Oil prices drop over 1% on Iran sanctions waivers. Oil prices fell on Tuesday, with US crude futures hitting an eight-month low, a day after Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it has so far been able to sell as much oil as it needs to. Brent crude futures fell US$1.04 to settle at US$72.13 a barrel, down 1.42 per cent. The global benchmark hit a session low of US$71.18 a barrel, the lowest price since Aug 16. US West Texas Intermediate (WTI) crude futures fell 89 cents, or 1.41 per cent, to settle at US$62.21 a barrel. The session low was US$61.31 a barrel, the weakest price since March 16.

Hyundai raises Southeast Asia bet with second investment in Grab. Hyundai Motor Co has raised its stakes in growing Southeast Asian markets with a US$250 million investment in Singapore's Grab, its second in the ride-hailing firm, as it chases rivals in the race for new-age transportation.

MassMutual's VC arm sets up US$50m fund in Singapore. MASSMUTUAL Ventures (MMV), the venture capital arm of the Massachusetts Mutual Life Insurance Company (MassMutual), has established a US$50 million Singapore-based fund for investments in South-east Asia. MMV SEA is targeting Series A and Series B round investments in digital health, fintech, insurtech and enterprise software. It will invest in 10 to 15 startups over the next three years.

CapitaLand records 2b yuan sales during China's high season for new home purchases. In total, these four launches sold 1,506 units with a total value of about two billion yuan (S$396.7 million) - marking CapitaLand’s highest home sales value in China over a 30-day period this year. Parc Botanica in Chengdu sold out all 388 units for 332 million yuan; The Lakeside in Wuhan sold about 90 per cent of its 372 units for 322 million yuan; La Botanica in Xian sold 97 per cent of 535 units for 585 million yuan; and The Metropolis in Kunshan sold over 90 per cent of 324 units for 758 million yuan.

BHG Retail Reit to pay 328.3m yuan for China shopping centre, subject to unitholders' vote. The Reit will pay 328.3 million yuan (S$65.2 million) for Hefei Changjiangxilu Mall, to be funded through borrowings, with the manager noting that the proposed acquisition is expected to raise distribution per unit (DPU) for the enlarged portfolio. According to pro forma financial effects provided for illustration, the acquisition could have nudged DPU up from 2.74 Singapore cents to 2.75 cents for the first half of 2018.

UOB opens new China HQ in Shanghai. UOB Plaza is the first Grade-A office building owned by a foreign bank in the Lujiazui Financial District, the bank said on Tuesday. The district is China’s largest financial hub driving Shanghai's development as an international financial centre, it noted.

Source: CNBC, Bloomberg, Reuters, Business Times, Phillip Securities Research