October 18 morning news

Bank of America reported better-than-expected results Monday, helped by higher net interest income. Other U.S. companies reporting earnings later this week include Tesla, Netflix and Johnson & Johnson, and good results could help boost investor sentiment.

Asia-pacific markets all opened higher Tuesday, with Japan, Sydney and South Korea all up 1.46 percent, 1.35 percent and 0.98 percent, respectively.

Morning news Singapore stock market:

1. $SEMBCORP MARINE LTD(S51.SI)$ announced before the market opened on Tuesday that its Brazilian subsidiary Estaleiro Jurong Aracruz (EJA) achieved an operational milestone as a Tupi B.V. Completed the second floating production and storage vessel (FPSO) project, P-71. When operational, the P-71 can produce up to 150,000 barrels of oil a day.

2. $SINGAPORE AIRLINES LTD(C6L.SI)$and Cool Air carried 2.5 per cent more passengers in September than in the previous month to 2.1m, but group capacity declined slightly, according to the carrier's September operating report released after the market closed on Monday.

3. $SEMBCORP INDUSTRIES LTD(U96.SI)$ announced when the market closed at noon Monday that its wholly owned subsidiary Sembcorp Development has been granted an investment licence to develop a new industrial park in Vietnam's Can Tho City.

The 293.7-hectare Industrial Park is operated by a company called Vietnam-Singapore Industrial Park, or VSIP. VSIP is a joint venture between Sembcorp Town Development Corporation and Vietnam's state-owned Becamex IDC.

U.S. stocks | risk appetite face lift, three index rebounded in

1. Britain's new chancellor of the Exchequer Jeremy Hunt reversed Truss's economic plan and staged a policy reversal.

Britain's new finance minister Jeremy Hunt on Monday reversed Prime Minister Malcolm Truss's economic plans and scaled back a huge energy subsidy program in one of the most aggressive fiscal policy reversals in British history to stem a sharp decline in investor confidence. A spokesman for Truss denied Hunt was running the country after his new approach sent sterling soaring against the dollar and helped gilt prices start to recover from a sharp sell-off after the government announced unfunded tax cuts on 23 September. Under the new policy, most of Mr Truss's £45bn unfunded tax cuts will be scrapped. A two-year energy support scheme for homes and businesses - expected to cost well over £100bn - will now be shortened to end next April. But some economists say the measures will not close the gap in the public finances or undo the damage done by the government's aggressive policies, but are a step in the right direction.

2. Bank Rating

Morgan Stanley: Cut its price target on Apple (AAPL.US) to $177 from $180 and maintained an "overweight" rating

Piper Sandler: Lowered its price target on Adobe(ADBE.US) to $345 and maintained an "overweight" rating

Credit Suisse: Cut its price target on T-Mobile US(TMUS.US) to $175 and maintained an "outperform" rating