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US-North Korea summit may be held at Shangri-La Hotel in Singapore

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It was the site of a milestone 2015 meeting between Chinese President Xi Jinping and former Taiwanese President Ma Ying-jeou. It has also previously hosted former Presidents Barack Obama and George H.W. Bush in addition to multiple defense officials from across the globe for the annual Shangri-La Dialogue, a defense summit that had Indian Prime Minister Narendra Modi as this year’s keynote speaker.

A Shangri-La spokesperson told CNBC that it wasn’t currently in a position to comment on matters related to the June 12 event.

Regardless of venue, the property’s management will likely still go through extra preparations and arrange additional safety mechanisms said R. Krish, director of operations at security services firm Armour Security.

Washington and Pyongyang have yet to provide confirmation on where the meeting will be held. In the latest update, the White House on Monday said Trump and Kim will meet at 9 a.m. Singapore time on June 12, adding that preparations were still ongoing.

If the summit venue is a hotel, it’s not clear whether the leaders will stay overnight or retreat to different hotels.

North Korean official Kim Chang Son and Joe Hagin, the White House deputy chief of staff for operations, arrived in the Southeast Asian city-state last week to finalize planning. Kim Chang Son is staying in the Fullerton Hotel with his team, a potential indicator that Kim Jong Un himself might sleep there.

Before the “special event area” was announced, many believed the Capella Hotel — where Kim Chang Son and Hagin recently held talks — could be chosen as the summit venue. Also in the running was the Singapore International Convention and Exhibition Centre, which hosted the 2006 IMF-World Bank Annual Meetings.

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SAP market cap plunges by $30 billion as coronavirus takes its toll

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A company logo is attached to the headquarters of the SAP software group.

Uwe Anspach | picture alliance | Getty Images

LONDON — German enterprise software group SAP saw its market valuation fall by 25 billion euros ($30 billion) on Monday as shares collapsed by over 17% following disappointing third-quarter results.

The company, which slashed its revenue forecast for 2020, saw its market cap fall from 125 billion euros to 100 billion euros and it is on track for its worst trading day in 12 years.

SAP said coronavirus lockdowns would affect demand for its business relations and customer management software well into 2021 as it announced that it plans to go all-in on cloud computing.

The firm is abandoning medium-term profitability targets and it warned that it will take longer than expected to recover from the pandemic.

“As the CEO of SAP, I have to be focused on the long-term value creation of this company,” SAP Chief Executive Christian Klein told CNBC’s “Squawk Box Europe” on Monday.

“So I cannot trade the success of our customers and the significant revenue potential of SAP against short-term margin optimization.”

JPMorgan cut its price target for SAP to 120 from 160 euros, and downgraded the stock to “neutral” from “overweight.”

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Thai protests could turn violent and lead to a military coup: Analyst

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Thailand could potentially return to rule under the military junta again — if violence should flare up between pro-democracy student protesters and “counter-protesters” loyal to the establishment, one analyst told CNBC on Monday.   

The pro-democracy protests, which have lasted for months, have been largely peaceful so far. Among the protesters’ list of demands are the resignation of Prime Minister Prayuth Chan-ocha and reforms to the monarchy. Prayuth has ignored protesters’ deadline for him to step down.

Royalists — commonly known as the “yellow shirts” — have in recent weeks started to hold counter protests. Last Wednesday, a small counter protest in Bangkok turned violent when a few attendees attacked student demonstrators on the anti-government camp, reported the Associated Press.

“I think that there’s going to be growing tensions which could actually develop into some conflict, perhaps some violent conflict and that’s very dangerous,” Paul Chambers, lecturer and advisor at Naresuan University’s Center of ASEAN Community Studies, told CNBC’s “Squawk Box Asia.”

“These peaceful protests are going to continue, try to continue on. However, there’s going to be some right-wing counter-protesters who I expect are going to try to create some violence, which could lead to some injuries and deaths and eventually, even potentially a military coup,” he said.

Chambers explained that if clashes between pro-democracy protesters and royalists grow, the military would have the “perfect rationale” to intervene. That could put an end to the current “facade democracy” — which is indirectly dominated by the military — and mark the beginning of a new junta, he said.

Such a development will not bring much peace for the country, he added.

Thailand is no stranger to military coups, having last experienced one in 2014 engineered by the current prime minister. Last year, the country held its first general election since that coup, which saw the military-backed Palang Pracharath Party lead the coalition government.

Prayuth — now retired from the army — was selected as prime minister by a parliament consisting of many appointed senators from the Thai military and police.

The economic outlook for the Southeast Asian country has dimmed substantially this year even though the country’s coronavirus outbreak is now largely under control. The International Monetary Fund projected the Thai economy could contract by 7.1% this year.

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Dow futures fall 100 points after U.S. coronavirus cases surge to record high

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Certified nursing assistant (CNA) Jermaine LeFlore prepares to take a patient’s nasal swab at a drive-thru testing site outside the Southside Health Center as the coronavirus disease (COVID-19) outbreak continues in Milwaukee, Wisconsin, U.S., October 21, 2020.

Bing Guan | Reuters

Futures tied to major U.S. equity benchmarks traded lower in overnight trading Sunday as Wall Street headed for the last full trading week ahead of Election Day.

Dow Jones Industrial Average futures dipped about 100 points, indicating a loss of 140 points at Monday’s open. The S&P 500 futures and the Nasdaq 100 futures both fell 0.4%.

The decline in futures came amid a record surge in new coronavirus cases in the U.S. The country saw more than 83,000 new infections on both Friday and Saturday after outbreaks in Sun Belt states, surpassing a previous record of roughly 77,300 cases set in July, according to data from Johns Hopkins University.

White House chief of staff Mark Meadows said Sunday that the U.S. will not get control of the pandemic amid the surge in new cases. Vice President Mike Pence’s chief of staff and three aides tested positive for coronavirus, but his office said he will not quarantine himself.

This week marks the last week of October and the final trading period before Nov. 3. Major averages are on track for modest gains for the month, with the S&P 500 and the Nasdaq both rising more than 3% so far. The 30-stock Dow is up about 2% this month.

“Based on the action in the stock market we’ve seen over the past two weeks, it seems to us that it will take some serious new-news to fuel a significant decline over the next week and a half,” Matt Maley, chief market strategist at Miller Tabak, said in a note on Sunday.

Former Vice President Joe Biden maintains a sizable lead over President Donald Trump in national polls, although the gap has narrowed slightly as of late.

Traders will keep their eyes peeled for a raft of Big Tech and blue-chip corporate earnings as well as key economic data this week. Apple, Facebook, Alphabet, Amazon, Boeing and Caterpillar all report later in the week, while the first look at third quarter GDP is due on Thursday.

The Dow and the S&P 500 are coming off their first losing week in four as talks over the next coronavirus stimulus package dragged on. Treasury Secretary Steven Mnuchin said Friday that House Speaker Nancy Pelosi is “still dug in” on a number of issues in the aid deal.

The benchmark 10-year Treasury yield jumped to a four-month high of 0.84% last week, sparking a rally in bank stocks.

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