Global financial markets declined on July 24 following mixed earnings reports from major technology companies and escalating geopolitical tensions in the Middle East. The S&P 500 dropped 1.2 percent, the Nasdaq fell 2.2 percent, and the Dow Jones Industrial Average slipped nearly 1 percent by afternoon trading.

Alphabet, Google's parent company, revealed second-quarter revenue growth of 24 percent year-over-year, yet its shares fell 7 percent amid investor concerns over the company’s substantial capital expenditure on artificial intelligence projects. Tesla missed analyst expectations on adjusted earnings per share despite a 26 percent surge in revenue, with its stock losing as much as 14 percent. The electric vehicle manufacturer attributed its profit shortfall partly to pricing discounts and increased investment in AI technologies.

In Singapore, the Straits Times Index experienced volatility before closing slightly higher at 5,588.34, up 0.12 percent. However, broader market confidence has been affected by rising tensions in the Middle East. Yemen's Houthi forces recently attacked a Saudi tanker, while the United States conducted additional strikes against Iranian targets. Brent crude oil prices have surged above US$100 per barrel for the first time since May, marking a 14 percent increase over the past week. Analysts warn that oil prices could exceed US$120 a barrel by the fourth quarter of 2026 if disruptions to maritime shipping lanes persist. The Strait of Hormuz, a critical channel for global oil and gas transport, has been effectively blocked since the escalation between Iran and the U.S. in February.

Closer to home, EGP Energy Corporation announced plans for an initial public offering (IPO) on the Singapore Exchange (SGX) mainboard. The electrical infrastructure services provider aims to raise approximately S$30.6 million through the offering. EGP Energy will issue 18.8 million shares at 51 cents apiece, with 17.8 million shares allocated for an international placement to institutional and other investors, and one million shares reserved for the Singapore public. The IPO closes on July 27, with trading expected to begin on July 29.

At Singapore Airlines’ annual general meeting held on July 24, shareholders questioned company executives regarding SIA’s investment in Air India. Chief Executive Officer Goh Choon Phong stated that Air India is making progress despite external challenges such as restricted airspace over Pakistan. He emphasized that any additional investments by SIA would be supported by strong business cases and remain within the company’s financial capacity. SIA chairman Peter Seah added that the airline’s stake in Air India is a regular and closely monitored agenda item at board meetings.

Shareholders also inquired about the impact of India’s expanding high-speed rail network on air travel. Goh responded that many countries operate both high-speed rail and domestic flights, highlighting significant opportunities for international connectivity from India. When asked about a potential listing on Nasdaq following the launch of the SGX Global Listing Board—a collaboration between Singapore Exchange and Nasdaq—Seah said there are currently no plans but did not rule it out entirely.

In corporate leadership news, Yeo Hiap Seng (Yeo’s) announced that Chief Executive Officer Ong Yuh Hwang will resign, with Adrian Ho, formerly Nestlé’s vice-president and regional manager for Asia, Oceania, and Africa, set to succeed him on September 1. Ho brings over three decades of experience in the fast-moving consumer goods sector across multiple regions. Yeo’s earlier this year reduced its Singapore workforce by 9 percent and shifted canning operations to Malaysia to enhance manufacturing efficiency. The group’s headquarters and key logistics hub will remain at its Senoko facility in Singapore.

Meanwhile, Metro Group revealed plans to close its department stores at Paragon and Causeway Point as their leases expire, following a strategic review of its retail operations. The company is exploring alternative retail formats, including smaller stores, multi-specialty outlets, curated experiences, and pop-up concepts, with discussions underway with existing and potential landlords. This shift reflects a broader trend in the sector, as large-format department stores face growing challenges amid evolving consumer preferences. Metro’s decision follows earlier closures by retailers such as Isetan at Nex mall.