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Author: traderhub8   |   Latest post: Thu, 27 Feb 2020, 2:57 PM

 

Phillip Capital Morning Note - 10 Jan 2020

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Stocks in Asia are set for a mixed start as investors monitor an easing of geopolitical tension and await the latest reading on the U.S. labor market. U.S. equities earlier rose to all-time highs, futures edged up in Japan and Australia, while Hong Kong contracts dipped. The S&P 500 Index climbed to a fresh record Thursday and the yen dropped to a two-week low versus the dollar as tension in the Middle East ebbed.

The greenback gained against major currencies for a third straight day after jobless claims fell by more than expected, adding to signs of economic strength ahead of the U.S. payrolls report Friday. Ten-year Treasury yields declined following a government auction. Elsewhere, oil traded close to the lowest level since mid-December amid the receding concerns about U.S.-Iran conflict and gold edged lower.

SGX drops quarterly reporting, strengthens continuous disclosures - compliance costs, short-term bias among main factors behind decision. This comes as the regulator strengthens continuous disclosure requirements for all listed companies.

DESPITE a rise in gross profit, mainboard-listed developer TEE Land saw its net loss attributable to owners widen to S$6.97 million for the second quarter ended Nov 30, from a restated loss of S$2.04 million for the year-ago period, according to results released on Thursday. This was due mainly to the additional buyer's stamp duty payable for a development project, as the project did not meet the required timeline for completion, as well as the fair-value loss of TEE Building.

Top bid for Irwell Bank Rd plot below expectations. CDL's bid of S$1,515.10 psf ppr is below the S$1,600-S$1,800 range projected; Wee Hur's top bid for plot near Bartley station is at the lower end of expectations

THIS year's maiden state land tender for two 99-year leasehold private housing sites appear to reflect developers' still-healthy appetite for land, despite the substantial launch pipeline.

Frasers Property raises stake in co-working startup JustCo. FRASERS Property, through its wholly-owned subsidiary, has bought additional shares in JustCo Holdings for US$12.4 million, the developer said in a filing on Wednesday night.

Singtel’s associate Bharti Airtel has proposed to raise up to US$3 billion in a mega debt-equity exercise ahead of its deadline to pay a hefty fine. The Indian associate telco of mainboard-listed Singtel is looking to issue shares worth US$2 billion via a qualified institutional placement with a floor price of 452.09 rupees per share, according to Singtel's bourse filing on Thursday.

World Bank trims 2020 growth forecast to 2.5%. The World Bank on Wednesday trimmed its global growth forecasts for last year and this year due to a slower-than-expected recovery in trade and investment, despite cooler trade tensions between the United States and China.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

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