Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Wall Street Futures Slip as Oracle Earnings Miss Reignites AI Spending Concerns 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Singapore's central bank, the Monetary Authority of Singapore (MAS), will deploy S$1.1 billion (US$856 million) to three asset managers as part of its S$5 billion Equity Market Development Programme (EQDP), aimed at revitalizing the local stock market. The selected managers are Avanda Investment Management, JP Morgan Asset Management, and Fullerton Fund Management, the latter owned by sovereign wealth fund Temasek.
The EQDP is designed to strengthen Singapore’s capital markets by supporting strategies that focus on Singapore-listed equities and encourage broader investor participation beyond large-cap stocks. MAS stated that it considered various factors in the selection process, including each manager's alignment with EQDP objectives and commitment to enhancing Singapore’s asset management ecosystem.
Launched in February by MAS and the Financial Sector Development Fund (FSDF), the EQDP targets Singapore-based asset managers who prioritize local equity investments. According to MAS, over 100 global, regional, and local firms have shown interest in participating. To expedite the initiative, MAS will evaluate applicants in batches and continue announcing new co-investment partnerships later this year.
The move comes as part of a broader market review launched in August 2024 to boost Singapore’s financial competitiveness. Since then, the benchmark Straits Times Index has risen 23.9% as of July 18, signaling growing investor confidence.
This major injection of capital underscores Singapore’s strategic push to become a leading hub for equity investment in Asia, while promoting innovation and depth in its financial markets. As momentum builds, MAS aims to unlock more opportunities for institutional and retail investors alike, reinforcing the city-state’s position in the global financial landscape.
