Daily Morning Note – 18 June 2019

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YOUR PHILLIP SUMMARY

Markets in Asia edged up in Tuesday morning trade as investors awaited the start of a closely-watched meeting by the U.S. Federal Reserve, set to kick off later stateside.

Japan’s Nikkei 225 rose fractionally in early trade, as shares of index heavyweights Fast Retailing, Softbank Group and Fanuc were mixed.

Overnight on Wall Street, the Dow Jones Industrial Average rose 22.92 points to close at 26,112.53 and the S&P 500 ended its trading day stateside 0.1% higher at 2,889.67. The Nasdaq Composite outperformed, gaining 0.6% to close at 7,845.02.

The Fed is scheduled to start a two-day monetary policy meeting on Tuesday stateside. Expectations for any policy changes are low, but investors will look for clues about potential rate cuts this year.


BREAKING NEWS

European stock markets closed marginally lower on Monday with a profit warning from Germany’s Lufthansa hitting airline stocks, while markets globally awaited clues from the US Federal Reserve on its policy direction.

Wall Street stocks advanced Monday ahead of a highly-anticipated Federal Reserve meeting, with a big gain in Facebook boosting the Nasdaq.

Wall Street stocks were mostly higher early Monday as investors looked ahead to a US Federal Reserve meeting this week and the Group of 20 summit later in the month.
Singapore’s Straits Times Index (STI) closed at 3,207.99, easing 14.64 points or 0.5 per cent.

FRASERS Centrepoint Trust (FCT) has completed its preferential offering. It received valid acceptances and excess applications of under 56.73 million for new units for its preferential offering, instead of over 56.74 million units at the close of the preferential offering on June 10, 2019, its manager said on Monday evening.

SEMBCORP Industries plans to subscribe to additional shares and inject new equity in its India energy arm Sembcorp Energy India Limited (SEIL), in a bid to support the growth of its India renewable energy business.

TT International gave on Monday notice of three years of consecutive losses. On Friday, its independent auditors announced on Friday night that the existence of material uncertainties may cast significant doubt about the group’s ability to continue as a going concern.

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

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