The Dow rocketed to a fresh record on Wednesday after Congress approved a US$1.9 trillion economic relief package, the last hurdle before President Joe Biden signs it into law. The Dow Jones Industrial Average jumped 1.5 per cent to 32,297.02, propelled by huge positive moves in traditional industrial companies like Boeing and financial heavyweights like Goldman Sachs. The broad-based S&P 500 gained 0.6 per cent to 3,898.81, while the tech-rich Nasdaq Composite Index slipped less than 0.1 per cent to 13,068.83. The session marked a return to the trends of recent weeks after the Nasdaq rallied on Tuesday following big gains by Apple, Tesla and other tech giants.

SG

The Singapore Exchange Regulation (SGX RegCo) has ordered First Ship Lease Trust (FSL Trust) to seek unitholders' approval for a sale of two product tanker newbuildings. FSL Trust had announced on March 1 that it had completed the sale of the two vessels, realising a total net gain of about US$500,000 and total sale proceeds of US$103.8 million. It did not seek unitholders' approval as it deemed the sale to be in the ordinary course of business.

NTP+, a new mall at New Tech Park, has received its temporary occupation permit and is set to open in the second quarter of this year, said Sabana Real Estate Investment Management, the manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) (SGX: M1GU), on Wednesday.

The world's largest container shipping and logistics company, A.P. Moller - Maersk, better known as Maersk, is exploring ammonia as an alternative marine fuel via a memorandum of understanding with several industry players such as Keppel Offshore & Marine (Keppel O&M), Fleet Management, Sumitomo Corporation and Yara International. In line with the International Maritime Organization strategy to reduce carbon dioxide emissions by 2050, the group said it will be jointly conducting a feasibility study to establish the world's first green ammonia ship-to-ship bunkering in the port of Singapore.

Shares of Oceanus Group (SGX: 679) slumped to its lowest point for the year to date on Wednesday morning, as the counter continued its downward spiral that started earlier this month. By 9.27am, the watch-listed seafood supplier had sunk to a year-to-date low of 2.5 Singapore cents, down 0.8 cent or 24.2 per cent from the open. It remained at the same level after 526.7 million securities worth S$13.9 million changed hands as at 10.05am.

Del Monte Pacific Limited on Wednesday reported a net profit of US$30.16 million for the third quarter ended Jan 31, nearly five times that a year ago, when its earnings were weighed down by one-off expenses. Earnings per share for the quarter were 1.30 US cents, up from 0.09 cent a year ago. Revenue for the quarter rose 13.1 per cent year-on-year to US$628.35 million, on the back of higher sales in both the Philippines - where Del Monte is from - and overseas amid the Covid-19 pandemic.

Trust and professionalism are of importance to the real estate agency industry, said Second Minister for Finance and National Development Indranee Rajah, encouraging property agencies and agents to raise professionalism in the sector. Speaking at the ERA Asia Pacific Business Conference 2021 on Wednesday, she pointed out the importance of strengthening consumer confidence in property transactions, which make up one of people's biggest financial commitments.

US

Oil prices rose on Wednesday on an upbeat forecast for global economic recovery and as US petrol inventories plummeted, but prices were limited due to a surge in crude oil inventories in the aftermath of last month's Texas winter storm. Brent crude settled at US$67.90 a barrel, gaining 38 cents, or 0.6 per cent. US West Texas Intermediate crude settled at US$64.44 a barrel, rising 43 cents, or 0.7 percent.

The Roblox game (US: RBLX) world that has won over children around the world and became a pandemic hit scored big on Wall Street Wednesday, as newly listed shares surged. The company's shares listed under the symbol RBLX on the New York Stock Exchange closed the trading day up 54 percent to US$69.50, from a reference price of US$45 as part of the so-called direct listing. That gave the gaming platform and pandemic star a valuation of some US$40 billion.

The 10-year U.S. Treasury yield, which is considered an indicator of investor sentiment on the economy because it is a benchmark for debt such as mortgage rates, hit a 13-month high of 1.6% during this past week. The yield has since move back slightly but was trading at 1.56% on Wednesday morning. It has shot up from 1% since the end of January, amid concerns about rising inflation. These concerns have been compounded by fears that the U.S.  government’s $1.9 trillion fiscal relief package, which House Democrats are expected to pass on Wednesday, could stimulate the economy too quickly and cause a surge in prices.

Apple (US: APPL) cut orders for iPhones by 20%, according to a report from Nikkei Asia on Wednesday, due to decreased demand for its smallest iPhone 12 mini model. Apple’s new iPhones are still in high demand. The company plans to build 230 million iPhones in 2021, up 11.6% from 2020, according to Nikkei Asia. But, the iPhone 12 mini isn’t selling as well as expected as consumers gravitate to either the older iPhone 11, which has a bigger screen, the larger iPhone 12 or the more premium iPhone 12 Pro models.

Secretary of State Antony Blinken and National Security Advisor Jake Sullivan will meet in Anchorage, Alaska on March 18 with China’s Yang Jiechi and Wang Yi. Over the past four years, the Trump administration blamed China for a wide range of grievances, including intellectual property theft, unfair trade practices and recently, the coronavirus pandemic. Biden previously said that his approach to China would be different from his predecessor’s in that he would work more closely with allies in order to mount pushback against Beijing.

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