SG Morning Highlights: Fed jacks rate up by 75 basis points; another big hike may follow if intense inflation persists
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Thursday; STI up 0.14%
●Fed jacks rate up by 75 basis points; another big hike may follow if intense inflation persists
●Stocks & REITs to watch: CICT, KIT, KORE, Hwa Hong, Samudera Shipping, Lian Beng
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.14 per cent to 3,209.64 as at 9.20 am.
Advancers / Decliners is 116 to 45, with 126.30 million securities worth S$105.36 million changing hands.
Breaking News
The Federal Reserve said on Wednesday it would not flinch in its battle against the most intense breakout of inflation in the United States since the 1980s even if that means a "sustained period" of economic weakness and a slowing jobs market.
As he explained the logic behind the stiffest interest rate increases in roughly four decades, Fed Chair Jerome Powell was peppered with questions about whether the US economy was in or on the cusp of a recession – a notion he rejected because US firms continue to hire in excess of 350,000 additional workers each month.
"I do not think the US is currently in a recession," he told reporters after the end of the US central bank's latest policy meeting, citing an unemployment rate that is still near a half-century low and solid wage growth and job gains.
One more local monkeypox case was reported in Singapore on Wednesday (July 27), bringing the total number of cases detected here to 11.
The 32-year-old Singaporean man had tested positive for the infection on Tuesday, and is currently warded at the National Centre for Infectious Diseases (NCID), said the Ministry of Health (MOH) in an update on its website. His condition is stable.
The consortium behind $Hwa Hong(H19.SG$'s privatisation offer, Sanjuro United, has obtained valid acceptances from shareholders holding about 44.88 per cent of the shares, inclusive of the acceptances received from parties acting in concert with Sanjuro itself.
This brings the total number of shares owned, controlled or agreed to be acquired by Sanjuro and its concert parties, including valid acceptances, to approximately 51.29 per cent of the total number of shares — which means the offer has turned unconditional in all respects.
The trustee-manager of Keppel Infrastructure Trust (KIT) on Wednesday (Jul 27) reported a 2.7 per cent year-on-year increase in its distribution per unit (DPU) for the half year ended June 30, despite a lower distributable income for the same period.
DPU in H1 was 1.91 cents, up from 1.86 cents in the year-ago period, KIT’s unaudited results indicated.
Stocks & REITs to Watch
$CapLand IntCom T(C38U.SG$ : CAPITALAND Integrated Commercial Trust on Thursday (Jul 28) posted a 0.8 per cent increase in distribution per unit (DPU) to S$0.0522 for H1 ended June. This was amid an income boost from Singapore's reopening and the trust’s portfolio reconstitution efforts.
$KepPacOakReitUSD(CMOU.SG$ : KEPPEL Pacific Oak US Reit on Wednesday (Jul 27) reported a 5.4 per cent rise in distribution income for H1 2022 to US$31.5 million from US$29.9 million a year prior.
$SamuderaShipping(S56.SG$ : Samudera Shipping has reported earnings of US$171.7 million for 1HFY2022 ended June, up 367.7% y-o-y. Revenue in the same period was up 127.8% y-o-y to US$476.2 million, thanks to both higher container volume handled and higher rates.
$Lian Beng(L03.SG$ : CONSTRUCTION firm Lian Beng Group on Wednesday (Jul 27) reported a 66.7 per cent year-on-year surge in net profit for the financial year ended May 31, with activity across all business segments recording an improvement following the easing of Covid-19 restrictions.
Net profit for FY2022 came in at S$43.5 million, compared with S$26.1 million in the previous financial year, according to the mainboard-listed company's condensed interim consolidated financial statements.
Earnings per share rose to 8.70 Singapore cents, from 5.22 cents in the previous year.
Latest Share Buy Back Transactions
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