Overseas Headlines – June 26, 2020

United States:

U.S. Consumer Spending Rebounded in May While Incomes Declined

“U.S. consumer spending surged by a record in May — while remaining below pre-pandemic levels — as Americans spent relief payments and ventured out of their homes to newly reopened stores and restaurants. Household outlays rose 8.2% from the prior month, the sharpest increase in more than six decades worth of data, after falling by the most on record in April, a Commerce Department report showed Friday. The median estimate in a Bloomberg survey of economists called for a 9.3% jump.”



Sunak Says Bar for U.K. Company Bailouts Exceptionally High

“U.K. Chancellor of the Exchequer Rishi Sunak said he will set an “exceptionally high” bar for companies seeking taxpayer-funded bailouts during the coronavirus pandemic, days before the government sets out its plans to revive the country’s economy. “This is not my money,” Sunak told Bloomberg Television on Friday. “It’s not government’s money. This is taxpayers’ money. I shouldn’t be sitting here trying to pick winners.”



Singapore’s Retail Investors Load Up On What Institutions Dump

“Retail investors are filling the void left by institutions in Singapore’s equities market this year, Singapore Exchange Ltd. data show. Individuals have pumped a net S$4.8 billion ($3.5 billion) into the city-state’s stocks since March, whereas institutions offloaded a similar amount in the same period, according to calculations by Bloomberg based on data from the Singapore bourse. The divergence began to become apparent in March, when retail investors put in an aggregate of S$1.9 billion and professional investors sold around S$1.8 billion.”



Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.