Daily Morning Note – 16 June 2020

PHILLIP SUMMARY

Wall Street stocks shook off early weakness and finished higher Monday as fresh Federal Reserve announcements of emergency lending offset revived worries about coronavirus cases.

The Dow Jones Industrial Average ended at 25,763.16, up 0.6 per cent after regaining more than 900 points from its session low.

The broad-bases S&P 500 rose 0.8 per cent to close at 3,066.59, while the tech-rich Nasdaq Composite Index jumped 1.4 per cent to 9,726.02.

BREAKING NEWS

Property developer Hatten Land sank deeper into the red in the third quarter, as a spike in expenses added to sales woes from the coronavirus pandemic.

Mapletree Logistics Trust has inked a conditional agreement for a newly-built freehold warehouse in Brisbane for A$21.25 million (S$20.17 million), the manager announced on Monday.

OUE Commercial Real Estate Investment Trust (OUE C-Reit) has priced an offering of S$100 million of 4 per cent notes due 2025, to be guaranteed by Reit trustee DBS Trustee.

Oil and gas company KrisEnergy said on Monday night that a creditor has presented a winding-up petition in the Cayman Islands against a wholly-owned key subsidiary.

The Federal Reserve said on Monday it had opened registration for lenders interested in participating in its Main Street Lending Program, launching arguably the most complex programme undertaken yet by the US central bank to help keep the backbone of the economy from buckling under the strains of the coronavirus pandemic

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

RESEARCH VIDEOS

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Market Outlook: (PSR) Dasin Retail Trust, Penguin International Limited, SingTel, SG Banking Monthly, SG Weekly, SGD Perpetual Bonds, Technicals

Date: 08 June 2020

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