The Week In Numbers: SGX Set To Buy Baltic Exchange

The market couldn’t quite decide whether China’s manufacturing sector expanded or contracted in July. The official Purchasing Managers’ Index (PMI) of 49.9 suggested that the sector had contracted slightly. But the Caixin PMI of 50.6 suggested that it had expanded. Not too confusing at all, is it?

The Chinese services sector, however, continued to hum along moderately. Both the official non-manufacturing PMI and the Caixin Services PMI, which came in at 51.7, indicated that it had expanded.

The Reserve Bank of Australia cut interest rates by 0.25% to a record low of 1.5%. The Bank of Thailand left interest rates unchanged at 1.5%. It said monetary policy still supports the economic recovery. Meanwhile in the UK, the Bank of England cut interest rates to just 0.25%, following news that activity in the UK services sector fell at its fastest rate in seven years.

The government of Japan has taken a sledgehammer to its economic problems. It has launched a US$45 billion fiscal package to stimulate the economy. Money has been earmarked for welfare spending; help small and medium-sized businesses and accelerate of the building of a maglev train from Tokyo to Osaka.

Singapore Exchange (SGX: S68) has made a formal cash offer of S$139 million to buy London’s Baltic Exchange. Shareholders of the Baltic Exchange still have to approve the offer before the deal is done.

And finally, Jade Rabbit’s mission on the Moon has come to an end after 31 months. China’s lunar explorer disappeared briefly in 2014. But after recovering from mechanical failure, posted the message: “Hi, anyone there?” But this time, the rabbit will disappear down the proverbial bolthole for good.

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