Daily Morning Note – 11 June 2019
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YOUR PHILLIP SUMMARY
Asian equity futures are narrowly mixed after U.S. stocks extended a global rally following Trump’s suspension of tariffs on Mexico. The Nasdaq jumped 1% and the S&P 500 advanced for a fifth straight session. The Mexican peso strengthened more than 2%. The dollar otherwise advanced, rising against all G-10 partners. Treasuries fell, with 10-year yields up almost seven basis points, and gold dropped. Oil fell for the first time in three days amid rising supplies and macro economic concerns.
DBS Group Holdings
Current Sentiment: Technical SELL
US President Donald Trump renewed his threat on Monday to impose tariffs on Mexico as controversy erupted over what exactly is in the countries’ new migration deal, which the Mexican government admitted would be reviewed in 45 days.
Oil prices fell more than 1 per cent on Monday as US-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal.
Huawei’s cyber security chief told the UK parliament Monday that the Chinese telecoms giant has been advised it was under no obligation to spy for Beijing if so asked by the Communist state.
Catalist-listed Aoxin Q&M Dental Group, which was spun off from Q&M Dental Group and listed in April 2017, said on Monday that it is intending to enter into revised non-compete agreements to allow Q&M Singapore Group to participate in projects in the Northern PRC Region and the group to participate in projects in the Southern PRC Region.
APAC Realty, which operates the ERA brokerage brand here and across the Asia-Pacific, has invested S$1 million in proptech startup Dots Connected via a three-year convertible note that comes with no interest. A convertible note is a form of debt that comes with an option to be converted into equity.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
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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