SG Investor Hub Blog

Stocks to watch

currently looking at:

  • China sunsine (upcoming good results)
  • Lifebrandz (possible RTO?)
  • Sembcorp Marine
  • ShengSiong (has been quite stable after XD)

my 2 cents.

The U.S. Treasury Department unveiled a sweeping plan on Monday to upend the country’s financial regulatory framework, which, if successful, would grant many items on Wall Street’s wishlist.

The nearly 150-page report that suggested more than 100 changes, most of which would be made through regulators rather than Congress. Republican President Donald Trump has gradually been nominating heads of financial agencies like the Office of the Comptroller of the Currency and the Securities and Exchange Commission to carry out his agenda.

The changes suggested include easing up on restrictions big banks now face in their trading operations, lightening the annual stress tests they must undergo, and reducing the powers of the Consumer Financial Protection Bureau (CFPB), which has been aggressively pursuing bad behavior by financial institutions.

The industry has long sought such changes, which would benefit banks like:

  • JPMorgan Chase & Co (N:JPM),
  • Bank of America Corp (N:BAC), 
  • Citigroup Inc (N:C), 
  • Wells Fargo & Co (N:WFC), 
  • Goldman Sachs Group Inc (N:GS) and 
  • Morgan Stanley (N:MS).

The plan would also expand the authority of the Financial Stability Oversight Council, which is chaired by Treasury Secretary Steven Mnuchin. It would also change the way global capital standards are implemented at home to give U.S. banks a leg up against foreign rivals. Smaller banks also would get some relief. Lenders with $50 billion or less in assets would have to jump through fewer regulatory hoops than rivals with multi-trillion-dollar balance sheets.

Trade groups for large and small banks applauded the administration’s proposals on Monday evening, though some said they wished there were more specifics on tricky questions, such as what level regulators should set for banks’ assets before subjecting them to stricter regulations.

“This is the first time in a while where there’s been an official undertaking where our concerns resonated with the folks in the driver’s seat,” said Rich Foster, senior counsel for regulatory and legal affairs at the Financial Services Roundtable, a trade group.

However, reform advocates and Democratic lawmakers were quick to criticize the plan as a handout to Wall Street and a dangerous one for U.S. consumers who lost homes and jobs during the 2007-2009 financial crisis.

“The Treasury proposal advances ideas that have been pushed by industry lobbyists since Dodd-Frank was passed,” said Lisa Donner, executive director of Americans for Financial Reform. “We need more effective regulation and enforcement, not rollbacks driven by Wall Street and predatory lenders.”

Democratic Sen. Sherrod Brown noted that the Treasury Department consulted with industry groups more than consumer groups, by a ratio of 17-to-1 while developing the report.

In a statement, Treasury Secretary Mnuchin said the regulatory overhaul is needed to grow the economy, give consumers more choices and ensure U.S. taxpayers would not have to bail out big banks again. While the Trump administration has said it wants to protect consumers, existing rules limit their access to loans and investment products they want.

If the Trump administration succeeds in making changes through regulatory agencies, it can avoid a lengthy and perhaps futile battle among lawmakers.

Although the White House and Congress are led by Republicans, Democrats in the Senate can block legislation and are unlikely to support any overhaul that eases rules on big banks. Many changes proposed by the Treasury Department would undo rules put in place by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, a landmark set of post-crisis laws signed by Obama, who is Trump’s predecessor.

Dodd-Frank required banks to hold more capital and liquidity, implemented annual stress tests and put restrictions around the types of trading and investments they could make. It also set up the CFPB and put other consumer protections in place.

News for today 13/6/2017:
– Oil rises on signs of US inventory declines, lower Saudi exports

– Fed rate hike likely despite sluggish US data

– US stocks drop as tech shares fall again

– Tech stock selloff spreads to Asia, Europe as pound swings

– Retail sales rise for 2nd month, up 2.6%

– Banks take top spots in brand ranking

– PropNex, Dennis Wee Group merge to form largest agency here

– Hotels go all out to woo millennial travellers

– Job prospects diminish across sectors: Survey

Stocks to watch today 13/6/2017:
Cityneon last close $1, 52wk high/low $1.21/$0.77 – Opening of Marvel’s Avengers S.T.A.T.I.O.N. exhibition in Taipei, Taiwan

Hongkong Land last close US$7.76, 52wk high/low US$7.89/US$5.79 – IOI and Hongkong Land team up to develop prime site

IPS Securex last close $0.09, 52wk high/low $0.205/$0.08 – Company wins S$10.4m security maintenance contract

Kim Heng last close $0.081, 52wk high/low $0.09/$0.06 – Company picks up 3 Swiber vessels for ‘bargain US$9.6m’ as it looks to industry turnaround

Noble last close $0.295, 52wk high/low $2.80/$0.285 – Embattled Noble receives interest for oil business: FT

SingPost last close $1.28, 52wk high/low $1.65/$1.23 – Company to arm postmen with smartphones, apps

Singapore Medical Group last close $0.665, 52wk high/low $0.70/$0.138 – Company acquires pediatric clinics for $25.3m

Singapore Stocks to Watch

* GIC said to pledge $100m to ex-employee’s hedge fund firm
Noble (NOBL SP): Borrowing base facility indicated near 90c in secondary; said to have received approaches for oil businesses, FT reports
SGX (SGX SP): Starts net total return futures for Asia emerging markets
Singapore Airlines (SIA SP): Plans to boost Paris services to 10 times a week

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