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SINGAPORE shares finished higher on Thursday (May 2), after the US Federal Reserve kept interest rates steady in its May meeting.

The global economy is growing faster than expected only a few months ago thanks to resilient U.S. activity while inflation is converging more quickly than expected with central banks' targets, the OECD said on Thursday, upgrading its outlook. The global economy would maintain the 3.1% growth rate seen last year and pick up marginally to 3.2% next year, the Organisation for Economic Cooperation and Development said, upgrading forecasts dating from February for growth of 2.9% this year and 3% in 2025. A faster than expected fall in inflation set the stage for major central banks to begin rate cuts in the second half of the year while also fuelling gains in consumers' incomes, the OECD said in its latest Economic Outlook.

(Bloomberg) -- Most Asian equities rose after Federal Reserve chair Jerome Powell downplayed the prospect of further interest-rate hikes. The yen resumed losses after a sudden jump late in the previous session that hinted at intervention.Most Read from BloombergUS and Saudis Near Defense Pact Meant to Reshape Middle EastTesla Axes Supercharger Team in Blow to Broader EV MarketJerome Powell Offered Markets a Reprieve. It Vanished in a BlinkNYPD Arrests Over 300 Protesters in Crackdown on College

(Bloomberg) -- The yen advanced more than 3% against the dollar late in New York, fueling speculation that the Japanese authorities intervened for a second time this week to support the currency after a prolonged bout of weakness.Most Read from BloombergTesla Axes Supercharger Team in Blow to Broader EV MarketUS and Saudis Near Defense Pact Meant to Reshape Middle EastNYPD Arrests Over 300 Protesters in Crackdown on College CampusesThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an

(Bloomberg) -- Man Group Plc, BlackRock Inc. and Citadel are among big winners from the giant alternatives portfolio held by Australia’s sovereign wealth fund, which has revealed the size of its mandates for the first time.Most Read from BloombergUS and Saudis Near Defense Pact Meant to Reshape Middle EastTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire

South Korea's SK Hynix said on Thursday its high-bandwidth memory (HBM) chips used in AI chipsets are almost sold out for 2025, after their 2024 chips were fully booked. Chief Executive Officer Kwak Noh-Jung said the Nvidia supplier and the world's second-largest memory chipmaker will begin sending samples of the latest version of HBM chips, called 12-layer HBM3E, in May and begin mass producing them in the third-quarter. Kwak said its HBM products this year had already sold out, while 2025 HBM volumes were almost sold out amid a rapid expansion of AI technology into a wider range of on-device applications such as smartphones, PCs, and automobiles.

(Bloomberg) -- One of the chief buying forces behind Hong Kong’s world-beating rally is out of action for the next few days, likely leaving the market without a crucial pillar of support.Most Read from BloombergUS and Saudis Near Defense Pact Meant to Reshape Middle EastTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire EconomyTreasuries Rally With Fed Not

Microsoft will invest $2.2 billion over the next four years in Malaysia to support the country's digital transformation, the company said in a statement on Thursday. Microsoft's announcement came as chief executive Satya Nadella visited Kuala Lumpur on Thursday, part of a tour in Southeast Asia to promote the U.S. company's generative artificial intelligence (AI) technology. Microsoft said the investment will include building cloud and AI infrastructure, creating AI skilling opportunities for 200,000 people, and supporting the growth of Malaysia's developer community.