Daily Morning Note – 30 March 2020
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
U.S. stock futures traded lower on Sunday night following sharp gains last week while the number of coronavirus cases in the U.S. keeps rising at an alarming rate.
Dow Jones Industrial Average futures fell more than 200 points, or about 1.1%. S&P 500 futures were down by 1.1% while Nasdaq 100 futures slid 1%. Futures were also under pressure amid a 5.7% drop in crude prices.
The Dow last week posted its biggest weekly gain since 1938, surging more than 12%. The S&P 500 and Nasdaq are coming off their best week since 2009, after rising 10.3% and 9.1%, respectively. To be sure, it was a volatile ride for investors. The S&P 500 posted daily swings of at least 2.9% in four of the five sessions. That includes a 3.4% drop on Friday for the S&P 500.
BREAKING NEWS
Straco says Shanghai Ocean Aquarium to remain closed due to Covid-19.
Property developer First Sponsor Group on Saturday said it has obtained permission from the Singapore Exchange Regulation (SGX RegCo) to postpone its annual general meeting (AGM) for its financial year ended Dec 2019, in light of stricter measures that limit gathering sizes to prevent the further spread of Covid-19.
The US government could take equity shares in airlines and other troubled but vital American corporations as it moves to stabilise an economy amid the new coronavirus pandemic, top US officials said on Sunday.
Turkey’s central bank expects high first-quarter growth thanks to a strong January and February, its deputy governor was quoted as saying on Sunday, as the nation battles to contain the coronavirus.
The Reserve Bank of New Zealand (RBNZ) said on Monday that it was deploying more tools to provide additional liquidity to the corporate sector and support market functioning to offset the impact of the coronavirus.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
RESEARCH VIDEOS
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Market Outlook: (PSR) City Development Limited, CapitaLand Limited, Dasin, EC World, REITS & Banking Monthly, SG Weekly & Technicals
Date: 16 March 2020
Phillip Research in 3 minutes: #19 – Singapore Banking Sector Update
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