Daily Briefing: SEA Ltd. falls below IPO price; Singapore warns US' move to open foreign markets may hurt

And here's how many weeks you need to work to be able to buy an iPhone X.

From Bloomberg Finance:

Sea Ltd. shares fell for the third day in a row and dropped below their initial public offering price, a rocky start as a public company for the Singapore games startup.

Sea’s stock slipped 9.9 percent in New York trading Wednesday to close at $13.73. The company sold shares to investors at $15 and they rose 8.4 percent in its first day of trading last week.

Investors may be skittish about Sea’s outlook given heavy losses as Chief Executive Officer Forrest Li expands beyond games into e-commerce and payments. The company’s underwriters also pushed hard to raise $884 million, increasing the number of shares sold and lifting the price from an initial range of $12 to $14.

Read more here.

From Associated Press via Yahoo! Finance:

Singapore's prime minister has raised doubts over the Trump administration's trade policy, saying a hasty push to get countries to open their markets may "come to grief."

Prime Minister Lee Hsien Loong said the U.S. withdrawal from a trans-Pacific trade agreement had hurt U.S. credibility in negotiations and many countries will be reluctant to enter one-on-one trade deals with Washington.

Lee was speaking at the Council on Foreign Relations. He met Monday with President Donald Trump who hailed Singapore's commitment to "fair and reciprocal" trade. It was Trump's final meeting with an Asian leader before he begins a five-nation, 12-day trip to the region, starting Nov. 3.

Read more here.

From Tech in Asia:

Tomorrow is the Second Coming: the iPhone X launch day. Even arriving over a month after the iPhone 8, it’s still hotly anticipated.

It’s also pricey. If you look at the local price tag of the 64GB iPhone X and compare to the average wage in each nation (as Quartz did earlier today), you’ll notice a massive disparity around the world in how much working time is needed to pay for Apple’s most haloed fondleslab. The average Indian worker would need to toil for over nine months, for example.

Here’s the scene in Asia.

Read more here.

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