Daily Morning Note – 22 June 2018
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U.S. stocks fell on Thursday, with the Dow slumping for an eighth straight decline as industrials wobbled again on trade war concerns while Amazon and other online retailers weakened after a U.S. Supreme Court ruling on state sales tax collection. The Dow Jones Industrial Average fell 0.8% to 24,461.7, the S&P 500 lost 0.63% to 2,749.76 and the Nasdaq Composite dropped 0.88% to 7,712.95.
Euro zone agreed on a debt relief package for Greece and a new disbursement of 15 billion euros as part of its current 86-billion-euro bailout programme.
Malaysia will fund up to RM2.8 billion to complete the development of Tun Razak Exchange (TRX), an integrated financial district in Kuala Lumpur.
US claims for unemployment fell for the fourth week in a row last week, extending an unprecedented streak of low levels.
The Bank of England has kept its main interest rate unchanged at 0.5% level amid falling inflation and lackluster growth data.
Japan’s core consumer prices rose 0.7% YoY in May, a long way from its 2% target.
The 35 largest US banks are poised to put more money toward dividends, share buybacks and business investments, after clearing the first stage of an annual regulatory stress test, showing they have enough capital to withstand an extreme recession.
Google, Facebook, Microsoft and other tech giants could face more curbs on their market power after a European Parliament committee voted in favour of tougher copyright rules.
Intel Corp Chief Executive Brian Krzanich resigned after an investigation found he had a consensual relationship with an employee in breach of company policy.
Walt Disney Co is willing to divest Twenty-First Century Fox Inc assets that generated up to $1 billion EBITDA to get a regulatory nod for the deal.
MyRepublic has unveiled its first commercial mobile services for the Singapore market. The mobile plans all come with features like “boundless data”, which will not penalise consumers for busting their data caps with extra charges but will see surfing speeds lowered instead.
GIC has invested in U.S.-based technology firm, Verra Mobility, that will be publicly listed upon a merger with Gores Holdings II, a special purpose acquisition company sponsored by an affiliate of the Gores Group.
ASX-listed telecommunications firm MNF Group has agreed to acquire Singapore-based SuperInternet Group for some S$2 million.
ExxonMobil has started production from two new multi-billion dollar plants in Singapore, producing petrochemicals used in adhesives and manufacturing tires.
Singapore Myanmar Investco (SMI) has filed an originating summons to block SMI’s US$10.8 million proposed A joint venture partner of disposal of TPR Myanmar.
Lee Metal Group requested the mandatory suspension of trading in its shares, as the takeover bid by BRC Asia pushed public ownership below the required 10% threshold.
Sunpower Group is one of three parties which has won a tender worth 105 million yuan from Shanxi Taigang Stainless Steel, one of the world’s largest stainless steel manufacturers.
Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, The Business Times, PSR
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