Daily Morning Note – 10 January 2019
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YOUR PHILLIP SUMMARY
Asian Stocks looked set to open mixed following a rally in U.S. equities as investors cheered the dovish approach discussed in minutes from the latest Federal Reserve meeting. But gains were muted by concerns that the partial shutdown of the U.S. government will continue for some time. The dollar fell and Treasuries rose, while oil surged above $52 a barrel and entered a bull market. The S&P 500 Index was up for a fourth consecutive day led by energy producers, reaching the highest level in almost a month. The Nasdaq benchmarks were the strongest performers on strength in semiconductors and technology hardware manufacturers.
BREAKING NEWS
Sears Chairman Eddie Lampert has submitted a revised bid of roughly $5 billion in a last-ditch attempt to save the retailer from liquidation, according to a person familiar with the matter.
U.S. drugmaker Pfizer Inc said on Wednesday it was shutting down two manufacturing plants in India that make generic injectables like penicillin in response to falling demand.
Private investor Cheong Sim Lam, whose family developed International Plaza and the Hyatt Regency Singapore, snapped up Ascott Reit‘s serviced apartment building Ascott Raffles Place Singapore for S$353.3 million.
The buyout offer for Cityneon Holdings closed on Jan 9 at 5.30pm, with the total number of shares acquired by offeror West Knighton Limited representing approximately 99 per cent. Cityneon said that an application will be made to the bourse for the delisting of the company and the result of the application will be announced in due course.
Olam International Ltd will shut its sugar trade desk, spokesman Nikki Barber said on Tuesday, another sign of pressure on trading houses.
The independent financial advisers (IFA) of Sunrise Shares Holdings said on Wednesday that the S$0.017 per share general offer for the company made by its largest shareholder, Hong Kong-based businessman Wong Siu Fai, is “not fair and not reasonable”.
Capital World has granted the option of subscribing for up to 50 million of its new shares to Hong Kong-based marketing consultancy One World Corporation.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
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