Daily Morning Note – 20 June 2019
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YOUR PHILLIP SUMMARY
Stocks in Asia were set to rise at the open on Thursday after the U.S. Federal Reserve left interest rates unchanged overnight but opened the door but a potential rate cut on the horizon. Treasury yields slid and the dollar weakened after the Federal Reserve struck a dovish tone in its latest policy statement.
Futures pointed to a higher open for the Nikkei 225 in Japan, with the Nikkei futures contract in Chicago at 21,350, as compared to the benchmark index’s last close at 21,333.87.
Overnight on Wall Street, the Dow Jones Industrial Average added 38.46 points to close at 26,504, while the S&P 500 rose 0.3% to finish its trading day stateside at 2,926.46. The Nasdaq Composite advanced 0.4% to close at 7,987.32.
TECHNICAL PULSE
Xiaomi Corp Pte Ltd
Current Sentiment: Technical SELL
Xiaomi’s continued downward pressure may persist further as the stock’s technical factors are pointing towards a bearish downfall.
BREAKING NEWS
US-Japan Trade deals progress likely in ‘months’ Tokyo understands Washington’s desire to negotiate greater access to the Japanese market and efforts to reach a new trade agreement should bear fruit soon, a top US trade official said Wednesday.
Wall Street stocks advanced and the dollar fell after the Federal Reserve signaled it could soon cut interest rates due to uncertainty over the economic outlook.
INVESTORS already seem sold into thinking that rate cuts by the US Federal Reserve are a certainty. With news that US President Donald Trump and his Chinese counterpart Xi Jinping are set for an “extended meeting” at the G-20 summit, and dovishness from other central banks added to the mix, risk-on attitudes returned to the fore.
COSMOSTEEL’s chief executive and executive director Ong Chin Sum will retire after serving out a notice period of six months or shorter from Wednesday.
YUUZOO has sold close to 3 per cent of streaming video unit YuuFlix to a “large foreign investor” for US$3 million. The investment has been fully paid, it said in a Singapore Exchange (SGX) announcement on Wednesday.
HONG Kong and Singapore dual-listed Fortune Reit will delist from the mainboard of the Singapore Exchange (SGX), citing administrative overheads, costs of compliance and low trading volume in Singapore as some reasons for the move.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
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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