Daily Morning Note – 22 Oct 2019



Stocks in Asia are poised to gain after U.S. equities advanced as positive signs emerged on trade talks and ahead of earnings from some of the world’s biggest companies. Treasuries fell.

Australian shares opened slightly higher and futures pointed to gains in Hong Kong. Trading may remain muted with Japan closed for a holiday. S&P 500 futures were little changed after the underlying gauge climbed to a one-month high, surpassing 3,000. Apple Inc. rallied to a record. The British pound maintained a drop after Prime Minister Boris Johnson was thwarted in his latest attempt to get a Brexit deal approved.


Temasek Holdings on Monday offered to buy control of Keppel Corp in a S$4.1 billion deal that could hasten a consolidation in the rig building sector, which is battling the effects of low oil prices. Temasek said it does not plan to delist or privatise Keppel, which would remain listed on Singapore Exchange. An indirect fully owned subsidiary of Temasek will offer S$7.35 in cash for each Keppel share, a premium of nearly 26 per cent over the last traded price of S$5.84.

Frasers Commercial Trust’s distribution per unit was unchanged from a year ago at 2.4 Singapore cents per unit for its fourth quarter ended Sept 30. Gross revenue inched up 1.3 per cent to S$32.9 million for the quarter, from S$32.5 million a year ago.

US President Donald Trump on Monday said progress in developing the text of a partial trade pact with China means he will likely be able to sign it next month. Mr Trump remains upbeat on the chances Beijing and Washington will seal the mini-deal he announced earlier this month – marking a cooling-off period in the two nations’ damaging trade war.

Ascott Reit said on Monday that the extraordinary general meeting resolutions relating to the Reit’s merger with Ascendas Hospitality Trust have been passed.

President Joko Widodo has offered the 35-year-old co-founder of the country’s biggest startup, Gojek, a position in his new Cabinet, affirming the importance of the Internet sector in propelling Southeast Asia’s largest economy.

Global collapse in coal prices this year has dealt a particularly heavy blow to miners in Indonesia, the top exporter and one of the largest producers of the fuel. Bonds from the country’s financially weak miners have suffered more than peers elsewhere in Asia due to a lack of diversification and state backing that many competitors enjoy.

Waste management firm Sen Yue Holdings on Monday said that it will raise about S$6 million from research and development company Jiangmenshi Changxin Technology’s subscription of 120 million new shares in the company at S$0.05 each.

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

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