Daily Morning Note – 17 June 2020

PHILLIP SUMMARY

Wall Street stocks surged on Tuesday following better-than-expected US retail sales data that boosted hopes the economy will recover more quickly than some economists expect.

The Dow Jones Industrial Average climbed 2.0 per cent, gaining around 525 points, to close at 26,289.98.

The broad-based S&P 500 rose 1.9 per cent to 3,124.74, while the tech-rich Nasdaq Composite Index advanced 1.8 per cent to 9,895.87.

US retail sales posted a surprise spike of 17.7 per cent in May, outperforming expectations much as the strong May jobs report left analysts scratching their heads.

BREAKING NEWS

The total amount of venture capital raised by fintech companies in the Asia-Pacific region in the first quarter of the year fell 58.5 per cent sequentially to US$1.3 billion (S$1.81 billion), a report by S&P Global Market Intelligence on Tuesday said.

Hyflux and one-time white knight Utico are at odds over whether last year’s restructuring agreement is still on the table, going by correspondence between the two parties released by Hyflux on Tuesday night.

OUE is in talks for a potential sale of US Bank Tower in Los Angeles, the board disclosed in a bourse filing late on Tuesday.

High Court hearings for the winding-up applications against two Ezion Holdings subsidiaries have been adjourned to July 3, the troubled liftboat operator’s board said on Tuesday.

Plant and terminal engineering specialist PEC Ltd will consolidate its stake in a Chinese subsidiary for close to 37.5 million yuan (S$7.4 million), the board said on Tuesday, a day after the sale-and-purchase agreement was made.

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

TECHNICAL PULSE

Mapletree Logistics Trust

Recommended Action: Technical BUY

Mapletree Logistic Trust (SGX: M44U) rally has paused since it failed to break the immediate resistance at $2.08. However, recent technicals suggest that the stock is attempting to rebound and continue the rally.

>> Read more technical reports

RESEARCH VIDEOS

Webinar Of The Week

Market Outlook: (PSR) Dasin Retail Trust, Penguin International Limited, SingTel, SG Banking Monthly, SG Weekly, SGD Perpetual Bonds, Technicals

Date: 08 June 2020

For more on Market Outlook

Phillip Research in 3 minutes: #22- Singapore Banking Sector

For more videos on Phillip in 3 Mins

Read the research report(s), available through the link(s) above, for complete information including important disclosures Important Information





Disclaimer
The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided 揳s is?without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.
Confidentiality Note
This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.