Optimism about an agreement can be reached among US lawmakers with regards to the fiscal cliff before year-end and better than expected ISM services (actual 54.7, consensus 53.5) lifted US stocks yesterday. That's a step forward. Until the day that an agreement is actually reached, equities will continue to be held hostage as there will be days when hopes are lifted and others that concerns are raised.

Of interest closer here in Asia is the SSEC's rally yesterday that could signal an end to the correction (refer to our latest Wired Weekly). If that's true, pullback will be of higher low with 2 immediate support levels at 2015 and 1980. Further strengthening for the SSEC can underpin the local bourse despite the December lull period, among the small caps and China beneficiaries. Technically, we see SSEC rising to 2285 and than 2485 in coming month(s).

Property stocks trading at a steep discount to RNAV could enjoy a knee-jerk reaction from news of SC Global's privatization. Using a more than 35% discount to RNAV as a guide, Wing Tai shares stands out given its 47% discount to RNAV of $3.33. Technically, the knee-jerk can provide a lift to $1.85 immediate term. Wheelock Properties could also gain for its 15.7% stake in SC Global.

Daunting supply outlook keeps growth prospects for Industrial REITs in check. Looking ahead, we see market dynamics turning given that close to 49.7msqft of industrial space currently under construction will be completed over 2013-2015. This, on an annualised basis, represents more than twice the annual supply over the past decade. Industrial sector is nearing a tipping point, we expect spot rents to decline 7-10% over the next 2 years on rising vacancy rates. In terms of stock picks, we prefer Mapletree Logistics Trust (TP: S$1.22) given limited renewals and potential acquisition catalyst while Cambridge REIT (TP: S$0.72) offers attractive yield of 7.7%.

Singapore Airlinescould revisit plans for China or India investments after adding to aviation's biggest cash pile through the possible sale of a stake in Virgin Atlantic. The airline may also use some of its cash for a special dividend. It gave shareholders S$0.80 extra payout last year.

Keppel REIT has obtained a S$505m 5 year Term Loan Facility to be used primarily to refinance its outstanding loans maturing on 31 December 2012.

Oakwell Engineeringis issuing 8% 5-yr convertible bonds of up to an aggregate of S$10m to an investor. The bonds will not be listed. The conversion price of $0.0875 represents a premium of 94.4% to the last weighted average price.

Popular Holdingshas been awarded the tender for an industrial site situated at Serangoon North Avenue 5, by Jurong Town Corporation at a tender price of S$26.999m. The industrial site comprises of a 30-year leasehold plot with an area of approximately 7,504 square metres (or 80,773 square feet) and a gross floor area of approximately 18,760 square metres (or 201,932 square feet).

Singapore remains one of the top countries with the lowest perceived corruption, according to Transparency International's 2012 Corruption Perceptions Index (CPI) under an updated methodology. The Republic ranked fifth of 176 countries with a score of 87 out of 100. Denmark, Finland and New Zealand shared the top spot with a score of 90. In fourth place was Sweden with a score of 88.

Source: DBSV