Stockgram

Singapore flagged the risk of a technical recession due to global tariff tensions even after its economy kick-started 2025 on a faster-than-expected note.

Gross domestic product grew 3.9% in the three months through March from a year earlier, the Ministry of Trade and Industry said in its final estimate on Thursday. The figure compares with a median forecast of a 3.6% growth in a Bloomberg survey of economists, and the government’s advanced estimate of 3.8%.

On a seasonally adjusted quarterly basis, GDP fell 0.6%, versus a forecast of 1% contraction.

Bitcoin surpassed $110,000 for the first time to head toward another record high, with traders increasingly bullish on the prospects of the original cryptocurrency.

Bitcoin climbed as much as 2.2% in early Asian trading on Thursday to hit $110,707, before paring gains, according to data compiled by Bloomberg.

A wave of optimism is buoying Bitcoin after the advancement of a key stablecoin bill in the US senate fueled hopes of greater regulatory clarity for crypto operators. Surging demand from Michael Saylor’s Strategy — which has stockpiled over $50 billion worth of Bitcoin — and a growing list of digital-asset hoarders is another driving force behind the rally.

Oil extended a decline as higher US crude stockpiles reinforced worries about an oversupplied market, and wider financial markets retreated.

Brent traded below $65 a barrel after shedding about 1% over the previous two sessions, with West Texas Intermediate near $61. Commercial inventories of crude rose for a second week, with gauges of both gasoline and distillate demand also weak — even as the US summer driving season approaches.

In broader markets, concerns about Washington’s ballooning deficit spurred declines in US stocks, government bonds and the dollar, with Asian equities set to follow them lower. The ructions come at a time when investor appetite for US assets was already waning across the globe.

Asian shares fell and Treasuries continued their slide at the open Thursday following losses in Wall Street on concerns about the US’s ballooning deficit.

A regional stock gauge dropped for the first time in three days on weaker openings in Australia, Japan and South Korea. The dollar edged down for a fourth consecutive session. US equity-index futures were steady after the S&P 500 index closed down 1.6% on Wednesday, its sharpest slide in a month.

In Asia, investors will be monitoring the Korean won after the currency jumped to a six-month high. Local media had reported that the US believes a relatively weak won is a fundamental cause of South Korea’s trade surplus. The currency weakened 0.4% in early Asian trade.

Wall Street saw one of its most brutal selling sessions overnight in over a month as rising deficit worries led to a spike in bond yields, which in turn hit sentiment around equities.

The run-up seen from lower levels also was a big factor in investors choosing to take money off the table as uncertainties rose. Poor response to the 20-year bond auction, despite high yields, added to the fears on the street.

The Dow fell 800 points, while the S&P 500 and Nasdaq also fell 1.5% each.

Futures on Wall Street are currently at the flat line as caution continues to prevail after Wednesday’s sell-off.

The Dow futures are down 20 points, while futures on the Nasdaq and S&P 500 are also trading at the flat line.

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Futures currently are at the flat line after a brutal sell-off overnight.

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