Daily Morning Note – 17 January 2019

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YOUR PHILLIP SUMMARY

U.S. stocks rose for a second straight session Wednesday as investors cheered mostly positive earnings from financial institutions such as Goldman Sachs Group and Bank of America Corp. even as Wall Street continued to deal with uncertainty from a partial government shutdown.

The Dow Jones Industrial Average 0.6%, to 24,207.16, while the S&P 500 index climbed 0.2%, to 2,616.10. The Nasdaq Composite Index advanced 0.2%, to 7,034.69.

Apple will slow hiring for some divisions amid disappointing iPhone sales, Bloomberg reported Wednesday, citing people familiar with the matter.

Investors will also continue to weigh the implications of a long-drawn partial government shutdown, which has now stretched to a record 26th day.

Source: CNBC, MarketWatch

BREAKING NEWS

Singapore’s exports ended 2018 on a weak note with non-oil domestic exports (NODX) falling for the second straight month in December, according to Enterprise Singapore figures on Thursday. NODX was down 8.5 per cent year on year in December from a high base a year ago, after a 2.8 per cent decline in November. The contraction came on the back of declines in both electronics and non-electronics exports.

Goldman Sachs reported better-than-expected profits on Wednesday despite higher legal costs as it works through the 1MDB scandal, while Bank of America’s earnings were lifted by higher interest rates. Goldman reported mixed operational performance across its trading, investing and lending businesses, while Bank of America saw its profits triple compared to a year earlier. Shares of both banks surged after the results, which were stronger than earnings of some rival banks earlier posted earlier this week.

First Reit fourth-quarter distribution per unit stayed flat at 2.15 Singapore cents for the three months ended Dec 31, 2018, unchanged from a year ago. This is payable on Feb 28, 2019.

Keppel-KBS US Reit’s manager has announced that it has completed the acquistion of Maitland Promenade I, an office property located in the Maitland submarket of Orlando, Florida, for US$48.5 million from The Realty Associates Fund X. Maitland Promenade I has a net lettable area of 230,371 square feet, with a committed occupancy rate of 98.1 per cent as at Oct 25, 2018.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, Phillip Securities Research

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