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Daily Morning Note – 27 JUNE 2019
Stocks closed mostly lower Wednesday, as investors grew increasingly skeptical that a U.S.-China trade deal is in the offing, though technology shares were supported by optimism related to Micron Technology’s better-than expected guidance.
The Dow Jones Industrial Average fell 11.4 points, or less than 0.1%, to 26,536.82, but had been as high as 26,669, while the S&P 500 fell 3.6 points, or 0.1%, to 2,913.78, representing a fourth straight decline for the index, its longest string of loses since a similar downturn ended May 9, FactSet data show. The Nasdaq Composite Index rose 25.2 points, or about 0.3%, to 7,909.97, halting a three-session stumble.
Comments from U.S. Treasury Secretary Steven Mnuchin suggesting that a Sino-American trade resolution had been near in an earlier round of talks, provided an early lift to markets. “We were about 90% of the way there (with a deal) and I think there’s a path to complete this,” he told the financial network in Bahrain. However, President Trump, appeared on Fox Business on Wednesday saying he was happy to collect China tariffs if talks broke down.TECHNICAL PULSE Mapletree Industrial Trust Current Sentiment: Technical BUY
Mapletree Industrial Trust’s bullish run may be pausing for a corrective phase. Nevertheless, the long term sentiment of the stock remains bullish as all three major moving averages are pointing to the upside and especially the long term 200 SMA, which is slowly inching upward.BREAKING NEWS
US President Donald Trump said on Wednesday that a trade deal with Chinese President Xi Jinping was possible this weekend but he is prepared to impose US tariffs on virtually all remaining Chinese imports if the two countries continue to disagree.
THE Singapore Business Federation (SBF), also known as ICC (International Chamber of Commerce) Singapore, has established a new arbitration group as part of its broader aim to promote the interests of the Singapore business community, and to raise Singapore's profile as a hub for international arbitration and dispute resolution.
HSBC Private Banking has closed its Vision Private Equity 2019 fund (Vision 2019), raising over US$250 million globally, with nearly half of the capital from clients in Asia.
ST Group Food Industries, the Australian-headquartered franchisee for various food brands, has priced its initial public offering (IPO) at S$0.26 per share ahead of a listing on the Catalist board of the Singapore Exchange.Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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