Asian stocks are set to drop after a tumble on Wall Street, where worries about a surge in virus cases in multiple U.S. states spurred a flight from riskier assets.

Equity futures in Japan and Australia pointed lower after the S&P 500 declined 2.6% and Treasuries advanced along with the dollar. U.S. stock futures opened to a modest drop. Data showed Florida and California set daily records for new cases, while Houston said its intensive-care unit beds are at 97% capacity. New York, New Jersey and Connecticut are requiring visitors from virus hot spots to self-quarantine. The tech-heavy Nasdaq Composite fell for the first session in nine.

The manager of Mapletree Industrial Trust (MIT) on Wednesday said its upsized private placement was 8.2 times covered at an issue price of S$2.80 - the top end of its issue price range of S$2.732 to S$2.80. Closing one day after launching on June 23, the exercise, whose upsize option was fully taken, will issue about 146.4 million new units, netting the real estate investment trust (Reit) gross proceeds of about S$410 million.

Yoma Strategic on Wednesday proposed to increase its existing shareholding and take a controlling interest in mobile payments firm Digital Money Myanmar (Wave Money) via a US$76.5 million deal.

Mainboard-Listed film production group mm2 Asia will be launching a new on-demand streaming platform offering movies in Singapore, with plans to expand into regional markets, it said in a bourse filing on Wednesday. The platform, Cathay CineHOME, will let consumers watch movies on a pay-per-view basis.

ST Group Food Industries Holdings announced on Wednesday that it will open 10 new food and beverage (F&B) outlets by September, in a push to expand its operations across its key geographical markets of Australia, New Zealand the United Kingdom.

Malaysian multi-channel duty-free and duty-paid retail group Duty Free International posted a net loss of RM9.1 million (S$3 million) for its fourth quarter ended Feb 29, 2020, reversing its net profit of RM10 million previously. But the group said in its statement that it has "ample liquidity to weather through Covid-19 challenges".

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