Daily Morning Note – 12 June 2019
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YOUR PHILLIP SUMMARY
Asian equities looked set to open mixed Wednesday after U.S. stocks halted a five-day winning streak. Treasuries drifted higher, with 10-year yields down one basis point. The dollar was mixed, losing ground against the pound and euro but rising against the kiwi. Oil was little changed ahead of inventory data and speculation on the outcome of a potential OPEC+ meeting in coming weeks.
Overseas Chinese Banking Coporation
Current Sentiment: Technical SELL
The expectation of OCBC going stronger was met with a setback at the start of May 2019 when the stock did not further advance its bullish movement by forming 2 successive candles to determine the breakout of the range.
US producer prices increased solidly for a second straight month in May, boosted by a surge in the cost of hotel accommodation and gains in a range of other services, pointing to a steady pickup in underlying inflation pressures.
Apple Inc has a backup plan if the US-China trade war gets out of hand. The Cupertino, California-based company’s primary manufacturing partner has enough capacity to make all iPhones bound for the US outside of China if necessary, according to a senior executive at Hon Hai Precision Industry Co. The Taiwanese contract manufacturer now makes most of the smartphones in the Chinese mainland.
SEMBCORP Industries’ wholly owned subsidiary Sembcorp Development disposed its entire 10.27 per cent equity interest in Gallant Venture for a consideration of S$62 million.
ST Group Food Industries, the Australian-headquartered franchisee for various food brands, has lodged a draft prospectus for a listing on the Catalist board of the Singapore Exchange.The group owns exclusive franchise and licence rights to the PappaRich, NeNe Chicken, Hokkaido Baked Cheese Tart, Gong Cha, Ippudo and iDarts brands in various territories across Australia, New Zealand and Malaysia.
SATS has opened the Business Aviation Centre (BAC) at Seletar Airport, to provide personalised lounge and passenger services to private-jet customers for discretion, privacy and speed, SATS said in a media statement on Tuesday.
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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