20, 2023 · 9m

Singapore shares opened lower today, after European markets ended lower as investors waited for further cues on the US Federal Reserve’s monetary policy outlook. In early trade, the Straits Times Index (STI) was down 0.2 per cent to 3,233.65 points after 27.2 million securities changed hands in the broader market. In terms of companies to watch, we have OCBC increasing its stake in its insurance subsidiary Great Eastern from 87.9 per cent to 88.4 per cent. Meanwhile, investors continue to keep their eyes on a number of developments ranging from Singapore’s Grab planning the biggest round of…