Singapore shares sank 2% this week amid fears of a recession in the United States.

In terms of star stocks, SIA fell 3%; DBS, OCBC, and Yangzijiang Shipbuilding fell about 4%; UOB and Sembcorp Industries fell about 5%. While NIO and Frasers L&C Tr jumped about 9%.

Market News

Singapore Exchange to List Open-Ended Bitcoin Futures Contracts

Singapore Exchange Ltd. plans to list Bitcoin perpetual futures as traditional exchanges push deeper into crypto derivative markets.

Singapore’s largest exchange group intends to launch the contracts in the second half of 2025, a spokesperson said in an emailed statement. The company will strictly target institutional clients and professional investors, with retail customers barred from trading the instruments.

The move is the latest sign that established exchange operators are branching out into Bitcoin derivatives, as US President Donald Trump’s pro-crypto agenda boosts demand for digital assets exposure. Bloomberg News reported on March 4 that Japan’s Osaka Dojima Exchange Inc., which traces its roots to the 18th century, is planning to seek approval to list Bitcoin futures.

Singapore Revises Electoral Boundaries Ahead of Election This Year

Singapore has revised its electoral boundaries, the Elections Department said on Tuesday, a move usually seen as a sign that the government is preparing to call a general election.

The election due by November 2025, though Prime Minister Lawrence Wong can call it earlier, will be his first such test since taking over from long-time premier Lee Hsien Loong as leader of the People's Action Party in May 2024.

Tuesday's report on new electoral boundaries, which were attributed to population shifts, is a closely watched event because past elections have followed months after the release of previous reports.

Singapore Prosecutors Say US Server Fraud Case Involves $390 Million of Transactions

Singapore prosecutors told a court on Thursday that a case in which Singapore-based firms have been accused of fraudulently supplying U.S. servers to Malaysia involves transactions worth $390 million.

Three men have been charged with committing fraud against Dell and Super Micro by falsely representing where the servers would end up.

Singapore media have linked the case to the possible transfer of Nvidia's artificial intelligence chips to Chinese AI firm DeepSeek.

Singapore's DBS Raises $2 Billion Through US Dollar Bonds, Term Sheet Shows

DBS Group has raised $2 billion through a multi-tranche U.S. dollar senior bond issuance for general business purposes and to finance treasury activities, according to a term sheet seen by Reuters on Friday.

The issuance consists of two floating rate notes, raising $1 billion and $500 million with three-year and five-year tenors, respectively, along with a three-year fixed-rate note raising $500 million, offering a coupon rate of 4.403%.

Orders for both floating rate notes hit $3 billion each, with the five-year tranche receiving the most demand from 179 accounts. Meanwhile, the three-year fixed-rate note garnered $1.4 billion in interest from 102 accounts, according to the term sheet.

Singapore's Sembcorp Industries Scraps Indonesia Gas Deal Due to Regulatory Snags

Singapore's utilities firm Sembcorp Industries said on Thursday it has terminated the gas sales deal its unit had signed to import piped natural gas (PNG) from the Mako gas fields in Indonesia, citing regulatory hurdles.

The Temasek Holdings-backed firm said it failed to receive the required regulatory nods from Indonesia to go ahead with the agreement.

"This will not affect Sembcorp's energy costs or its ability to meet gas supply requirements in Singapore" and will not have any material impact on earnings per share for 2025, it said in a statement.

NIO Stock Jumps on Earnings Announcement and Strategic Partnership

NIO, the Chinese electric vehicle manufacturer, jumped 9% this week. This surge in stock price reflects investor optimism surrounding Nio's strategic developments and upcoming earnings report.

Nio is preparing to release its fourth-quarter and full-year financial results next week. The company has achieved record monthly electric vehicle deliveries, surpassing 31,000 units in December. Such achievements underscore Nio's robust growth trajectory in the EV market.