Daily Morning Note – 15 November 2018
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YOUR PHILLIP SUMMARY
Declines in financial and technology stocks, along with lingering worries about slowing global growth, dragged U.S. stocks lower Wednesday in another volatile session.
Major indexes opened higher before tumbling most of the morning and early afternoon. They hit their lowest point of the day at about 2 p.m. in New York and then staged a sudden rally to pare most of their decline, with little explanation. But they couldn’t hold on and slumped again in the final 30 minutes, resulting in a 565-point intraday swing for the Dow industrials.
Singapore stocks fell for a fourth straight session on Wednesday, dampened by a mix of external factors including a softer earnings season, falling crude oil prices and rising US interest rates.
Tencent 3QSep18 earnings beat forecast due to investment gains and there was little clarity on the authorities approving new games in China. SGX recently launch single stock daily leverage certificates (DLCs) including the 5x Long Tencent DLC and 5x Short Tencent DLC.
The Asean-led Regional Comprehensive Economic Partnership (RCEP) will not be finalised by the end of 2018. The participating countries will work towards the completion of RCEP talks by next year instead.
US consumer prices post largest rise in nine months.
Noble Group announced that the schemes of arrangement for its debt revamp have been granted court sanctions. The debt restructuring exercise is expected to be effective Nov 26.
Waterloo Apartments has been sold through a collective sale for S$131.1 million to a wholly owned subsidiary of Fragrance Group. The 999-year leasehold site will be developed into a hotel
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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