Asian stocks looked set for a mixed start after Bloomberg News reported the Trump administration is considering the sanctions on Chinese officials, another sign of deteriorating Sino-American relations. The dollar and Treasuries retreated.

Futures on the S&P 500 dipped at the open. Contracts in Japan and Hong Kong were flat, while those in Australia retreated. The S&P 500 Index closed at an 11-week high, but gave up almost half its earlier gains in the final half hour of trading with chipmakers exposed to China tumbling. The yen fluctuated. Oil slipped.

Deputy Prime Minister Heng Swee Keat yesterday announced a $33 billion supplementary Budget aimed primarily at helping workers and businesses pull through the Covid-19 pandemic and the bleak economic outlook ahead. Called the Fortitude Budget, Singapore's fourth Budget in less than four months sets aside $2.9 billion to extend job protection and co-pay salaries to help firms retain workers. It also provides for the $3.8 billion that went towards helping Singaporeans tide over the extension of the circuit breaker measures. Together with the earlier Unity, Resilience and Solidarity Budgets, the Government is dedicating close to $100 billion - or nearly 20 per cent of gross domestic product - to support Singaporeans in this battle against Covid-19, said Mr Heng, who called it "a landmark package, and a necessary response to an unprecedented crisis".

Stamford Land announced that its FY20 earnings have dropped by 47.7% to $25.0 million from $47.7 million in FY19. This came on the back of a 35.9% fall in revenue to $195.1 million from $304.2 million a year ago, mainly due to lower contribution from the group’s hotel owning and management, property development and trading business segments.This was partially offset by a significant increase in the company’s property investment business segment, which saw revenue more than double to $29.5 million from $14.6 million a year ago. Other revenue also increased by 2.4% y-o-y to $0.6 million.

Eagle Hospitality Trust's sponsor directors Howard Wu and Taylor Woods confirm resignations on May 26. In a report by the Orlando Weekly on May 25, which referred to Urban Commons problems, including its failure to pay cleaning bills of US$420,000, it emerges that its Holiday Inn Resorts Orlando Suites - Waterpark, is valued at US$71 million, a marked difference from its valuation in the prospectus. According to the Orlando Weekly, Urban Commons also owes a staffing agency US$118,000. Holiday Inn Resorts has also furloughed 325 staff, the weekly says. For local investors, the most eye-catching statement was the valuation of Holiday Inn Resorts Orland Suites. If valuations are not what they seem, there could be very little incentive for a third party white knight to swoop in on Eagle. Its total debt as at Dec 31, 2019 was U$506 million. Based on the valuation of Holiday Inn Resorts Orlando Suites, unitholders and white knights would have to be prepared to take a valuation haircut of around 50%. EHT’s portfolio was valued at US$1.27 billion at IPO.

Pharmaceutical maker iX Biopharma has commenced the supply of its Wafesil and Silcap medicines through telemedicine in Australia, it said in a bourse filing on Tuesday. The medicines, which are supplied to Australian pharmacies and available to patients by doctors’ prescription, are for the treatment of male erectile dysfunction. The Catalist-listed company, which has facilities in Australia, identified telemedicine as a way to reach Australian patients amid the Covid-19 pandemic.

US private equity firm Warburg Pincus is set to own nearly half of ARA Asset Management, following the impending exit of AVIC Trust as a shareholder in the real estate fund manager. ARA on Tuesday announced that AVIC Trust, the investment arm of Shanghai-listed AVIC Capital, will dispose of its 20.48 per cent stake. ARA founder and group chief executive John Lim said the trust has helped and partnered the group in creating new fund products in mainland China. Meanwhile, Warburg Pincus - already ARA's largest shareholder - will "substantially" raise its stake to 48.70 per cent from its present 30.72 per cent.

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