Daily Morning Note – 11 July 2019

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PHILLIP SUMMARY

US Stocks reached record highs Wednesday after testimony from Federal Reserve Chair Jerome Powell bolstered the case for easier monetary policy in the U.S.

Stocks in Asia Pacific were set to trade mixed on Thursday after U.S. Federal Reserve Chairman Jerome Powell signaled overnight that the U.S. central bank could be cutting interest rates soon.

Source: CNBC


TECHNICAL PULSE

Singapore Press Holdings Ltd

Recommended Action: Technical BUY at DIP

Singapore Press Holdings share price is currently in range mode.

Read more technical pulse


BREAKING NEWS

U.S. lawmakers weighed reforming pot laws in what advocates called a “historic” hearing Wednesday, with numerous members of Congress saying they wanted to loosen federal laws, even legalize marijuana.

Mapletree Industrial Trust plans to redevelop a flatted-factory cluster at Kallang Way into a high-tech industrial precinct at a total project cost of about S$263 million, the REIT’s largest redevelopment project to date.

Ascendas India Trust has entered into a construction funding and forward purchase agreement for the development of an additional warehouse at the Arshiya Free Trade Warehousing Zone, Panvel, which it will acquire upon completion and leasing.

Y Ventures’ chief financial officer, Joshua Ang Thien En, has resigned. The company’s financial controller, Goh Lay Lan, will assume his role and responsibilities.

Jardine Cycle & Carriage has appointed Benjamin Birks its new group managing director to take over Alex Newbigging, who is stepping down after more than seven years at the helm.

The independent financial advisers of OUE Commercial Reit and OUE Hospitality Trust have advised the directors of both trusts to recommend unitholders “vote in favour” of the merger at separate upcoming EGMs.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

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