Daily Morning Note – 16 Oct 2019

WEEKLY MARKET OUTLOOK WEBINAR

PHILLIP SUMMARY

U.S. stocks finished at more-than-three-week highs Tuesday, as investors cheered a raft of largely upbeat corporate earnings reports, while considering the implications of a partial U.S.-China trade deal announced last Friday and the possibility of a breakthrough in Brexit negotiations.

The Dow Jones Industrial Average DJIA, +0.89% rose 237.44 points, or 0.9%, to end at 27,024.80, while the S&P 500 index SPX, +1.00% gained 29.53 points, or 1%, to finish at 2,995.68. The Nasdaq Composite Index COMP, +1.24% advanced 100.06 points, or 1.2%, to close at 8,148.71.

The gains saw the Dow and S&P 500 turn higher for the month, with the blue-chip gauge up 0.4% since the end of September and the S&P up 0.6% over the same stretch. The Nadaq added to its month-to-date gain, up 1.9%.

The S&P 500 ended about 1% below its record close of 3,025.86 set on July 26, while the Dow Jones Industrial Average closed around 1.2% below its record finish of 27,359.16 set on July 15, and the Nasdaq Composite finished around 2.3% away from its record close of 8,330.21 scored on July 26.



BREAKING NEWS

The pound rallied on Tuesday to five-month peaks amid optimism over a breakthrough in Brexit talks while Wall Street stocks rebounded following an upbeat start to earnings season.

Oil prices fell on Tuesday, as investors worried that the unrelenting US-China trade war would keep squeezing the global economy, and that swelling US crude inventories would further pressure prices.

Wall Street stocks surged on Tuesday following a batch of mostly good corporate earnings while investors shrugged off a downcast IMF forecast that emphasised the drag from trade wars.

SINGAPORE Press Holdings (SPH) has partnered real estate asset manager Bridge C Capital to set up a fund focused on investing in aged care and healthcare assets in Japan.

HIGHER contribution from its assets – VivoCity, Mapletree Business City (MBC) I, PSA Building and Bank of America Merrill Lynch HarbourFront Mapletree Commercial Trust – boosted Mapletree Commercial Trust’s (MCT) second-quarter performance, all except for Mapletree Anson.

KEPPEL Pacific Oak US Reit (KORE), previously known as Keppel-KBS US Reit, on Tuesday posted a third-quarter distribution per unit (DPU) of 1.50 US cents, unchanged from the same period a year earlier.

KEPPEL DC Reit on Tuesday posted a third-quarter distribution per unit (DPU) of 1.93 Singapore cents, up 4.3 per cent from 1.85 cents in the same period a year earlier.

MAINBOARD-listed food and beverage player BreadTalk Group has obtained regulatory approval for its buyout of food operator Food Junction, paving the way for the group to become the third-largest food-court operator in Singapore.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

Webinar Of The Week

Market Outlook: : (PSR) 2019-10-14 SG Q4 Strategy, Phillip Absolute 10, China Strategy, Technicals

Date: 14 October 2019

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