Daily Morning Note – 10 October 2018
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
U.S. President Donald Trump said Tuesday that he did not like the Federal Reserve’s decision to continue hiking interest rates.
Gold prices increased on Tuesday drawing some safe-haven bids from risk-averse investors as Asian stocks fell amid uncertainties over a potential slowdown in China’s economic growth and as the dollar eased against the yen.
Oil prices increased on Tuesday with more evidence of decreasing crude exports from Iran and as nearly one-fifth of daily oil production was lost from offshore Gulf of Mexico wells due to Hurricane Michael.
Equity futures nudged higher in Japan and Hong Kong, while Australian shares pointed to small declines. The S&P 500 Index was dragged down by materials shares, after a profit warning in the sector, while technology shares rebounded from a three-day rout.
Asian stocks looked set for a mixed start to trading Wednesday following a volatile session for U.S. equities and as yields on Treasuries retreated from a seven-year peak.
BREAKING NEWS
Nikki Haley suddenly resigns as Trump’s UN ambassador. Nikki Haley abruptly resigned on Tuesday as the US ambassador to the United Nations, in the latest departure from President Donald Trump’s often shifting national security team. Ms Haley was coy on her reasons for quitting, saying only that it was “important to understand when it’s time to stand aside” after a string of challenging jobs.
Oil prices gain as Iranian crude exports fall, Hurricane Michael nears. Oil prices rose about one per cent on Tuesday on growing evidence of falling Iranian crude exports before the imposition of new US sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael. Brent crude futures rose US$1.09 to settle at US$85.00 a barrel, a 1.30 per cent gain. The global benchmark hit a four-year high of US$86.74 last week but slipped as low as US$82.66 on Monday.US West Texas Intermediate (WTI) crude futures rose 67 cents to settle at US$74.96 a barrel, a 0.90 per cent gain.
Dual-class share IPOs still an ’emotive debate’, CFA Institute poll finds. Singapore and Hong Kong both revamped their listing rules to allow the use of dual-class shareholdings (DCS) in initial public offerings this year, citing support from a “majority” of stakeholders in their latest round of consultation. Warning that DCS structures could be a slippery slope into the erosion of corporate governance standards, the CFA Institute urged exchanges that have DCS structures to consider mandating time-based sunset provisions to safeguard minority shareholders.
Shareholders of Q & M associate vote to delist Aidite. Shareholders of Aidite (Qinhuangdao) Technology voted on Monday to delist the Q & M Dental Group (Singapore) associate from a Chinese stock exchange, Singapore-listed Q & M’s board said the next day. Aidite, a maker of dental supplies, was spun off in 2016 for a listing on China’s National Equities Exchange and Quotations, also known as the New Third Board.
Addvalue Tech discloses new inter-satellite data relay system service contract. Addvalue Technologies has inked a contract to provide its inter-satellite data relay system (IDRS) service to a low-Earth orbit satellite operator, with the customer committing to an initial order of terminals for a launch programme that starts in 2019.
SIA reclaims world’s longest flight with non-stop route to New York, without economy class. About six months after Qantas Airways started a direct service from Perth to London, Singapore Airlines is bringing back its 16,700km jump to New York on Oct 11, pipping Qatar Airways’ Doha-Auckland route to reclaim the title of the world’s longest commercial flight.
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
| 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. |
