Singapore Stock Market Updates On 23/07/10

Morning Highlights

U.S. stocks rally on earnings news and European economic data; Dow up 150 points.

Singapore market rose in opening trade on overnight Wall Street gains, with STI open at 2972.55.

• CRCT Q2 distributable income up 7.3%, DPU at 2.07 cents

Watch out for Economic News Release Today:

1. Singapore's June CPI figures

Corporate Announcements:

1. Cosco announced that another 2 of its shipbuilding contracts (out of 15 announced in June) have become effective following the payment of the initial deposits by the ship owners.
2. Cosco announced that its subsidiaries secured a turn key contract worth more than US$500 million to build a deepwater drillship
3. Keppel Corp announced 49.6% decline in 2Q10 net profit to $398 million.

News Updates:

1. U.S. Initial claims for state unemployment benefits rose 37,000 to a seasonally adjusted 464,000 in the week ended July; continuing claims fall by 223,000
2. UPS surpassed Wall Street's expectations for its second- quarter results, as profits soared 90% to US$845 million, or 84 cents per share, compared with a profit of US$445 million, or 44 cents per share, a year ago.
3. The Conference Board said its index of leading economic indicators slipped 0.2% to 109.8 after increasing 0.5 per cent in May.
4. US existing home sales fell 5.1%, less sharply  than expected to a three-month low in June, though the supply of unsold homes rose to the highest in almost a year, an industry group said on Thursday.
5. European stocks close sharply higher; France, up 3.1%, and Germany, up 2.5%, pace rally
6. Dell to pay $100 million to settle SEC accounting charges
7. E-Trade reports first quarterly profit in three years
8. Amazon shares slide 13% in late trading after earnings miss analysts' target
9. Microsoft tops estimates with 48% profit gain; shares edge higher after hours
10. Travelers' net income hits $670 million; EPS rises 6% to $1.35 a share
    
11. Caterpillar raises 2010 forecast as orders continue to outpace shipments; dividend hiked
    
12. GM agrees to buy AmeriCredit for $3.5 billion to address leasing, non-prime financing demand

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Stock Prices last updated at 9:27 (Singapore Time)