U.S. stock futures retreated along with the offshore yuan, and the yen gained as China reported an increased number of coronavirus cases in Hubei, using a revised method. Japanese shares opened modestly lower, though equities were higher in Australia and South Korea. Treasuries climbed and gold edged up following the surprise data release on the virus. Futures on the S&P 500 slid after the index rose to an all-time high Wednesday. Optimism yesterday that China’s Hubei province had reported the lowest number of new virus cases this month evaporated early Wednesday with the reported surge in cases.

COMING out of 2019's slowdown, companies here have been looking to the upcoming Budget for support - a hope that has intensified as the Covid-19 outbreak threatens to hammer the Singapore economy.

DBS Group reported a 14 per cent boost in net profit to S$1.51 billion for the fourth quarter from compared with a year ago, on the back of broad-based business momentum. Earnings per share stood at S$2.31 for the quarter, up from S$2.01 previously. The company recommended a final dividend of 33 Singapore cents per share, subject to shareholders' approval at the annual general meeting on March 31.

SINGTEL on Thursday posted a 23.8 per cent slide in its third-quarter net profit to S$627.2 million for the three months ended Dec 31, down from S$822.8 million a year ago. Earnings per share for the quarter came in at 3.84 Singapore cents, versus earnings per share of 5.04 Singapore cents in the preceding year.

CATALIST-LISTED property management company OEL (Holdings) plans to diversify into early childhood childcare and health education in Singapore, as well as the healthcare industry, through a share placement to investors led by controlling shareholder Zhang Jian.

MAINBOARD-LISTED Thomson Medical Group, which used to trade as Rowsley, narrowed its losses in the fourth quarter, on the absence of losses from discontinued real estate operations. Net loss shrank to S$1.16 million for the three months to Dec 31, 2019, from S$4.46 million in the same period the year before, even as income tax expenses shredded the bottom line.

CASINO and leisure giant Genting Singapore has expressed pessimism over the outlook for the first half of 2020 as the novel coronavirus has "created massive disruption" to the travel and tourism industries. In its results announcement on Wednesday when it reported a 4 per cent rise in net profit to S$156 million for the fourth quarter, the group said it will embark on a "stronger productivity drive and utilise this period to refresh and develop our offerings".

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