DAILY MORNING NOTE | 13 March 2024

Trades Initiated in the past week

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Singapore stocks closed slightly higher on Tuesday (Mar 12) amid mixed trading in regional markets as investors awaited the release of US inflation data. The benchmark Index climbed 0.1 per cent or 3.05 points to close at 3,141.47.

US stocks finished sharply higher on Tuesday (Mar 12), as traders shook off a hotter-than-expected inflation report and dived back into tech shares. The Dow Jones Industrial Average finished up 0.6 per cent at 39,005.49, while the broad-based S&P 500 closed 1.1 per cent higher at 5,175.27. The tech-rich Nasdaq shot up more than 1.5 per cent to close at 16,265.64 – fuelled by companies including Nvidia and Meta, which rose by 7.1 per cent and 3.3 per cent respectively.

Top gainers & losers

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Events Of The Week

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SG

Olam Group’s food ingredients unit ofi has bagged export credit agency-linked financing of about US$500 million. The facility, comprising a five-year US$250 million tranche and a seven-year 37.38 billion yen tranche (S$338.8 million), is backed by Italian export credit agency SACE.

No Signboard on Tuesday (Mar 12) said that the Singapore Exchange has not objected to its trading-resumption proposal, subject to the satisfaction of a string of conditions.

Singapore Exchange will launch short-term interest rate futures linked to the Singapore Overnight Rate Average (Sora) and Tokyo Overnight Average Rate (Tona) for hedging and trading fluctuations in interest rates. SGX Group said that three-month Sora and Tona Futures contracts are targeted to be launched in the second half of this year, subject to regulatory approval.

Far East Orchard has entered into an agreement through a subsidiary to buy a plot of land in Glasgow, with the intention to develop it into a 273-bed purpose-built student accommodation by 2026.


US

China Vanke is in talks with banks on a debt swap that would help the cash-strapped developer stave off its first-ever bond default. Vanke’s major creditor banks are considering a plan to swap bond holdings worth tens of billions of yuan in principal into secured debt. The swap would help China’s second-largest real estate company avoid a public default while giving banks collateral to protect against any potential losses.

Chinese data centre developer and operator GDS Holdings said it had been in discussions with several private equity investors on investing in its operations outside the country. The Hong Kong-listed company made the comment in a stock exchange filing late on Monday (Mar 11).

GE Aerospace said on Tuesday (Mar 12) it planned to invest more than US$650 million into its manufacturing plants and supply chain this year to boost its production capacity to support demand from commercial and defence clients.

Oracle soared more than 13 per cent to reach a record high on Tuesday (Mar 12), on signs the company was making progress in its plan to grab a share of the cloud-computing market thanks to its tie-up with AI chip giant Nvidia.

US Carriers warned on Tuesday (Mar 12) that their plans to increase capacity were in doubt due to jet delivery delays from Boeing, as the hit to the airline industry from the planemaker’s safety crisis worsens.

Coinbase Global, the largest US cryptocurrency exchange, said it plans to offer US$1 billion in convertible senior notes to repay existing debt and for general corporate purposes.

The Pentagon pulled out of a plan to spend as much as US$2.5 billion on a chip grant to Intel, sources familiar with the situation said, putting the onus on another federal agency – the Commerce Department – to make up for the shortfall.

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


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