Daily Morning Note – 11 January 2019
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YOUR PHILLIP SUMMARY
U.S. stocks closed higher for a fourth session Wednesday, with the S&P 500 in its longest winning streak since Sept. 14, on reports that the U.S. and China have narrowed differences over trade. Minutes from the December’s Federal Open Market Committee meeting, which indicated caution on future interest rate hikes, also helped to buoy sentiment.
The Dow Jones Industrial Average rose 91.67 points, or 0.4%, to 23,879.12, its best series of gains since Nov. 8, while the S&P 500 climbed 10.55 points, or 0.4%, to 2,584.96. The Nasdaq Composite Index advanced 60.08 points, or 0.9%, to 6,957.08.
Asian and European stocks rallied, with U.S. oil prices climbing above $50 a barrel, on optimism over trade talks between the U.S. and China.
However, ratings company Fitch warned that the U.S. could lose its triple-A sovereign credit rating if government dysfunction leads to brinkmanship over the country’s debt limit. The warning came as a partial U.S. government shutdown continued and after a televised speech Tuesday night by Trump failed to narrow differences between the White House and Democrats over the administration’s demand for funding to build a wall on the U.S.-Mexico border.
Samsung said Thursday it will hold an event on Feb. 20 in San Francisco where it’s expected to unveil its first 5G and foldable phone, the Galaaxy S10.
Oxley Holdings has accepted a letter of intent (LOI) for the purchase of its Mercure and Novotel hotels along Stevens Road for S$950 million.
Singtel has ventured into the electricity reselling business, under a tie-up with YTL PowerSeraya’s integrated energy provider unit Geneco, through Singtel power.
UNITED Overseas Bank (UOB) has renewed its bancassurance deal with Prudential for 15 years, where the latter will pay the former S$1.15 billion over this period.
OUE Lippo Healthcare (OUELH) is venturing into Myanmar by acquiring stakes in two joint venture companies that own three hospitals, one medical centre and two clinics.
E-WASTE management company Metech International on Thursday said that it has borrowed another S$2 million of bonds through crowdfunding platform FundedHere.
ASL Marine will be holding a series of informal clinics for bondholders next week as it seeks consent for certain seek waivers and acceptances.
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
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