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Phillip Capital Morning Note - 21 Sept 2020

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Publish date: Mon, 21 Sep 2020, 09:01 AM
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U.S. stock futures dipped on Sunday night as the market tried to bounce back from its longest weekly losing streak in about a year. Dow Jones Industrial Average futures were down by 56 points, or 0.2%. S&P 500 futures slipped 0.2% and Nasdaq 100 futures traded 0.1% lower. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all fell for a third straight week. That marks the market’s longest weekly slide since 2019.

Those declines came as tech shares — which led the broader market off its coronavirus lows and into record territory — struggled. Facebook, Amazon, Apple, Netflix, Google-parent Alphabet and Microsoft all posted steep weekly losses. The S&P 500 tech sector pulled back by 1%. Tech was under pressure last week in part because of valuation concerns within the space as well as options of individual stocks, ETFs and indexes expired.

Democratic donors smashed fundraising records after the death on Friday of US Supreme Court Justice Ruth Bader Ginsburg, funneling more than US$90 million to candidates and progressive groups in just over 24 hours.

Democratic presidential candidate Joe Biden urged Senate Republicans not to vote on any candidate nominated to the Supreme Court as the November election approaches, calling his rival Donald Trump's plan an "exercise of raw political power."

Several global banks moved large sums of allegedly illicit funds over a period of nearly two decades, despite red flags about the origins of the money, BuzzFeed and other media reported on Sunday, citing confidential documents submitted by banks to the US government.

UBS Group has experimented with virtual reality headsets for its bankers to simulate the trading floor experience at home, the Financial Times reported. The investment bank has tried Microsoft's HoloLenses with its London traders, the newspaper said.

Singapore Exchange (SGX) on Sunday night said that it will not be acceding to watch-listed construction firm Swee Hong's delisting appeal as well as its request for an extension of six months for the company to submit its resumption proposal. As a result, Swee Hong will have to delist by Sept 23, 2020.

FIRST Reit's manager said on Sunday that it has a received a non-binding proposal regarding a proposed rental restructuring from former parent company PT Lippo Kawaraci Tbk.

Raffles Education said in a bourse filing on Saturday that the requisition notice by substantial shareholder Oei Hong Leong, Oei Hong Leong Art Museum Limited and Indian edtech businessman Shantanu Prakash to hold an extraordinary general meeting (EGM) is without merit.

US President Donald Trump said on Saturday he supported a deal in principle that would allow TikTok to continue to operate in the United States, even as it appeared to conflict with his earlier order for China's ByteDance to divest the video app.

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

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