Daily Morning Note – 12 Sep 2019

WEEKLY MARKET OUTLOOK WEBINAR

Please note that there will not be any Morning Note published tomorrow. It will resume on the 16th of September.

Please also note that there will not be any Monday morning webinar on the 16th. It will resume the following week, 23 September 2019. You may sign up here.

PHILLIP SUMMARY

U.S. stocks closed higher Wednesday as investors eyed momentum-driven and technology shares again, along with small-capitalization stocks, while awaiting further clarity on central bank stimulus plans and international trade negotiations.

The Dow Jones Industrial Average rose 0.9%, to 27,137.04, closing above 27,000 for the first time since July. The S&P 500 index advanced 0.7%, to 3,000.93. The Nasdaq Composite index gained 1.1%, to 8,169.67.

The Dow notched its sixth-straight gain, while the S&P 500 closed higher for the fifth time in six sessions. The Nasdaq snapped a three-day losing streak.

Wednesday’s action saw the waning of a rotation out of market-leading momentum shares and tech stocks into previously out-of-favor value stocks, as momentum stocks found their footing again in afternoon action following early-morning losses. Stocks in the information technology sector also stabilized, rising 1% after three-straight losing sessions.

Potentially boosting sentiment Wednesday was a Chinese decision to exempt some products from retaliatory import tariffs announced in August.

President Trump renewed his calls for the Federal Reserve to aggressively cut interest rates, arguing that the Fed Funds rate should be cut “to zero or less.”



BREAKING NEWS

US President Donald Trump announced on Wednesday that he agreed to delay an increase in tariffs on US$250 billion worth of Chinese goods by two weeks, saying the decision was requested by Beijing.

US President Donald Trump wants US “interest rates down to ZERO, or less,” he tweeted Wednesday amid widespread expectations that the Federal Reserve will cut rates later this month.

Hong Kong Exchanges and Clearing Ltd (HKEX) unveiled a US$39 billion takeover approach to the London Stock Exchange Plc (LSE) on Wednesday that received a cool response from investors concerned about its regulatory and financial hurdles.

Singapore state investor Temasek Holdings and buyout firm KKR are among the suitors who have advanced to the second round of an auction to buy into the hospital unit of Metro Pacific Investments Corp, sources told Reuters.

Alpha Energy’s S$21.1 million rights issue has been oversubscribed, the Catalist-listed owner and operator of oil assets said on Wednesday.

Keppel DC Reit will be included in the FTSE EPRA Nareit Global Developed Index with effect from Sept 23, 2019.

Source: The Business Times

TECHNICAL PULSE

ComfortDelGro Corp Ltd

Recommended Action: Technical BUY

ComfortDelGro (SGX: C52) bullish trend is still going strong based on the weekly and the 4hour time frame*. Based on the technicals, our confidence of a bullish pattern remains

Read more technical pulse

Webinar Of The Week

Market Outlook: : (PSR) Singapore Banking, Clearbridge Health Limited, Micro-Mechanics, Singapore Weekly, US Weekly, China Weekly, Technicals

Date: 09 September 2019

For more on Market Outlook

Phillip Research in 3 minutes: #13 – Real Estate Agencies Sector

Updates summarised in 3 minutes

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Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research

Read the research report(s), available through the link(s) above, for complete information including important disclosures Important Information





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