📉 Market Turmoil Deepens: Stocks Slide, Tech Cracks, Trump Fires BLS Chief Over Jobs Data

US:DGT:Dow Jones Industrial Average

The Dow Jones Industrial Average sank 542.40 points (-1.23%) to close at 43,588.58, its worst decline since June 13, as fears of economic slowdown spooked investors.

US:S&P 500

The S&P 500 fell 1.6% to 6,238.01, marking its worst day since May 21. Despite hitting a record earlier in the week, it failed to break above 6,400 and closed lower for the fourth straight session.

US:QQQ:Nasdaq Composite

The Nasdaq Composite plummeted 2.24% to 20,650.13, its sharpest one-day drop since April 21, led by weakness in technology stocks.

US:JPM:JPMorgan Chase

Shares of JPMorgan Chase declined over 2% as concerns over a weakening economy sparked fears about declining loan growth.

US:BAC:Bank of America

Bank of America stock slid more than 3% amid broader pressure on financials from slowing economic momentum.

US:WFC:Wells Fargo

Wells Fargo dropped more than 3%, joining peers in the banking sector as macro data stoked fears of a looming downturn.

US:GE:GE Aerospace

GE Aerospace shares dipped nearly 1% in Friday’s sell-off, caught in the broader market weakness affecting industrials.

US:CAT:Caterpillar

Shares of Caterpillar fell close to 2% as investor concerns about global growth impacted cyclical stocks.

US:AMZN:Amazon

Amazon stock plunged over 8% after the company issued light guidance on operating income, disappointing investors despite recent strength.

US:AAPL:Apple

Apple shares slipped 2.5%, contributing to the tech-led decline and the Nasdaq’s worst day in months.

US:CAR:Avis Budget Group

Goldman Sachs downgraded Avis to “Sell” from “Neutral,” citing stretched valuation and limited near-term catalysts. The stock had risen 102% YTD but dropped 15% earlier this week on weak Q2 earnings.

US:GOV:Bureau of Labor Statistics (BLS)

President Donald Trump ordered the firing of BLS Commissioner Erika McEntarfer, accusing her of manipulating jobs data. He criticized July’s report as a “mistake” and blamed her for inaccurate numbers.

US:FED:Federal Reserve

Following the weak jobs report, traders raised odds of a September Fed rate cut to 86%, up sharply from earlier in the week. Trump and the White House pushed the Fed to cut rates to keep the economy growing.

US:MSFT:Microsoft

Despite strong earnings earlier in the week, Microsoft couldn’t lift markets, as broader macro and policy concerns overwhelmed sentiment.

SGX:S27.SI:S&P 500

The S&P 500, tracked via SGX:S27.SI, failed to maintain its momentum above 6,400. Analysts warned the rally may be due for consolidation after a nearly 28% gain since April.

HK:3115.HK:Hangseng Index

Weak sentiment spilled over globally, pressuring the Hangseng Index, as international investors responded to new U.S. tariffs and economic headwinds.

SGX:D05.SI:DBS GROUP

Though not directly impacted in Friday’s U.S. trading, Singapore banks like DBS Group may face headwinds as global growth concerns and Fed rate decisions ripple through global financial markets.

US:BTC:Bitcoin

Bitcoin moved cautiously as risk-off sentiment dominated markets and macro uncertainties increased.

US:UCO:Oil

Oil prices were pressured amid worries of slowing demand due to weakening global economic indicators and increased tariff tensions.

US:COPS:Copper

Copper markets faced downside as economic data suggested softening industrial demand worldwide.

📊 Market Pulse: INNOSCIENCE Soars, NIO Upgraded, Stablecoin Stocks Dive as HK Regs Tighten

HK:02577.HK:INNOSCIENCE

INNOSCIENCE surged as much as 64% midday, reaching a new high since its listing, driven by momentum after its NVIDIA partnership news.

US:NVDA:NVIDIA

NVIDIA remained in focus as its partnership with HK:02577.HK:INNOSCIENCE on 800V DC power architecture continued to fuel investor interest, despite clarification that the collaboration is still in testing phase.

HK:3115.HK:Hangseng Index

The Hangseng Index dropped 45 points at midday to 24,727. Market sentiment remained weak despite gains from select tech names.

HK:09988.HK:BABA-W

BABA-W outperformed during the session, helping support the market amid broader weakness. It was also reported that its former chair was appointed to the HKEX Mainland China Advisory Group.

HK:03690.HK:MEITUAN-W

MEITUAN-W traded positively, contributing to resilience in the tech sector.

HK:09866.HK:NIO-SW

NIO-SW soared 9% midday, with UBS raising its target price slightly to USD5.4, citing stronger sales forecasts.

US:NIO:NIO

UBS’s research adjustment on NIO reflects optimism on its improving sales trajectory and ongoing EV momentum.

HK:00020.HK:BRIGHT SMART, HK:03676.HK:YUNFENG FIN, HK:01788.HK:GUOTAI JUNAN I, HK:00863.HK:OSL GROUP

Shares of BRIGHT SMART, YUNFENG FIN, GUOTAI JUNAN I, and OSL GROUP plummeted 7–15% following the implementation of Hong Kong’s new Stablecoins Ordinance.

HK:0388.HK:HKEX

HKEX announced the appointment of BABA-W’s ex-chair to its Mainland China Advisory Group, continuing its push for stronger cross-border financial alignment.

HK:00001.HK:CKH HOLDINGS, HK:00042.HK:WHARF REIC, HK:0014.HK:HYSAN DEV

HSBC Research reported emerging signs of retail market stabilization in Hong Kong and identified WHARF REIC and HYSAN DEV as top sector picks.

HK:09618.HK:JD-SW

JD-SW is reportedly included in Starbucks China’s potential investment list. The company also emphasized its commitment to resisting irrational subsidies in food delivery competition.

US:SBUX:Starbucks

Starbucks China is reportedly considering investments in HK:09618.HK:JD-SW and HK:0700.HK:TENCENT, reflecting growing alignment with Chinese tech platforms.

HK:0700.HK:TENCENT

TENCENT is reportedly among potential partners for Starbucks China and was also favored in HSBC Research’s online gaming sector update, alongside NetEase and Bilibili.

HK:9999.HK:NTES

NetEase was cited by HSBC Research as a preferred pick in China’s online gaming sector, noting emerging trends and sector momentum.

US:BILI:Bilibili

Bilibili is also part of HSBC’s favored trio in the online gaming space, reflecting confidence in its position among younger digital consumers.

HK:06823.HK:HKT-SS

UBS raised its target price for HKT-SS to HKD13.4 after its interim EBITDA results came in line with expectations.

MO:GGR:Macau Gross Gaming Revenue

Macau’s July GGR rose 19% YoY to MOP22.125 billion, beating forecasts and signaling strong tourism and gaming recovery.

HK:06618.HK:NEW ORIENTAL-S

CMS lowered its target price on NEW ORIENTAL-S to HKD45, maintaining a “Buy” rating despite valuation adjustments.

HK:02883.HK:MGM CHINA

HSBC Research lifted MGM CHINA’s target price to HKD16.7 while keeping its “Buy” rating, citing steady performance in Macau’s recovery.

HK:0388.HK:HKEX

HKEX also appeared in market action as part of a broader discussion on capital market reform and advisory group appointments.

HK:06618.HK:NEW ORIENTAL-S, HK:02382.HK:XIAOMI-W

CMBI expects the rise of AI glasses to benefit the tech supply chain and rated XIAOMI-W and peers as “Buy” amid the trend.

UK:STAN:STANCHART

JPMorgan reiterated its “Overweight” rating on STANCHART, keeping its target price at HKD148, while brokers issued varied post-results opinions.

⚡ AI Power, EV Deliveries & IPO Shakeups: Big Names Shift Gears in Asia

HK:02577.HK:INNOSCIENCE

INNOSCIENCE announced a cooperation deal with US:NVDA:NVIDIA to promote 800V DC power architecture in AI data centers. However, the company later clarified the project is still in testing and no significant orders have been received.

US:NVDA:NVIDIA

NVIDIA is collaborating with HK:02577.HK:INNOSCIENCE on cutting-edge 800V DC power architecture designed to optimize energy efficiency in AI data centers.

HK:09866.HK:NIO-SW

NIO-SW delivered 21,017 vehicles in July, up 2.53% year-on-year. Total deliveries reached 806,731 units as of July 31, a 44.7% increase compared to last year.

US:NIO:NIO

In the U.S. market, NIO reflected the same July delivery gains, reinforcing growth momentum despite broader EV market competition.

HK:00008.HK:PCCW

PCCW aims to boost revenue and profits in 2H25 with new TV programs following a 29% YoY drop in Free TV business revenue and a 48% decline in segment EBITDA.

HK:00388.HK:HKEX

HKEX is amending its IPO clawback mechanism, effective August 4, to improve price discovery and float requirements, following its latest consultation paper.

US:TSLA:Tesla

Tesla reported a continued sales slump for the seventh consecutive month in Sweden, Denmark, and France, signaling ongoing struggles in parts of Europe.

HK:00175.HK:GEELY AUTO

GEELY AUTO posted a 58% YoY surge in total auto sales in July, signaling strong consumer demand and expansion.

HK:00968.HK:XINYI SOLAR

XINYI SOLAR reported a 58.8% decline in interim net profit to RMB746 million. Interim DPS was RMB0.042.

HK:03888.HK:TENCENT

Tencent is reportedly adjusting WeChat withdrawal service fees, now charging a 0.1% fee for amounts exceeding a minimum threshold of RMB0.01.

HK:00008.HK:PCCW

PCCW narrowed its interim net loss to $445 million, with interim DPS flat at $0.0977, despite revenue challenges in media operations.

HK:0083.HK:SINO LAND

SINO LAND announced that Daryl Ng will succeed Robert Ng as the company’s chairman, marking a generational leadership transition.

HK:02015.HK:LI AUTO-W

LI AUTO-W delivered over 30,000 new cars in July, continuing its momentum in the competitive Chinese EV market.

HK:3115.HK:Hangseng Index

The Hangseng Index closed down 265 points, with weakness in pharma and stablecoin stocks. However, HK:09866.HK:NIO-SW surged 8% on strong delivery data.

HK:03868.HK:XINYI ENERGY

XINYI ENERGY posted a 23.4% rise in interim net profit to RMB450 million, with DPS declared at $0.029.

HK:03008.HK:XI2CSOPCOIN

XI2CSOPCOIN, a cryptocurrency-linked ETF, surged 28.7%, leading the top ETF gainers for the day.

HK:00757.HK:ZTO EXPRESS-W

ZTO EXPRESS-W rose over 7% amid increased market turnover and positive investor sentiment.

HK:00142.HK:FIRST PACIFIC

FIRST PACIFIC reached a new share price high as part of broad trading activity gains in the Hong Kong market.

US:JD:JD-SW

CLSA maintained its “Outperform” rating on JD-SW with a target price of US$41, indicating continued confidence in the company’s fundamentals.

HK:09988.HK:BABA-W

BABA-W’s Tongyi Qianwen AI team launched “Qwen3-Coder-Flash”, a new programming model aimed at boosting development productivity.

CN:AMAP:Amap

Amap, a mapping and navigation app, launched its car-hailing service across 24 countries in Europe and Asia, signaling global expansion efforts.

🔥 Market Movers: Xiaomi Surges, HSBC Sees Mixed Views, CATL, AIA, and NIO In Focus Amid Tariff Turmoil

HK:300750.HK:CATL

JPMorgan downgraded CATL to “Neutral” on valuation concerns but raised its target price to HKD415.

HK:300750.HK:CATL

Morgan Stanley predicted an over 80% probability that CATL stock will rise within 30 days, highlighting short-term momentum.

HK:01876.HK:BUD APAC

Nomura noted BUD APAC beat EBITDA margin expectations in Q2, though a broader recovery remains elusive.

HK:01876.HK:BUD APAC

CLSA trimmed BUD APAC’s target price to HKD9.3 while maintaining its “Outperform” rating.

HK:02282.HK:MGM CHINA

Macquarie slightly cut MGM CHINA’s target price to HKD22.1 after Q2 results came in line with forecasts.

HK:0011.HK:HANG SENG BANK

Citi lowered HANG SENG BANK’s target price to HKD131 but kept a “Buy” rating on the stock.

HK:0011.HK:HANG SENG BANK

UBS downgraded HANG SENG BANK to “Sell” and cut its target price to HKD102, citing expectations for a lower full-year dividend.

HK:0005.HK:HSBC HOLDINGS

Citi slightly dropped its target price for HSBC HOLDINGS to HKD105.6, maintaining a “Buy” rating.

HK:0005.HK:HSBC HOLDINGS

HTSC raised HSBC HOLDINGS’ target price to HKD112.25 and reiterated its “Buy” stance.

HK:0992.HK:LENOVO GROUP

Nomura upgraded LENOVO GROUP to “Buy” and set a new target price at HKD14, reflecting optimism over earnings prospects.

HK:2015.HK:XPENG-W

XPENG-W delivered 36,700 smart EVs in July, a new record and a 2.29x increase year-on-year.

HK:1810.HK:XIAOMI-W

Xiaomi Auto, under XIAOMI-W, delivered over 30,000 vehicles in July and plans to open 18 new stores in August, according to CEO Lei Jun.

HK:1299.HK:AIA

UBS projected that AIA would see accelerated quarter-on-quarter growth in value of new business (VNB) in Q2.

HK:09618.HK:JD-SW

Morgan Stanley removed ZTO Express from its focus list and added SUNNY OPTICAL, but JD-SW remains a watched name amid strategy updates.

HK:00688.HK:CHINA RUYI

CHINA RUYI raised around HKD3.9 billion through a share placement at roughly a 4.5% discount.

HK:00386.HK:SINOPEC CORP

SINOPEC CORP shares fell over 3% after it forecasted an interim net profit drop of up to 43.7%.

US:NVDA:NVIDIA

NVIDIA denied recent allegations regarding potential “remote control backdoors” in its products, aiming to assure product security.

US:TRUMP:Donald Trump

President Donald Trump signed an executive order imposing an additional 40% tariff on all transshipped goods suspected of tax evasion. He also announced a 35% tariff on Canadian imports, excluding those under USMCA, and said trade talks with other nations are progressing smoothly.

HK:0001.HK:CKH HOLDINGS

CKH HOLDINGS faces risk in Panama as the local president suggested that public-private partnerships may take over ports if the company’s concession is deemed invalid by the courts.

HK:1398.HK:ICBC

ICBC is in discussions with Goldman Sachs to enhance cross-border cooperation, particularly in RMB settlements and Panda bond issuance.

HK:0001.HK:CKH HOLDINGS

CKH HOLDINGS was also named in relation to the Panama port issue, where the local court ruling could reshape its operations.

HK:0388.HK:HKEX

Morgan Stanley revealed its latest focus list for the Hong Kong market, featuring new names and adjustments amid volatile sentiment.

HK:3115.HK:Hangseng Index

The Hangseng Index opened down 28 points. HK:09866.HK:NIO-SW rose nearly 9%, while HK:00386.HK:SINOPEC CORP trended lower.

HK:09866.HK:NIO-SW

NIO-SW continued its rally, supported by positive comments from CEO William Li that the ONVO L90 model would support profits in Q4 2025.

🌍 Global Shake-Up: JPMorgan Bets on SGX, CLAS Sells in Japan, and Trump Ignites Tariff Storm

SGX:UHMU.SI:United Hampshire US REIT

United Hampshire US REIT acquired Dover Marketplace in Pennsylvania for US$16.4 million, 4.8% below valuation. With a 96.1% occupancy and GIANT Company as anchor tenant, this adds to its income-focused portfolio and is funded from its earlier divestment of Albany Supermarket.

SGX:D8G.SI:Dezign Format

Dezign Format is raising $4.8 million via a Catalist listing by placing 32.5 million shares at $0.20 each. The exhibition and décor specialist reported a FY2024 profit of $5 million and aims to expand into Thailand, Vietnam, and beyond.

SGX:5WF.SI:ISOTeam

ISOTeam acquired the remaining 49% in its interior design arm, Zara @ ISOTeam, for $1. The deal simplifies ownership as the exiting shareholder shifts focus to operational duties.

SGX:HMN.SI:CapitaLand Ascott Trust (CLAS)

CapitaLand Ascott Trust (CLAS) will divest Citadines Central Shinjuku Tokyo for JPY25 billion, at a 100% premium to book value. The move will reduce Japan’s gross profit contribution to 16% and cut leverage to 37.8%, enhancing flexibility for reinvestments.

SGX:HMN.SI:CapitaLand Ascott Trust (CLAS)

Post-divestment, CLAS plans to reinvest into high-yielding properties or repay expensive debt, while maintaining exposure to the Japanese living sector through other assets in Tokyo.

US:JPM:JPMorgan Asset Management

JPMorgan Asset Management will channel a portion of MAS’s $1.1 billion EQDP fund into Asian equities, with a strong focus on Singapore small- and mid-cap stocks. The new high-income fund will be managed by Pauline Ng and Ong Chang Qi.

SGX:C31.SI:CapitaLand Investment

CapitaLand Investment’s unit CJKK will provide acquisition and investment management services to the buyer of CLAS’s Tokyo property, ML Estate, and has been granted preferential negotiation rights under an exclusivity agreement.

US:TRUMP:Donald Trump

President Trump imposed sweeping new tariffs: 35% on Canadian goods (up from 25%) and 15–50% globally for countries lacking bilateral agreements. Copper was spared the steepest tariffs, shocking commodity markets.

US:COPS:Copper

Copper prices sank after Trump announced exemptions for commonly traded copper forms from the harshest 50% tariff, creating turmoil in metals markets.

HK:03690.HK:MEITUAN

Meituan pledged to curb irrational price competition in China’s food delivery market after pressure from regulators, focusing instead on merchant protection and sustainable practices.

HK:09988.HK:BABA-W

Alibaba’s food delivery arm, Ele.me, joined peers in vowing to end excessive discounting. The company emphasized fair merchant treatment amid price war backlash.

HK:09618.HK:JD-SW

JD.com promised to resist “malicious” subsidies in food delivery after fueling recent pricing wars. The company helped reshape the competitive landscape through aggressive expansion.

SGX:S51.SI:Seatrium

Seatrium settled Brazil’s Operation Car Wash with a US$241.7 million fine. Despite this, the company posted a 301% surge in earnings to $144 million for 1HFY2025. Shares fell 5.42% as earnings missed expectations.

SGX:S51.SI:Seatrium

Citi reiterated a “Buy” rating for Seatrium, maintaining a target price of $2.65, while lowering FY2026–2027 revenue forecasts due to lack of new order wins. Its $18.6 billion order book provides earnings visibility, but investor sentiment hinges on new contracts.

💥 CapitaLand’s Strategic Shift and Trump’s NATO Gamble Redraw Global Investment and Defence Maps

SGX:9CI.SI:CapitaLand Investment (CLI)

CapitaLand Investment (CLI) is evolving from a traditional real estate player into a global real asset manager, prompting analysts to shift valuation methods from NAV-based to earnings-based metrics. Group CFO Paul Tham said the transition towards fee-based income makes price-to-earnings a more relevant valuation model.

JP Morgan valued CLI at $3.35 using a sum-of-the-parts (SOTP) method, incorporating its asset management, lodging, REITs, unlisted funds, and direct investment portfolios. PhillipCapital set its valuation higher at $3.65. CLI’s FY2024 assets included $4.3 billion in balance sheet assets, $5.3 billion in private funds, and $8.3 billion in listed funds.

To expand its fee-related earnings (FRE), CLI acquired 40% of SC Capital Partners Group and Wingate Group Holdings. Its FUM reached $117 billion by 1Q2025, with a long-term target of $200 billion and a $1 billion operating PATMI by 2028–2030.

CLI’s lodging business under Ascott aims to increase FRE from $343 million in FY2024 to $500 million by 2028. CLI also plans to list a seventh REIT, CapitaLand Commercial C-REIT, in Shanghai, adding to its current six: CICT, CLAS, CLAR, CLCT, CapitaLand India Trust, and CapitaLand Malaysia Trust.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust (CICT)

CICT may acquire the remaining 55% stake in CapitaSpring from CapitaLand Development and Mitsubishi Estate Co. Other potential acquisitions include Clementi Mall and Jewel Changi Airport, jointly held by CapitaLand-linked entities.

SGX:A17U.SI:CapitaLand Ascott Trust (CLAS)

CLAS earns performance fees based on a percentage of gross profit with a hurdle rate. It remains a significant source of FRE for CLI.

SGX:A17U.SI:CapitaLand Ascendas REIT (CLAR)

CLAR has agreed to acquire 9 Tai Seng Drive and 5 Science Park Drive for $700.2 million from CapitaLand Development. Shopee occupies one of these properties. CLAR also holds a 34% stake in 1 Science Park Drive and has first right of refusal on the rest.

US:RTX:RTX Corp

Amid escalating geopolitical tensions, RTX’s US-made Patriot missile system faces competition from European alternatives. Denmark is considering switching to a European-built system, reflecting growing distrust of the US following Trump’s NATO threats.

US:LMT:Lockheed Martin

Lockheed Martin’s F-35 program is under review by Canada. Prime Minister Mark Carney’s government is re-evaluating its US$13 billion deal for 88 jets in light of Trump’s tariff threats and preference for domestic procurement.

US:GD:General Dynamics Corp

Poland has added South Korea’s K2 tanks to its arsenal, diversifying from General Dynamics’ M1A2 Abrams, underscoring Europe’s effort to reduce reliance on US arms.

KR:KRX:Hyundai Rotem Co

Hyundai Rotem secured a US$6 billion deal with Poland for K2 tanks, marking South Korea’s increasing presence in global defence exports, especially in NATO-aligned markets.

EU:European Defence Firms (General)

Shares in European defence firms surged, with Germany’s Rheinmetall up 177% in 2025. The continent’s arms industry is gaining traction amid supply issues in the US and political fallout from Trump’s “buy American” push.

US:TRUMP:Donald Trump

Trump’s aggressive demands on NATO and sweeping tariffs have triggered a shift among European allies toward boosting domestic defence manufacturing. His stance has not only strained alliances but inadvertently catalysed investment into a rival European defence industry.

US:BA:Boeing Co

Echoing trends in aviation, Europe’s growing appetite for homegrown arms is reminiscent of Airbus challenging Boeing’s dominance. A similar realignment may be underway in defence manufacturing.

US:AIRBUS:Airbus

Airbus is viewed as a model for Europe’s growing ambition in defence, aiming to emulate its commercial aircraft success in military procurement against entrenched US players.

EU:European NATO Allies (Collective)

European NATO members agreed to increase defence spending to 3.5% of GDP by 2035. While fulfilling Trump’s demands, many nations are channelling those funds toward local defence firms rather than American suppliers.

EU:DENMARK:Denmark Government

Denmark, once a loyal US defence customer, may choose a European missile system over RTX’s Patriot in response to Trump’s Greenland remarks and shifting defence priorities.

CA:Canada Government

Canada may cancel its F-35 deal with Lockheed Martin, citing Trump’s aggressive tariffs and demands. Defence Minister Mark Carney emphasized retaining capital within Canada’s own defence sector.

🔥 Rising Profits, Golden Demand, and Sliding Margins: Asia’s Market Pulse This Week

SGX:5JS.SI:Indofood Agri Resources

Indofood Agri Resources reported a 13.4% rise in H1 net profit to 337.8 billion rupiah (S$26.6 million), driven by higher domestic crude palm oil prices and Indonesia’s biodiesel mandate. Revenue rose 33.2% to 9.4 trillion rupiah, with strong contributions from its plantation and edible oil and fats segments. While plantation operating profit climbed 39%, edible oil profits fell 10% due to rising input costs. No interim dividend was declared. The group expects subdued global demand ahead but will expand its Tanjong Priok refinery to boost refining capacity by 2025.

SGX:GOLD.SI:Gold Investment in Singapore (via World Gold Council data)

Singaporeans bought 2.2 tonnes of gold bars and coins in Q2 2025, up 37% year-on-year but below Q1’s record 2.5 tonnes. Jewellery demand dropped 8% to 1.5 tonnes due to record prices. Globally, total bar and coin demand rose 11% to 306.8 tonnes, led by Chinese and Indian investors. ETFs saw strong inflows of 170.5 tonnes, while central bank buying dipped 21%. Despite high prices (US$3,280.4/oz), total demand climbed 3% year-on-year to 1,248.8 tonnes.

SGX:O39.SI:OCBC

OCBC’s Q2 net profit declined 7% year-on-year to S$1.82 billion, hit by falling net interest income and narrowing net interest margin (NIM), which dropped to 1.92% from 2.2%. It now guides FY2025 NIM to 1.9%–1.95%. The bank declared an interim dividend of S$0.41 per share, down from S$0.44. Non-interest income rose 5% to S$1.26 billion, led by strong fee and trading income, offsetting weaker insurance results. Despite lower profit, OCBC maintained its guidance for mid-single-digit loan growth and capital returns through a S$2.5 billion buyback plan.

Thank you