Daily Morning Note – 13 September 2018
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YOUR PHILLIP SUMMARY
The Dow Jones Industrial Average and the S&P 500 posted small gains on Wednesday amid the possibility of renewed trade talks between the U.S. and China. The U.S. is in the process of proposing a new round of trade talks with China in the near future, various news sources reported.
Meanwhile, Apple unveiled its newest iPhones Wednesday: the iPhone XR, starting at $749; iPhone Xs, starting at $999, and iPhone Xs Max, starting at $1,099. The iPhone Xs and Xs Max will be available for pre-order on Friday. They will ship on Sept. 21. The iPhone XR will be available for preorder on Oct. 19 and will ship a week later. Apple shareswas down 1.2% at market close.
Back in Singapore, the tender for Horizon Towers – the first major en bloc exercise to close after July’s property cooling measures – ended on Wednesday without a single bid.
STI – Daily timeframe – Bullish
– With the current Bullish Engulfing Bar rejection off the 3100 psychological support
area, the RSI has also risen back above the 30 oversold region suggests the start of
the mean reversion higher.
– Expect price to rebound higher next if the bullish follow through happens for price
to test the 3189 resistance area followed by 3263.
For more information and additional disclosures, refer to the link here.
Retail sales decreased 2.6% year-on-year in July 2018, due mainly to lower motor vehicle sales. Excluding motor vehicles, retail sales increased marginally by 0.2% year-on-year. Sales of food & beverage services decreased 0.3% year-on-year in July 2018.
Sasseur Group, the Sponsor of Sasseur REIT, has signed a Memorandum of Strategic Partnership with Secoo Holdings. Secoo Holdings is Asia’s largest integrated online platform for upscale products and services and one ofSasseur REIT’s strategic cornerstone investors. Sasseur Group and Secoo Holdings will each be tapping on their respective expertise in offline and online retail to develop an integrated omni-channel network targeting the growing luxury consumer market in China.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
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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