SG Morning Highlights | Samsung's cut in chip production is good news for industry

Advancers / Decliners is 62 to 80, with 108.65 million securities worth S$60.56 million changing hands.

Samsung Electronics' pledge to cut memory chip production has lifted shares of rival manufacturers because the move could potentially ease a supply glut that's hammered prices across the industry.

Samsung said on Friday (Apr 7) it would cut production to a "meaningful level" after reporting its smallest profit in more than a decade. Chipmaker Micron Technology rose about 7 per cent on Monday in New York, while Western Digital gained almost 8 per cent.

The post-pandemic slump in demand for consumer electronics, along with broader economic shocks such as rising inflation, have squeezed producers. Samsung had resisted pulling back on production despite the downturn, in part to take market share from competitors like Micron.

The Federal Reserve may not need to raise interest rates further to fight inflation, as the fallout from last month's turmoil in the banking sector and a series of recent labour data point to a slowing US economy, a BlackRock executive said on Monday.

Though Friday's closely-followed Labor Department employment report showed that US employers maintained a strong pace of hiring last month, it was also marked by slowing wage gains and jobs growth that was below the three, six and 12 month moving averages, said Rick Rieder, chief investment officer of global fixed income at BlackRock, the world's largest asset manager.

That data, together with labour market numbers released last week and expectations of tighter credit conditions after the failure of two US banks last month, paint a picture of a slowing economy, according to Rieder.

President Halimah Yacob on Monday (Apr 10) set out four key priorities that will shape the government's agenda for the rest of its term, ranging from inclusivity to liveability, as she opened the second session of the 14th Parliament following a two-week recess, or prorogation.

This comes as Singapore faces an increasingly dangerous and troubled world post-pandemic, amid great power rivalry as well as economic headwinds, she said in a 20-minute address to the House. Singapore, she noted, would need to strengthen its social fabric to remain united and do well in such a world.

The Reit saw strong leasing momentum backed by robust demand from third-party logistics providers between January and March this year, with significant growth in demand for the Reit’s warehouse and logistics properties, its manager said in a bourse filing on Monday (Apr 10).

The Reit's total portfolio occupancy excludes its property at 1 Tuas Avenue 4, which is undergoing asset enhancement initiatives.

The disposal is being carried out as part of a rationalisation of Centurion's asset portfolio, it said on Monday (Apr 10). It added that it intends to "align and focus" its asset portfolio, on countries where it believes it can "expand and scale up its operations".

The property, located at 188-5 Hoegi-ro, Dongdaemun-gu, is owned by the group's joint venture, IGIS Centurion No 238 Professional Investors Private Real Estate Investment (REF).