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Author: traderhub8   |   Latest post: Wed, 27 May 2020, 10:49 AM

 

Phillip Capital Morning Note - 6 Apr 2020

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U.S. stock futures rose on Sunday night as Wall Street tried to recover from another decline last week while investors shook off rising tensions between Saudi Arabia and Russia. Dow Jones Industrial Average futures traded more than 200 points higher, or 1.1%. S&P 500 and Nasdaq 100 futures also climbed more than 1%.

Last week, the major averages posted their third weekly decline in four. The Dow slid 2.7% while the S&P 500 lost 2.1%. The Nasdaq Composite closed last week down 1.7%. Stocks are also deep in bear-market territory as concerns over the coronavirus outbreak have virtually shut down the global economy and have dampened sentiment around corporate profits.

UK aero-engine maker Rolls-Royce will abandon its targets on profits, cash and deliveries, and suspend its dividend, due to the coronavirus outbreak, the Financial Times reported late on Sunday.

Boeing said on Sunday it would extend the suspension of production operations at its Washington state facilities until further notice amid the coronavirus outbreak.

Additional support measures for businesses and households will be unveiled by the government on Monday to help them cope with the stricter set of safe-distancing measures implemented in view of the potential threat of increasing local transmission of Covid-19.

CEL Development, a fully-owned subsidiary of mainboard-listed Chip Eng Seng Corporation, has sold 77 units at the launch of its 378-unit Kopar At Newton condo project over the weekend.

Saudi Arabia is taking unprecedented action in delaying the release of its international crude selling prices by five days, a senior Saudi source familiar with the matter said on Sunday, as the kingdom and other major producers seek to halt the free-fall in worldwide crude prices.

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

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