SINGAPORE - Due to the severity of measures being taken to stop the spread of COVID-19 in the US and euro area, ANZ Bank is now estimating that GDP will probably run at 20% below normal for the next couple of months.
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HONG KONG - Compared to their Asian peers, Singapore banks have been seeing more deposits - they increased by 23% YoY from non-residents in January 2020, according to the French banking group Natixis. In Hong Kong, net foreign portfolio inflows reduced in February and turned negative in March, driven by the escalated global coronavirus outbreak and the recent oil shock.
HONG KONG -- S&P Global Ratings said today that Swire Pacific Ltd. (A-/Stable/-) had built up greater balance sheet flexibility to weather increasing macro uncertainties in the coming year. This should support the company's credit standing, but its financial cushion would be compressed over the next 12 months, the agency said.
BEIJING -- Beijing Municipality will donate protective supplies including medical isolation gowns and gloves to the cities of Seoul, Tehran, Tokyo and Yokohama to help with their novel coronavirus control. Xinhua, China's State newsagency, says hand sanitizers, nucleic acid testing kits, intelligent thermometer equipment and ventilators are also among the items to be donated.