Can Singapore remain Asia’s ‘safe haven’?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 19 September 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
Instacart’s public listing this week is set to inch Nasdaq further ahead of the New York Stock Exchange in their closest fight for new listings in five years, and a build-up of leveraged bets has the potential to dislocate trading in the $25tn US Treasuries market. Plus, the FT’s Mercedes Ruehl explores whether an influx of Chinese migration and money to Singapore could threaten its status as a neutral safe haven.
Mentioned in this podcast:
Nasdaq and NYSE fight closest listings battle in five years
Instacart prices shares at $30 as IPO market warms up
Hedge fund bets could spark turmoil in US Treasuries, BIS warns
Can Singapore hold on to its reputation as Asia’s ‘safe haven’?
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:12.5 | Good morning from the Financial Times. |
| 0:14.0 | Today is Tuesday, September 19th. |
| 0:16.1 | This is your FT News Briefing. |
| 0:19.2 | The NASDAQ and the New York Stock Exchange are battling it out for new listings |
| 0:23.5 | and central banks are sounding the alarm over hedge funds shorting US treasuries. |
| 0:28.6 | Plus Singapore is trying to keep its title as Asia's safe haven, |
| 0:32.4 | but it might be tougher than you think. |
| 0:34.8 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:51.9 | Instacart is expected to launch its initial public offering today, |
| 0:55.5 | and it's pricing its shares at $30, which is at the top of its range. |
| 0:59.8 | The US Online Grocery Delivery Company is expected to raise about $660 million on the NASDAQ, |
| 1:06.5 | and its debut will push NASDAQ further ahead of the New York Stock Exchange and the fight for new |
| 1:12.0 | listings. It's the closest battle between the exchanges in five years. |
| 1:16.3 | The FT's US markets editor Jennifer Hughes has more. |
| 1:19.6 | Now most companies would go and say, right, let's go meet with New York Stock Exchange with Nizy. |
| 1:25.0 | Let's go and meet NASDAQ and the two will offer possibly a slightly different package. They'll say |
| 1:30.4 | how wonderful they are, how cool they are, how their services are the best ones so we can support |
| 1:36.0 | you as a company as you grow. One person I talked to, whose advice companies on this, |
| 1:40.8 | described in the end as mostly coming down to whether you'd like a Bentley or a Tesla. |
| 1:45.3 | They're both really great cars, but some people gravitate to one more than the other. |
... |
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