Daily Morning Note – 21 Aug 2019
WEEKLY MARKET OUTLOOK WEBINAR
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The Dow Jones Industrial Average fell for the first time in four sessions on Tuesday, paring some of the strong gains from the previous session as recession fears lingered.
The 30-stock index closed 173.35 points lower, or 0.7%, at 25,962.44. The S&P 500 pulled back 0.8% to end the day at 2,900.51. The Nasdaq Composite slid 0.7% to 7,948.56. The major indexes fell to their session lows in the final minutes of the trading session as Treasury yields declined as well.
European shares fell on Tuesday after two sessions of robust gains as optimism over hopes of stimulus in major economies waned and investors awaited more guidance from central banks.
Wall Street stocks fell on Tuesday, snapping a three-session winning streak amid lingering unease over global growth and the US-China trade war.
SINGAPORE equities continued to sail ahead on Tuesday on investor hopes of accommodative central bank policies, fiscal stimulus by governments and what appears to be an easing of tensions between the US and China.
DIRECTORS and legal counsel of Pine Capital Group subsidiary Advance Capital Partners Asset Management (ACPAM) were replaced at an extraordinary general meeting (EGM) on Aug 12, Pine Capital announced in a Singapore Exchange filing on Tuesday.
SOILBUILD Business Space Reit tenant NK Ingredients, which owes almost S$3.4 million to the real estate investment trust, has been put under judicial management, said the Reit’s manager in a filing on Tuesday.
Three new firefighting vessels, including one the Singapore Civil Defence Force (SCDF) touted as the “world’s most powerful firefighting vessel”, was commissioned by Home Affairs and Law Minister K Shanmugam. SCDF worked closely with the Defence Science and Technology Agency, as well as local shipbuilders Penguin International and ST Engineering’s Marine arm. (https://www.youtube.com/watch?v=ctJRC0vQ0Fw)
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
China Petroleum & Chemical Corp
Recommended Action: Technical SELL
China Petroleum & Chemical Corp (0386 HK) downward bearish momentum will continue.
Webinar Of The Week
Market Outlook: : (PSR) China Aviation (Singapore) Oil, China Everbright Water Limited, CNMC Goldmine Holdings Limited, Dasin Retail Trust, EC World REIT, ComfortDelGro Corp Ltd, Banyan Tree Holdings Limited, US Weekly, China Weekly, Technical Outlook
Date: 19 August 2019
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