Daily Morning Note – 21 February 2019

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YOUR PHILLIP SUMMARY

Asian shares look set for gains after U.S. stocks edged higher, while Treasuries fell after Federal Reserve meeting minutes did little to alter views on the central bank’s policy path. The S&P 500 eked out its seventh gain in eight sessions as the record of the gathering reinforced the Fed remains committed to its patient approach to further hikes without ruling them out if economic growth picks up. Caterpillar rallied after giving a bullish forecast for demand in China, lifting shares in materials producers. The 10-year Treasury yield climbed to 2.64 percent, while the dollar erased losses. Elsewhere, the pound was little changed as Prime Minister Theresa May headed back to Brussels in a last-ditch attempt to save her Brexit deal. Gold traded near the highest since May and palladium soared to a record as a shortages tarted to bite.



BREAKING NEWS

Federal Reserve officials discussed at their meeting three weeks ago ending the reduction of bonds on the central bank’s balance sheet before the end of 2019, according to minutes released Wednesday.

President Trump said Wednesday the U.S. would impose auto tariffs on the European Union if a trade deal can’t be reached between the two sides, as tensions between the traditional allies continue to build.

Three U.K. lawmakers from Britain’s ruling Conservative Party have quit to join a new centrist group in Parliament, saying the government’s handling of Brexit has been “disastrous.”

Palladium burst above US$1,500 to hit a record, extending a powerful rally driven by an acute shortage of supply as car manufacturers scramble to get hold of the material to meet stringent emissions controls.

Samsung Electronics Co. debuted its most extensive new lineup of smartphones, with new low-end and premium models, 3-D cameras, an in-screen fingerprint scanner and faster 5G connectivity. The company also unveiled a $1,980 smartphone with a foldable screen.

Huawei would not help China spy on the U.S. with its devices, even if mandated by Chinese law to do so, founder and President Ren Zhengfei told CBS News in an interview that aired Wednesday.

DBS will transfer its retail equity trading under DBS Vickers to the bank by the end of the year, leaving the securities and derivatives arm to focus on its institutional clients.

Propnex Realty has entered into a strategic collaboration with Global Alliance Property (GAP), which is a wholly-owned indirect subsidiary of China Real Estate Grp (CREG). Under the collaboration, salespersons from GAP will be transferred to PropNex.

Keppel Offshore & Marine (Keppel O&M) has delivered a jackup rig to Mexican driller Grupo R under a sale-and-leaseback agreement, the group said on Wednesday.

SHS Holdings’ delayed solar power project in Bangladesh could face default and a termination of key agreements if required financing is not obtained on time, the company said on Wednesday before the market opened.

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

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