The Week In Numbers: DBS Surprises The Market

With the market fretting over the oil and gas sector, not many had expected anything positive when Singapore’s biggest lender, DBS Group (SGX: D05), opened its books. But it wasn’t that bad at all. The bank said net profit for the second quarter fell 6% to S$1.06 billion. It also said the non-performing loan ratio for the full year should not exceed 1.4%.

Singapore’s economy is expected to grow between 1% and 2% this year. The Ministry of Trade and Industry said it lowered the upper limit on account of Britain’s decision to leave the European Union.

New Zealand has joined the growing band of central banks to cut interest rates to record lows. The Reserve Bank of New Zealand said the official cash rate will be lowered by 0.25% to 2%. It said the strong Kiwi was adding further pressure to the export and import-competing sectors.

Staying with interest rates, the Bank of England ran into problems with its bond-buying program. The UK central bank couldn’t find enough sellers of UK Gilts, which effectively pushed up bond prices. The upshot was that yields on bonds maturing in 2019 and 2020 fell to -0.1%.

And finally, a Chinese stray dog that ran alongside an extreme marathon runner in China could be heading for the UK. Dion Leonard ran for 125 kilometres across the mountains of the Black Gobi Desert with the stray keeping him company. He is hoping to bring the dog, which he has named Gobi, back to Scotland.

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