Morning Highlights

There Are No Quick Picks For Today

Singapore Shares kicked off the week positively, up slightly by 7.93 points to 2829.04 after news of a Greek rescue package from the IMF and European Union.

Nonetheless, we still expect market to be choppy. Currently Banyan Tree is the only stock in focus for now.

Watch out for China. economic data to be released today: April export numbers. ( According to a Bloomberg poll of 30 economists, the figure is expected to rise 28.9% yoy from the previous increase of 24.3% yoy. in March. Imports are expected to increase 51.5% yoy, slowing from the previous 66% in March. March saw China post its first trade deficit since 2004.)

Corporate Announcements

  1. UOB announced 71.2% growth year-on-year in 1Q10 net profit to S$700 million
  2. Sembcorp Marine announced 23.8% growth year-on-year in 1Q10 net profit to S$148.8 million. 
  3. Singtel announced that it secured the broadcast rights to the 2010 FIFA World Cup and will offer all 64 matches live on mio TV and mobile.

News Updates:

  1. Sovereign wealth funds meeting in Australia issued a call on Saturday for governments worldwide to take coordinated and urgent action to introduce finance-sector reforms and shore up confidence in global investment markets.
  2. U.S. economy adds 290,000 jobs in April; unemployment rate 9.9%‏
  3. House panel to convene hearing on Thursday’s stock-market plunge‏
  4. European stocks close out worst week in 18 months‏
  5. Gold at five-month high.
  6. Crude oil for June delivery fell $2, or 2.6%, to settle at $75.11 a barrel on the New York Mercantile Exchange, the lowest price since Feb. 12. Futures are down 13% for the week, the biggest drop since the week ended Dec. 19, 2008.
  7. Dow industrials’ 141-point decline caps 4-day plunge of 772 points‏
  8. Nasdaq slides 8% and S&P 6% on week; Dow’s 5.7% weekly loss is worst since October 2008‏
  9. Europe leaders agree on emergency rescue plan for Greece; announced a 500 billion euro (US$670 billion) stabilisation plan to keep Greece’s debt crisis from spreading.

7M2XXgbVnN4