Daily Morning Note – 20 June 2019

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.

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

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 “as 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.