DAILY MORNING NOTE | 8 July 2025

Trades Initiated in Past Week

* ^ denotes companies placed on SGX Watch-list

The local bourse kicked off the week on a positive note even as markets monitored how the tariff tango was unfolding. The Singapore local benchmark was up 0.5% or 18.24 points at 4,031.86 on Monday (Jul 7). Across the boarder market, gainers just about tied with losers 252 to 251, with1.2 billion securities worth S$1.2 billion changing hands. As the 90-day tariff truce is nearly up, markets are closely watching how trade deals unfold.

Wall Street stocks fell on Monday, retreating from records after President Donald Trump announced fresh tariff threats, reviving anxiety about trade uncertainty. Both the S&P 500 and Nasdaq had closed at records last week following solid US jobs data and passage of Trump’s sprawling fiscal passage that extended tax cuts. The Dow Jones Industrial Average finished down 0.9% at 44,406.36. The broad-based S&P 500 declined 0.8% to 6,229.98, while the tech-rich Nasdaq Composite Index shed 0.9% to 20,412.52.

Singapore Technical Highlights

* ^ denotes companies placed on SGX Watch-list

TOP 5 GAINERS & LOSERS

Events Of The Week

SG

The manager of NTT DC REIT said that it has registered its prospectus with the Monetary Authority of Singapore (MAS) for its initial public offering (IPO) which it hopes to raise US$773 million ($937.16 million). The REIT will have 1,030,209,500 units, and it will be the largest REIT IPO on the Singapore Exchange (SGX) in more than a decade.

Thakral Corporation’s wholly-owned subsidiary Paramount Investments is subscribing for unlisted units in the Riverwalk Fund II for an investment amount of INR425 million ($6.3 million). The company will make a capital commitment of about INR420 million and directly subscribe for unlisted Class B units in the Riverwalk Fund II, an Indian domiciled fund which has been registered with the Securities and Exchange Board of India, and invest INR5 million in cash to acquire 10% interest in Riverwalk Investment Manager LLP, the sponsor and investment manager of the fund.

Oversea-Chinese Banking Corporation (OCBC) has unveiled a $5 billion target to support small- and medium-sized enterprises (SME) within its core markets of Singapore, Malaysia, Hong Kong and Indonesia through loans by 2028. The financing will be available for what the bank terms “serial entrepreneurs”, that is, business owners who own and operate multiple companies instead of focusing on growing a single venture.

Del Monte Pacific expects to record a capital deficit on its balance sheet from write-offs in relation to its US subsidiary Del Monte Foods (DMF), which recently filed for bankruptcy. Del Monte Pacific’s equity investment in DMF and certain receivables due from the US subsidiary are expected to be subject to impairment, the group said on Monday (Jul 7) in a response to queries from the Singapore Exchange about its ability to continue as a going concern.

Rex International has reported 9,998 barrels of oil equivalent per day (boepd) from Norway and Oman for June 2025. The company’s subsidiary, Lime Petroleum AS, has reported 8,308 boepd for the month. The group says that there were scheduled and unscheduled shut-ins that were in the ordinary course of operations during the month, while drilling operations on Brage of an appraisal and production well were completed in June.

US

President Donald Trump revealed Monday that at least 14 countries’ imports are set to face steep blanket tariffs starting Aug. 1. The president, in a series of social media posts, shared screenshots of form letters dictating new tariff rates to the leaders of Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos and Myanmar. Later in the day, he shared another set of seven letters, to the leaders of Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia and Thailand.

Apple’s “F1: The Movie” has generated more than $293 million at the global box office, the most of any film released theatrically by the company. “F1” has generated $60 million of its total global haul from IMAX theaters, a little more than 20% of its total gross so far. While the film is nearing $300 million in global ticket sales, it still has a few more laps to go in order to be profitable for Apple.

Apple supplier Lens Technology has raised HK$4.8 billion (S$781 million) after pricing its Hong Kong listing at the top of the marketed range. The Shenzhen-listed company has sold 262.3 million shares at HK$18.18 each, the sources said. Lens Technology had offered the shares at HK$17.38 to HK$18.18 apiece.

CoreWeave, artificial intelligence-oriented cloud infrastructure company said Monday it will acquire Core Scientific, a data center infrastructure provider, in an all-stock deal valued at approximately $9 billion. If the companies complete their proposed acquisition, CoreWeave wouldn’t have to pay rent to Core Scientific on several data center sites.

ExxonMobil expects lower oil and gas prices to reduce the company’s earnings by about US$1.5 billion as a volatile quarter for commodity prices weighs on second-quarter profits. Oil prices pulled down earnings by about US$1 billion while gas contributed another US$500 million hit when compared to the first quarter, the Spring, Texas-based company said on Monday (Jul 7).

Gold prices dropped on Monday (Jul 7) after US President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieve for several countries, dampening demand for the safe-haven metal. Spot gold was down 0.3% at US$3,323.71 per ounce, as at 0028 GMT. US gold futures also fell 0.3% to US$3,332.20.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR

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