Daily Morning Note – 15 October 2018
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YOUR PHILLIP SUMMARY
U.S. stocks rose to close higher on Friday, with equities rebounding from a multiday rout that slashed 1,400 points from the Dow Jones Industrial Average at its worst and left the Nasdaq on the precipice of a correction.
Despite the strong gains on Friday, the Dow and S&P 500 finished the week down by more than 4 percent, while the Nasdaq posted a 3.7 percent weekly loss. The steep losses marked their worst weekly declines since March. The S&P 500 also logged in a three-week losing streak, its longest since June 2016.
The Cboe Volatility index (VIX), widely considered the best gauge of fear in the market, hit its highest level since February this week. It traded at 25.18 on Friday, up about 70 percent.
Source: MarketWatch, CNBC
The European Union’s top Brexit negotiator, Michel Barnier, says urgent talks with Britain’s point person did not result in their reaching agreement on outstanding issues. Barnier and his British counterpart, Dominic Raab, met in Brussels for surprise talks on Sunday.
Hi-P International released a profit guidance that it expects lower revenue and profit for its 3QFY2018 financial results. Separately the group also announced the proposed investment by Electric Connector Technology Co (ECT) in an indirect wholly-owned subsidiary of the group set up to produce and sell flexible printed circuit boards and also provide related tech and after-sales services (PCB business).
The Singapore Exchange Securities Trading (SGX-ST) has rejected multiple requests from TRIYARDS Holdings, which includes the company’s applications for more time to hold its FY2017 AGM, to release its FY2018 financial results and to submit a trading resumption proposal.
Retail sales in Singapore dipped by 0.4% YoY in August, mainly on lower vehicle sales. Excluding vehicle sales, the retail sector went up 2.4% YoY.
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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