Dow drops more than 300 points as investors brace for further Trump trade actions against China. The Dow closed below its 200-day moving average for the first time since June 2016. Five of the 11 S&P 500 sectors also closed in correction, or down at least 10 percent from their 52-week high.

President Donald Trump reportedly plans to bar many Chinese companies from investing in U.S. tech and to block additional technology exports to China.

The Hong Kong government is reportedly considering a tax on vacant apartments. Such a move is expected to increase supply in the world’s least affordable housing market, by nudging developers to unload stock rather than wait for prices to go higher.

Operating Indicators for May 2018: Singapore Changi Airport handled 5.29 million passenger movements in May 2018, a 5.8% year-on-year increase. Aircraft movements grew 3.6% at 32,330 landings and takeoffs, while airfreight throughput grew moderately at 1.8% to reach 180,490 tonnes, compared to the same period last year.

Roxy-Pacific Holdings Limited has agreed to sell its freehold commercial building, 117 Clarence Street, in Sydney to Clarence Street Precinct Trust for A$153 million. Original purchase price was A$51mn in February 2016.

PropNex Limited will list on the mainboard in Singapore at S$0.65 per share come July 2.

StarHub Limited will axe the suite of TV channels from Discovery Networks, effective June 30 and August 31.

ARA Asset Management (ARA) has entered into an agreement to acquire all of CWT Limited’s shares in the Reit and Property manager of Cache Logistics Trust. The right of first refusal granted by CWT to Cache would expire following the sale. Only 2 of 23 previous acquisitions by Cache were from the ROFR pipeline.

Source: CNBC, Bloomberg, Reuters, Business Times, Phillip Securities Research