Daily Morning Note – 2 Sep 2020

PHILLIP SUMMARY

Wall Street stocks finished at fresh records on Tuesday continuing the positive momentum for equities as data showed improving US manufacturing trends.

The tech-rich Nasdaq Composite Index jumped 1.4 per cent to 11,939.67 to post a third straight record. The broad-based S&P 500 also finished at a record, winning 0.8 per cent to 3,526.65, while the Dow Jones Industrial Average also gained 0.8 to end at 28,645.66.

In economic data, The Institute for Supply Management’s manufacturing index rose more than expected in August, with key metrics continuing their expansion after business shutdowns caused by Covid-19 badly hit factories earlier this year.

BREAKING NEWS

The Singapore Exchange (SGX) is collaborating with UK-based cryptocurrency market data provider CryptoCompare, to launch crypto indices under the SGX iEdge index suite. The new indices – iEdge Bitcoin Index and iEdge Ethereum Index – mark SGX Index Edge’s entry into the digital currency asset class.

Sembcorp Industries is divesting its entire 32 per cent stake in joint venture company Shenzhen Chiwan Sembawang Engineering Co (CSE) to Chixiao Enterprise Co, for a gross consideration of 150 million yuan (S$29.4 million), it said on Tuesday.

Singapore Airline’s (SIA) budget carrier Scoot on Tuesday announced it is resuming flights to seven more destinations this month.

Singtel on Tuesday said it has launched its 5G non-standalone (NSA) network, a 5G network that rides on existing 4G infrastructure. The telco has also introduced a three-month trial for its consumer and enterprise customers..

Zoom Video Communications leaped 40.8 per cent after reporting that quarterly profit shot up to US$186 million compared with US$5.5 million in the year-ago period. The Silicon Valley-based company that has become a popular way to work, learn or socialize during the pandemic.

Tesla shares fell 4.7 per cent after announcing it would raise up to US$5.0 billion with an offering of newly-issued shares. The pullback comes a day after a stock split following the electric car maker’s surge this year.

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

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