Daily Morning Note – 17 September 2018
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YOUR PHILLIP SUMMARY
With the latest move from President Donald Trump to place further tarrifs on about $200 billion Chinese products, stocks in Asia is likely to start off the week under pressure. On Friday, the S&P 500 finished flat as financial and energy shares rose, while 10-year treasury yield hit 3 percent.
Egypt’s main stocks experienced a selloff on Sunday which saw the index dropping the most since January. The selloff was sparked by the arrests of former President Hosni Mubarak’s two sons, EFG-Hermes’s non-executive vice chairman and Citadel Capital SAE’s investor relations head, in a case related to stock manipulation.
Hong Kong’s stock exchange is expected to resume trading with the lowering of the signal rating for Typhoon Mangkhut.
The yield on the benchmark 10-year Treasury note topped 3 percent on Friday for the first time since Aug. 2. Yields have been steadily rising since the start of September as expectations for economic growth creep higher.
President Donald Trump is reported to be readying a fresh round of tariffs on Chinese goods ahead of scheduled trade talks with Beijing, affecting $200 billion worth of goods. The new tariff was reported to be set at 10 percent, below an original figure of 25 percent floated by the administration earlier.
The buyer for IFS Capital Ltd.’s proposed disposal of the property located at 7 Temasek Boulevard #10-01/02/03 Suntec Tower One, has exercised his option to purchase.
Far East Organisation is reported to be in advanced talks to buy the 191-room Le Meridien in Sentosa for about S$163mn. The group, together with its sponsored trust, Far East Hospitality Trust, is developing three hotels nearby on Sentosa island, with a total of 839 rooms.
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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