Latest news with #IanChong
Globe and Mail
14 hours ago
- Business
- Globe and Mail
TSX hits new record high as investors shrug off Middle East concerns
Canada's main stock index hit a new all-time high on Monday, led by gains in information technology stocks, with investors shaking off concerns around escalating Middle East tensions and instead focusing on the Group of Seven summit. The S&P/TSX composite index was up 0.6% at 26,670.69 points. The commodity-heavy benchmark index fell 0.4% on Friday after a record setting run last week, buoyed by rising commodity prices, lower-than-expected U.S. inflation data and optimism around the U.S.-China trade deal. Focus is on the G7 meeting in Canada, where a draft statement said seven countries' leaders will work to safeguard market stability, including energy markets. The discussions are also expected to center on advancing trade deals, with investors closely watching prospects of Canada moving closer to a trade agreement with the U.S. Meanwhile, geopolitical tensions continued to dominate headlines as the conflict between Israel and Iran showed no signs of cooling, but oil prices edged lower after a 7% surge on Friday. 'Investors are starting to price in that the conflict in the Middle East will be contained,' said Ian Chong, portfolio manager at First Avenue Investment Counsel. This week's Fed monetary policy decision presents the next major challenge for markets. While the U.S. central bank is widely expected to keep interest rates unchanged on Wednesday, investors will watch for hints about potential rate cuts in the coming months. 'Fed will probably be on hold, especially with the Middle Eastern tension potentially driving oil prices higher, which is inflationary and I don't think the rhetoric will necessarily change coming out of the Fed,' Chong added. On the TSX, information and technology sector was the top performer, up 1.4%, as the shares rebounded from Friday's sharp losses. Consumer discretionary and the heavy-weight financials also gained ground, advancing over 1% each. On the downside, the energy sector fell the most, down 1.3%, tracking oil prices. Metal mining shares were also trading 0.5% lower as gold prices also slipped after hitting nearly an eight-week high. At 10:48 a.m. the Dow Jones Industrial Average was 1.17% higher, the S&P 500 gained 1.16% and the Nasdaq Composite was also up 1.51%. U.S. Treasury yields fell after the report of Iran's outreach to Israel, with the 10-year notes yielding 0.9 basis points to 4.415%, from 4.424% late on Friday. MSCI's gauge of stocks across the globe marched 1.09% higher after the U.S. open. Reuters, Globe staff
Business Recorder
15 hours ago
- Business
- Business Recorder
TSX hits new record high as investors shrug off Middle East concerns
Canada's main stock index hit a new all-time high on Monday, led by gains in information technology stocks, with investors shaking off concerns around escalating Middle East tensions and instead focusing on the Group of Seven summit. The S&P/TSX composite index was up 0.6% at 26,670.69 points. The commodity-heavy benchmark index fell 0.4% on Friday after a record setting run last week, buoyed by rising commodity prices, lower-than-expected U.S. inflation data and optimism around the U.S.-China trade deal. Focus is on the G7 meeting in Canada, where a draft statement said seven countries' leaders will work to safeguard market stability, including energy markets. The discussions are also expected to center on advancing trade deals, with investors closely watching prospects of Canada moving closer to a trade agreement with the U.S. Meanwhile, geopolitical tensions continued to dominate headlines as the conflict between Israel and Iran showed no signs of cooling, but oil prices edged lower after a 7% surge on Friday. 'Investors are starting to price in that the conflict in the Middle East will be contained,' said Ian Chong, portfolio manager at First Avenue Investment Counsel. This week's Fed monetary policy decision presents the next major challenge for markets. While the U.S. central bank is widely expected to keep interest rates unchanged on Wednesday, investors will watch for hints about potential rate cuts in the coming months. 'Fed will probably be on hold, especially with the Middle Eastern tension potentially driving oil prices higher, which is inflationary and I don't think the rhetoric will necessarily change coming out of the Fed,' Chong added. On TSX, information and technology sector was the top performer, up 1.4%, as the shares rebounded from Friday's sharp losses. Consumer discretionary and the heavy-weight financials also gained ground, advancing over 1% each. On the downside, the energy sector fell the most, down 1.3%, tracking oil prices. Metal mining shares were also trading 0.5% lower as gold prices also slipped after hitting nearly an eight-week high.
BBC News
03-05-2025
- Business
- BBC News
Fears of global instability drive Singapore voters into ruling People's Action Party's arms
Singapore's ruling People's Action Party (PAP) has won by a landslide in an election dominated by concerns over the cost of living and the country's future economic by Prime Minister Lawrence Wong in his first election since he became party leader last year, the PAP clinched 65.6% of the vote and an overwhelming majority of the 97 seats in went to the polls on Saturday worrying about inflation, wage stagnation and job result will be widely seen as a flight to safety to the PAP amid fears of global turbulence. "Singapore feels particularly vulnerable given its economy's size and exposure to international forces… Also we are notoriously risk-averse voters," said Ian Chong, an associate professor in political science at the National University of Singapore (NUS).The main opposition, the centre-left Workers' Party (WP), failed to capture more seats but continued to hold on to its 10 seats in centre-right PAP has governed Singapore continuously since 1959, making it one of the longest-ruling political parties in the has enjoyed strong support from Singaporeans, particularly from older generations that have seen the country flourish under PAP while elections have been free from fraud and irregularities, critics also say the party maintains an unfair advantage through gerrymandering and a tightly controlled the last three polls prior to Saturday's result, the PAP saw two of its lowest-ever vote shares, while the WP made increasing inroads in Saturday's result saw the PAP return to form, as voters gave Wong a strong mandate. With its open globalised economy, Singapore saw inflation surge in the last few years. The government has attributed this to external factors such as the Ukraine and Gaza wars and supply chain disruptions. Critics however say a controversial goods and services tax hike exacerbated the US-China trade war under way and a 10% US tariff looming, authorities and experts have warned of even more shocks to the economy and possibly a technical this backdrop, the PAP campaigned on a message of repeatedly promised that his team would "steer Singapore through the storm", while warning that if more opposition MPs were elected, he would lose capable ministers at a time when good governance was most was a message that resounded with many voters. One PAP supporter, a start-up owner who only wanted to be known as Amanda, told the BBC that her business has been affected with clients pausing some projects due to the economic climate."The headwinds are not great, there's a lot of uncertainty… I want a party with experience [running the government]," she the PAP saw a series of scandals in recent years, including one involving a cabinet minister, this was hardly a talking point during the election period. Analysts said it was further from people's minds given more immediate concerns about the economy. Some see the result as a sign of confidence in Wong, who led Singapore's Covid taskforce and became a familiar face as he regularly addressed the public during the pandemic."He's shown that he is capable, with the Covid taskforce giving him credence. He was the guiding hand on that rudder… and he projects that stability for future global financial uncertainties," said Rebecca Tan, a political science lecturer with is the first PAP prime minister to have improved the party's vote share in his first election. Previous PMs saw dips in the polls in what analysts used to call the "new PM" effect", or a reflection of voters' uncertainty in a new PAP's strong result was also partly due to a fragmented opposition, with 10 parties going up against them. With few exceptions, most performed Kay Key, a research fellow at the think tank Institute of Policy Studies, said that despite recent elections showing there was a desire for political diversity, the latest result "shows that people are happy with the number of opposition MPs" for she added, Singaporeans also "seem to be more selective" now when it comes to casting votes for the opposition, pointing to the WP's WP had campaigned on a platform of lowering the cost of living and strengthening the safety net. While it failed to win more seats, it also saw increased vote shares in the constituencies it retained and close fights with the PAP in others, cementing its status as the country's strongest opposition turned in a robust performance despite recent controversial cases involving a former Workers' Party MP and WP leader Pritam Singh, who were both found guilty of lying to parliament. Many in the WP's support base believe the case, against Singh especially, was politically supporters shortly after the results for his constituency were declared, Singh acknowledged that "it was always going to be a difficult election".But he added: "The slate is wiped clean, we start work again tomorrow, and we go again."
