Daily Morning Note – 5 October 2018

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.

YOUR PHILLIP SUMMARY

U.S. stocks tumbled on Thursday amid concerns about higher Treasury yields and tensions with China. Technology shares fell the most, with the Nasdaq 100 Index notching its worst day since June following a Bloomberg report that China infiltrated American companies with hardware hacks. Japan’s household spending unexpectedly jumped (+2.8%) in August from a year earlier to mark a second month of gains, suggesting a tight job market and steady economic expansion are boosting households’ purchasing power. Household spending makes up roughly 50 percent of Japan’s economic activity. Next to watch is data on U.S. monthly payrolls data which come out Friday, amid indications the labor market is also tightening.


BREAKING NEWS

Dow falls the most in 2 months on fears of rising rates as 10-year yield hits highest since 2011. Stocks fell sharply on Thursday as interest rates hit new multiyear highs, dampening investor sentiment. Job openings in the U.S exceeded the number of unemployed people by the most on record in July. The tally of part-timers who’d prefer a full-time position has fallen to a post-recession low of 4.4 million.

Chip Eng Seng halts trading after late Thursday rally draws query. The company’s stock spent most of Thursday lying in negative territory on thin volumes. But volume spiked after 4pm, and the share price climbed sharply before ending the day at 94.5 Singapore cents, with most of the gain of 5.6 per cent, or 5 Singapore cents, coming in the last hour of the trading session. A total of 8.9 million shares changed hands on Thursday.

Singapore Airlines and Air New Zealand’s joint venture alliance has received renewed approval from the New Zealand Ministry of Transport, the final step in enabling the two flag carriers to extend their alliance for a further five years until March 2024.

Big-ticket property deals fall 42% in Q3 after cooling measures. Property transactions of S$10 million and above across all sectors tumbled 42 per cent to S$6.5 billion in the third quarter from S$11.2 billion in Q2 – after the July property curbs put the brakes on residential collective sales.

A Joint Venture between CapitaLand and The Work Project, has acquired Collective Works’ co-working business for an undisclosed amount.


Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research

Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research

Read the research report(s), available through the link(s) above, for complete information including important disclosures

Important Information

Disclaimer
The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.
Confidentiality Note
This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.