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DBS exceeding expectations with a strong 1Q24 results . What’s new ? (Money FM)

May 2, 2024

On Market View today: DBS’s net profit up 15% yoy to S$2.95b, a new high; US Fed holds rates steady, puts red flag on disappointing inflation readings; Elon Musk’s surprise China visit; Microsoft pledges S$2.2b investment in AI, cloud computing in M’sia; How much did Alphabet pay Apple for Google to be default search engine in Safari browser?

Singapore shares advanced at the opening bell this morning, with local banks leading gains despite subdued performance in global markets.

In early trade, the Straits Times Index (STI) rose 0.5 per cent to 3,307.6 points after 68.7 million securities changed hands in the broader market.

In terms of companies to watch, we have DBS. The lender today announced a 15 per cent year-on-year rise in first quarter net profit to S$2.95 billion, marking a new high.

Elsewhere, from the US Federal Reserve holding interest rates steady overnight and putting a red flag on disappointing inflation readings, to the impact on the Yen – more international headlines in focus.

Also in focus – Elon Musk’s surprise China visit. Plus – how much did Alphabet pay Apple for Google to be the default search engine in the Safari browser?