Singapore Stock Market News
Market Commentary: US stocks fall on vaccine doubt
StockFanatic
Publish date: Wed, 20 May 2020, 11:27 AM
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· The S&P fell 30.97 points, or 1%, to 2,922.94, while the tech-heavy Nasdaq-which had been up for most of the day-dropped 49.72 points, or 0.5%, to 9185.10.
· Stocks in Asia looked poised to track their US peers lower after reports circulated that Moderna Inc's vaccine study, which was credited in part for Monday's rally, didn't produce enough critical data to assess its success.
· The Nikkei Stock Average rose 1.5% at 20,433.45. Hong Kong shares ended the session higher; the benchmark Hang Seng Index rose 1.9% to settle at 24,388.13.
· Federal Reserve chairman Jerome Powell and Treasury Secretary Steven Mnuchin testified to the Senate Banking Committee on Tuesday. Treasury Secretary Steven Mnuchin said Tuesday the Treasury and the Federal Reserve are "fully prepared to take losses" on the remaining capital from the coronavirus bailouts. Mnuchin said before the Senate Banking Committee he is prepared to distribute the entire US$500 billion appropriated to help struggling businesses impacted by the coronavirus pandemic. Powell also reiterated the central bank's commitment to programmes aimed at keeping markets functioning and getting money to those who need it during the coronavirus crisis.
· Singapore will reactivate three-quarters of its economy by allowing more businesses to reopen on June 2. The start of the three-phase process depends on local infection rates remaining low through June 1. Companies forced to remain shut beyond that date - including restaurants and most retailers - and their workers will receive additional government support.
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