Daily Morning Note – 06 March 2020
WEEKLY MARKET OUTLOOK WEBINAR
Asian stocks looked primed for heavy losses after U.S. equities tumbled with Treasury yields on renewed worries about the impact of the coronavirus. Gold surged with the yen and the Swiss franc, and equity futures declined more than 2% in Japan and Australia.
The S&P 500 Index fell more than 3%, with investor confidence shaken as virus cases continued to rise across the U.S. despite efforts to contain the outbreak and its impact. The yield on 10-year Treasuries slumped to as low as 0.90% and Australian equivalents tracked those moves Friday, plumbing fresh all-time lows. Global equities have recovered some of the recent losses but still remain about 10% below the all-time high reached last month.
KEPPEL Land China, a wholly owned subsidiary of Keppel Land, is to jointly develop a residential site in Taicang City, following the acquisition of a 49 per cent stake for 498 million yuan (S$99.5 million) in the company that owns the site. The remaining stake will be held by Shanghai Shengji Industrial, a subsidiary of a leading developer in China, CIFI Holdings (Group), according to a media statement by Keppel Corporation.
HONGKONG Land Holdings reported a 92 per cent drop in net profit for the full year ended December 2019 to US$198 million from US$2.5 billion a year ago owing to net losses from lower valuations of the group’s investment properties versus net gains a year ago.
India’s central bank on Thursday appointed an administrator for Yes Bank and limited withdrawals in a rare late-night move to help shore up the country’s fourth-largest private lender. The central bank’s move came as reports said the State Bank of India, the country’s largest lender, and other financial institutions were poised to bail out Yes Bank, which has been struggling with bad loans.
Airlines face a revenue hit of up to US$113 billion in 2020 due to coronavirus, a trade group warned on Thursday, as more consumers cancel trips due to the outbreak. In a new assessment of the impact, the International Air Transport Association (IATA) estimated revenue losses to airlines’ passenger business of between US$63 billion and US$113 billion in 2020, potentially as grave as the 2008 financial crisis.
SINGAPORE will channel over S$60 billion towards expanding and renewing its rail network over the next decade, Transport Minister Khaw Boon Wan said on Thursday. Besides expanding the rail network, the government will also complete the renewal of the North-South and East-West Lines by around 2023.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Bukit Sembawang Ltd
Recommended Action: Technical SELL
Bukit Sembawang (SGX: B61) continued bearish momentum will continue based on the technical
Webinar Of The Week
Date: 2 March 2020
Phillip Research in 3 minutes: #18 – Singapore Budget 2020
|The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided 揳s is?without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.|
|This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.|