Daily Morning Note – 13 Jan 2020
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
Rising U.S.-Iran tensions quickly went from an incendiary issue to a nonissue for global markets this past week. Both sides seemed eager to step back from further violent escalation, despite plenty of opportunity to do so.
The tensions peaked on Tuesday night after Iran sent a barrage of missiles at two bases housing U.S. forces in Iraq. S&P 500 index futures dropped as much as 1.6% within minutes. But as details of the attack emerged and it became clear that there had been no casualties, futures rebounded just as fast. They opened up slightly on Wednesday.
BREAKING NEWS
Renewable Energy Asia (REA) Group said on Saturday in a regulatory update that it will be delisted from the Singapore Exchange (SGX) on Feb 7 at 9am.
The Singapore Exchange (SGX) will suspend trading of shares in catalist-listed Citic Envirotech from 9am on Jan 13, after the company’s free float fell under the 10 per cent mark on Friday 5.30pm, it announced in a bourse filing on Saturday.
Catalist-listed Sen Yue has revenue in the hundreds of millions but currently suffers from low margins for its commodities trading business. This has resulted in either minimal profits or losses for the Group over the years.
Heliconia-backed Rigel Technology eyes expansion, dismisses listing talk.
Finance company Singapura Finance and homegrown digital payments startup MatchMove Pay are believed to have joined forces in hopes of landing a digital bank licence in Singapore.
United Overseas Bank (UOB) has projected a S$10 billion market opportunity in Asean, with the 84-year-old Singapore bank going on the offensive to take a chunk of it through its standalone digital bank for millennials.
China’s commitments in the Phase 1 trade deal with the United States were not changed during a lengthy translation process and will be released this week as the document is signed in Washington, US Treasury Secretary Steven Mnuchin said on Sunday.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
UOL Group Ltd
Recommended Action: Technical BUY
UOL Group (SGX: U14) bullish sentiment will continue based on the technical.
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Date: 06 January 2020
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