Daily Morning Note – 15 Oct 2020
PHILLIP SUMMARY
Asian stocks looked ready to follow their U.S. peers lower after Treasury Secretary Steven Mnuchin played down the chances of striking a stimulus deal before next month’s election. The dollar declined and Treasuries were steady. Futures slipped in Japan, Hong Kong and Australia. S&P 500 contracts fluctuated after the gauge retreated Wednesday, with traders also parsing earnings from big banks. Wells Fargo & Co. and Bank of America Corp. both fell after disappointing investors, while Goldman Sachs Group Inc. outperformed after earnings beat expectations. Energy stocks joined a rally in oil.
BREAKING NEWS
Mapletree North Asia Commercial Trust (MNACT) has received interim payments totalling HK$263 million (S$46 million) in insurance claims for property damage and revenue loss due to business interruption to Festival Walk mall in Hong Kong. The mall had suffered extensive damage in civil unrest last year, causing the MNACT’s largest asset to be closed for months.
Ks Energy’s chief executive and directors have resigned, a day after the company was ordered by the High Court to be put under judicial management (JM). Richard Wiluan quit as the CEO and chairman of the distressed oil services firm. Lawrence Basapa, Chew Choon Soo and Soh Gim Teik resigned from their positions of independent directors.
Mainboard-listed Chinese canned vegetable and fruits producer Sino Grandness Food Industry Group‘s lead independent director has quit over a difference in opinion on the audit process. In announcing the cessation of Ling Chung Yee as director in a regulatory filing on Wednesday, Sino Grandness said it would appoint a local replacement as soon as possible.
Hyflux has a last chance for a firm conclusion to one of the current three deals on the table, as Justice Aedit Abdullah on Wednesday agreed to grant adjournment to the judicial management application. A hearing will be conducted “no earlier than three weeks” from now, the judge said.
Seven individuals, including an employee and three subcontractors of Keppel FELS – a wholly-owned unit of Keppel Offshore & Marine – were charged in court on Wednesday with offences related to obtaining, accepting and giving gratification between 2014 and 2017.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
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