Market highlights

1 Hotel Grand Central is selling Hotel Grand Chancellor Surfers Paradise in Australia for A$80 million (S$79.2 million).

The firm bought the hotel in 2010 for A$47 million.

2 Long-haul budget airline AirAsia X has swung to profit, boosted by traffic from China. First-quarter profit was RM179.5 million (S$60 million), compared with a loss of RM125.9 million last year.

3 De Beers completed a fourth offering of rough diamonds this year.

The company, controlled by Anglo American, sold US$630 million (S$870 million) worth of diamonds in May.

4 Deutsche Bank has had its credit rating cut by Moody's Investors Service. That left the grade two levels above junk. The firm's long-term deposit rating fell to A3 from A2.

5 French investigators raided Google's Paris headquarters as part of a probe into tax payments, Reuters reported. Investigators have been at the Google offices since early yesterday morning.

A version of this article appeared in the print edition of The Straits Times on May 25, 2016, with the headline 'Market highlights'. Print Edition | Subscribe