SINGAPORE
SingTel (ST): Singapore state investor Temasek Holdings is selling up to 500M shares in the Co at S$3.20-3.25 per share, a move that will lower its holding to 51.3% from 54.4%, reported Reuters citing a term sheet.
Fraser & Neave Ltd (FNN) announced the appointment of Goldman Sachs and JPMorgan as its advisers on the take-over offer made by Thai tycoon Charoen Sirivadhanabhakdi's TCC Assets Ltd.
Genting Singapore (GENS) said it has sold its entire 4.8% stake in Australian casino operator Echo Entertainment Group for A$158M.
DBS Bank Ltd (DBS), Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank Ltd (UOB): Fitch Ratings says in its latest report that these three banks are likely to be opportunistic in diversifying their borrowing sources as they continue to rely on deposits for their core funding. The rating firm added: "Low interest rates and investors' preference for highly-rated financial institutions have presented an opportunity for Singapore banks to procure cheap funds from debt capital markets. Raising funds from the capital market in moderation not only aids the banks' funding diversity and flexibility, but also improves their assets/liabilities maturity profile."
US indices fell on Tuesday pressured by technology hardware & equipment and automobiles & components sectors. On the US economic data front, the Conference Board's consumer confidence index rose to 70.3 in September (63.1 expected and 61.3 for the period of August). Also, Richmond Fed Manufacturing index rose to 4 in September (-5 expected) from -9 the previous month. Finally, house price index rose 0.2% MoM (0.6% expected) in July. Regarding US stocks, Caterpillar (CAT -4.25% to $87.01) revised its 2015 EPS guidance to a range of $12-$18 from $15-$20 previously. In other news, Vertex Pharmaceuticals (VRTX -4.19% to $56.26) was under pressure after study results of the adenosine nucleotide analogue pro-drug ALS-2158. Separately, Red Hat (RHT -4.28% to $55.08) reported a 2Q adjusted EPS of $0.28 vs $0.29 expected ($0.29 a year ago) on revenue of $322.6M up 15% YoY.
In Europe, in Germany , the consumer confidence index remained at 5.9 points in October, the same level as the reading in September. In France , the business confidence remained unchanged in September at 90, slightly higher than expected. Regarding stocks, Lonza Group jumped amid reports of takeover speculation. Weir Group rebounded sharply as analysts said General Electric may be interested in buying the mining-equipment maker. This morning, the Nikkei225 index opened extremely lower.
CHINA - HK
The People's Bank of China said in a statement after its 3Q monetary policy meeting: "The current economic and financial performance shows signs of stabilising and the price situation is basically stable."
Hong Kong 's total exports rose 0.6% YoY to HK$311.7B in August (-4.8% expected) vs -3.5% in July according to the government. Imports increased 0.9% to HK$347.7B (-3.5% expected) vs -1.8% in July, resulting in a trade deficit of HK$36.0B in August (HK$38.8B deficit expected) vs a deficit of HK$40.1B in July.
Nine Dragons Paper (2689) posted FY net income down 27.8% YoY to 1.4B yuan on sales of 27.2B yuan, up 11.4%. The Co said: "A combined assessment of the trend of raw material prices and the current industry conditions makes the Group believe that the industry has now reached the bottom of the market, and is forecast to rebound gradually when entering into 2013. With its efforts in actively expanding production capacity in the past few years, the Group will be able to outperform industry peers in various aspects."
CLP Holdings (2) may delay its 40% tariff rise originally planned for the next 3 years reported Ming Pao Daily News citing a senior company executive.
Standard Chartered (2888) will spend HK$1B setting up its private and consumer banking flagship shop in Hong Kong , reported Oriental Daily News citing the Bank's local chief.
GOME Electrical Appliances (493) announced it has redeemed 2.4B yuan (almost all) of new convertible bonds due 2014.
New World Development (17), Esprit Holdings (330): FY results expected.
Google Trend HK - popular searches: China Coal Energy Co (1898), Jiangxi Copper (358), SPDR Gold Shares (2840), Zhaojin Mining Industry Co (1818)
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