Daily Morning Note – 17 June 2020
Wall Street stocks surged on Tuesday following better-than-expected US retail sales data that boosted hopes the economy will recover more quickly than some economists expect.
The Dow Jones Industrial Average climbed 2.0 per cent, gaining around 525 points, to close at 26,289.98.
The broad-based S&P 500 rose 1.9 per cent to 3,124.74, while the tech-rich Nasdaq Composite Index advanced 1.8 per cent to 9,895.87.
US retail sales posted a surprise spike of 17.7 per cent in May, outperforming expectations much as the strong May jobs report left analysts scratching their heads.
The total amount of venture capital raised by fintech companies in the Asia-Pacific region in the first quarter of the year fell 58.5 per cent sequentially to US$1.3 billion (S$1.81 billion), a report by S&P Global Market Intelligence on Tuesday said.
Hyflux and one-time white knight Utico are at odds over whether last year’s restructuring agreement is still on the table, going by correspondence between the two parties released by Hyflux on Tuesday night.
OUE is in talks for a potential sale of US Bank Tower in Los Angeles, the board disclosed in a bourse filing late on Tuesday.
High Court hearings for the winding-up applications against two Ezion Holdings subsidiaries have been adjourned to July 3, the troubled liftboat operator’s board said on Tuesday.
Plant and terminal engineering specialist PEC Ltd will consolidate its stake in a Chinese subsidiary for close to 37.5 million yuan (S$7.4 million), the board said on Tuesday, a day after the sale-and-purchase agreement was made.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Mapletree Logistics Trust
Recommended Action: Technical BUY
Mapletree Logistic Trust (SGX: M44U) rally has paused since it failed to break the immediate resistance at $2.08. However, recent technicals suggest that the stock is attempting to rebound and continue the rally.
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Date: 08 June 2020
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