Daily Morning Note – 14 June 2019

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YOUR PHILLIP SUMMARY

Hang Seng futures are looking slightly lower, while the Nikkei and Australian markets are poised for higher opens after U.S. stocks halted a two-day decline. The S&P 500 hit a five-week peak as a surprise uptick in jobless claims supported the idea the Federal Reserve could take a dovish turn. And Larry Kudlow kept the trade war embers burning with a warning to China that there will be “consequences” if Xi doesn’t agree to meet with President Donald Trump at the G-20 summit later this month.

Oil spiked on the attacks, with WTI surging as much as 4.5% from a five-month low before paring gains. OPEC also cut its first-quarter demand growth estimate to less than 1 million barrels a day as the trade war hurt economic growth. The cartel kept its 2019 estimate mostly unchanged, saying consumption will accelerate the rest of the year.


TECHNICAL PULSE

Hong Kong and China Gas CO Ltd

Recommended Action: Technical BUY on Dip

Hong Kong and China Gas bullish run had come to a halt when the stock price broke the uptrend line at the start of June 2019. But to say that the bear has arrived may be too early to confirm and base on the technical factors presented, we believe that the stock may be having a false breakout.



RESEARCH REPORT

Astrea V: Second Retail PE Bond

Coupon: 3.85% p.a. semi-annual

Class A-1 LTV: 17.4%

Public Tranche: S$180m

Time frame for public application: 12 June 2019, 9am – 18 June 2019, 12pm


BREAKING NEWS

Two oil tankers were attacked on Thursday and left adrift in the Gulf of Oman, driving up oil prices and stoking fears of a new confrontation between Iran and the United States, which blamed Tehran for the incident.

Allies of Hong Kong leader Carrie Lam began questioning her tactics as lingering tensions prompted lawmakers to postpone debate on a controversial extradition bill until at least next week.

Facebook has curbed access to a controversial feature allowing searches of the vast content within the social network – a tool which raised privacy concerns but was also used for research and investigative journalism.

Trading platform developer Ayondo announced on Thursday night that its chief operating officer (COO) Edward Drake has left his position effective June 13, following the completion of the disposal of unit Ayondo Markets Limited.

Geo Energy Resources Limited announced on Thursday that a flood is affecting the production and delivery of coal from the mine of its subsidiary PT Tanah Bumbu Resources in Indonesia.

Source: The Business Times

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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