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Author: traderhub8   |   Latest post: Tue, 31 Mar 2020, 8:54 AM

 

Phillip Capital Morning Note - 26 Mar 2020

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Wall Street had another rare positive session on Wednesday, with key indices posting their second consecutive day of gains amid expectations government stimulus to fight the coronavirus outbreak is coming soon.

The Dow Jones Industrial Average, which had been falling steadily in recent weeks, rose 2.4 per cent to end at 21,200.55, after Tuesday's 11.4 per cent surge which was the best single-day performance since 1933. The S&P 500 also gained 1.2 per cent to close at 2,475.56, but the Nasdaq slipped late in the day, losing 0.5 per cent to finish at 7,384.30.

The White House and Senate early in the day announced an agreement on a US$2 trillion economic rescue package to bolster the US economy and help millions of Americans put out of work with businesses shuttered due to the coronavirus outbreak.

Facebook on Tuesday said the coronavirus pandemic has users flocking to its services while it undermines ad revenue on which the world's biggest social network depends.

The world's 20 most industrialised countries will likely suffer a recession this year because of the Covid-19 pandemic. It estimated that the G-20's overall gross domestic product would contract by 0.5 per cent, with the US economy shrinking by 2 per cent and the eurozone by 2.2 per cent.

Rex International said on Wednesday that its unit, Lime Petroleum AS, has signed an agreement with INEOS E&P Norge AS for a farm-in deal for a 30-per-cent stake in two Norwegian Sea drilling licences, subject to regulatory approval.

Aspen (Group) Holdings said on Wednesday that it will continue to close its headquarters, offices and sales galleries in Malaysia, and halt construction works for ongoing projects, with Malaysia having extended its movement control order till April 14.

Chaswood Resources Holdings announced on Wednesday that it will continue to operate its restaurant business in Malaysia by offering takeaway and delivery services, which is permitted under Malaysia's movement control order.

SATS on Wednesday announced that it is offering S$200 million in five-year notes. The notes, which will mature five years from the date of issuance, will have a fixed coupon rate of 2.88 per cent per annum payable semi-annually in arrear.

ARA US Hospitality Trust (ARA H-Trust) has initiated cost controls by cutting labour cost hours and staffing, closing certain facilities and amenities and reviewing all operating contracts under its "cost mitigation and capital preservation measures", its managers announced on Wednesday.

SIM Leisure Group announced on Wednesday that it has incorporated a 60 per cent-owned subsidiary, Sim Leisure Creative, in Singapore. UnUsUaL Limited said on Wednesday that it will  implement a pay cut of 10 to 20 per cent across its group in a bid to conserve its cash reserves, given the impact of Covid-19 on its business.

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

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