DAILY MORNING NOTE | 15 March 2024

Singapore stocks closed higher on Thursday (Mar 14) amid mixed trading in the region. The benchmark rose 0.8 per cent or 25.68 points to close at 3,186.40.

Wall Street stocks lost ground on Thursday as a hotter than expected wholesale prices report reignited worries over inflation and sent Treasury yields higher. The Dow Jones Industrial Average retreated 0.4 per cent to 38,905.66, while the broad-based S&P 500 Index dropped 0.3 per cent to 5,150.48. The tech-heavy Nasdaq Composite Index slid 0.3 per cent, reaching 16,128.53.

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SG

Job vacancies in Singapore edged up slightly in the fourth quarter of 2023, while a lower re-entry rate of 61.5 per cent was observed among residents six months after retrenchment.

Hospitality focused Singapore-listed real estate investment trusts (S-Reits) have had a good run in the last year, outperforming S-Reits from other sub-sectors such as retail and healthcare. The five hospitality trusts listed on the Singapore Exchange (SGX) recorded, on average, 21 per cent year-on-year growth in their distribution per unit (DPU) for FY2023.

No Signboard will resume trading when the market opens on Friday (Mar 15), more than two years after it voluntarily suspended its trading. The Catalist-listed company said that Singapore Exchange Regulation (SGX RegCo) gave it the go-ahead to resume trading as it had satisfied the necessary conditions to do so.

Singapore Airlines has priced US$500 million of 10-year, 5.25 per cent bonds at a re-offer price of 99.646 per cent of their nominal value to yield 5.296 per cent. The fixed-rate notes will bear a coupon of 5.25 per cent per annum until their maturity on Mar 21, 2034, said DBS on Thursday (Mar 14). The coupon will be paid semi-annually.


US

Manhattan apartment rents rose in February as a strong economy and tough sales market translated into a busy month for leasing. The median rent on new leases signed last month was US$4,230, up 3.3 per cent from a year earlier. The monthly figure is below a record US$4,400 reached last summer.

German container shipper Hapag-Lloyd on Thursday (Mar 14) said global vessel oversupply and a crisis in the Red Sea will force it to cut expenses in 2024, including adapting sailings and ports, after it posted an 83 per cent fall in annual net profit.

KKR plans to keep buying real estate assets in Japan even if the central bank raises interest rates for the first time since 2007. Japan is now the alternative asset manager’s main focus for property in Asia, and KKR has the capacity to spend anywhere from US$20 million to more than US$1 billion on individual deals, said Ralph Rosenberg, the US firm’s global head of real estate.

Chinese wheat importers have cancelled or postponed imports of about one million tonnes of Australian wheat cargoes, which were scheduled to be shipped in February, March and April, two trade sources with direct knowledge of the deals said.

TATA Group is considering buying Walt Disney’s stake in Tata Play to give it full control of the subscription television broadcaster, continuing a shakeup in India’s media industry. The companies are in preliminary talks about an acquisition of Disney’s significant minority stake, which would value Tata Play at about US$1 billion or more.

CISCO Systems won unconditional EU antitrust approval for its US$28 billion bid for cybersecurity firm Splunk on Wednesday (Mar 14) after EU regulators said they did not see any competition issues.

Volkswagen said on Thursday (Mar 14) that operating profit for its core mass-market brands increased by 80 per cent last year, in a sign that closer cooperation between them is bearing fruit. The group including Volkswagen, Volkswagen Commercial Vehicles, Skoda and SeaT/CUPRA posted operating profit of 7.3 billion euros (S$10.6 billion) in 2023, mainly due to higher unit sales.

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


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