Daily Morning Note – 1 Nov 2019
WEEKLY MARKET OUTLOOK WEBINAR
Stocks in Asia looked poised to decline Friday after weak manufacturing data and renewed concern on trade sent Treasuries higher and U.S. equities lower. Futures on Japanese shares retreated along with those in Hong Kong and Australia. The S&P 500 declined after a regional manufacturing gauge missed estimates and jobless claims rose more than forecast, even after yesterday’s highs. Treasuries advanced as Bloomberg reported that Chinese officials have warned they won’t budge on some trade issues, extending gains in the wake of the Federal Reserve’s signal it will keep policy on hold. Elsewhere, oil retreated on a combination of Saudi supply gains and the renewed trade woes. Gold surged more than 1% on Thursday.
CHINA’S three state telcos on Thursday announced the roll-out of 5G mobile phone services, marking a key step in Beijing’s ambitions to become a technology superpower at a time when it remains locked in trade tensions with Washington.
MindChamps PreSchool has opened a A$7 million (S$6.6 million), 94-place flagship centre in Australia which caters to children aged six weeks to six years, the company said in a bourse filing on Wednesday night (Oct 30).
YANGZIJIANG Shipbuilding inked new order contracts for six 31,800 dwt Great Lakes bulk carriers, the Chinese shipbuilder said on Thursday.
THE man who became Eagle Hospitality Trust’s (EHT) single largest shareholder during its lukewarm initial public offering (IPO) was also the man who sold EHT’s sponsor six of the 18 hotels that eventually formed its IPO portfolio, EHT confirmed on Thursday.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Recommended Action: Technical SELL
Link REIT (HK: 823) bearish sentiment is likely to continue based on the technicals below
Webinar Of The Week
Date: 21 October 2019
Phillip Research in 3 minutes: #16- JEP Holdings Ltd
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