March is the traditional low season for the global logistics industry. Ship operators, importers, and freight forwarders are discussing long-term contracts. This is an intricate dance between multiple stakeholders with billions of dollars in revenue.
Equities in Asia are mixed with gains for tech stocks offsetting slumping commodity shares. Wall Street futures are pointing slightly lower after gains across the big three indexes led by a rally for the tech-heavy Nasdaq. Treasury yields and the dollar hover above multi-week lows awaiting comments from Federal Reserve Chair Jerome Powell. Crude oil sinks to a three-month low due to a build in US stockpiles while concerns for the Chinese economy weigh on demand.
Exxon highlights that the lack of biofuels demand in Asia is discouraging investors from putting money into the sector. This has resulted in a slower growth rate for the biofuels industry in the region.
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Asian governments have reacted to the surprise Hamas attack on Israel, expressing condemnation of the violence. The attack, which resulted in the deaths of at least 250 people and the kidnapping of soldiers and civilians, has raised fears of further escalation.
Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against major currencies. Stocks in Japan, Australia and South Korea dropped. The declines followed selling on Wall Street that weighed on tech stocks.
Deutsche Bank is expanding its financing business in Asia in order to increase its revenue in the region. The bank has created new roles, including the Head of Financial Sponsor Financing for Asia, which will be taken on by Rahul Chawla. Chawla, currently the co-head of investment banking coverage in India, will relocate to Singapore for the role. The bank is also working with a search firm to hire more people for financing roles in the region. Additionally, the bank has promoted Apoorv Madhup to the position of Head of India Financing and Sameer Gupta to head Southeast Asia for debt capital management.
