Daily Morning Note – 21 June 2019
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YOUR PHILLIP SUMMARY
Stocks in Asia were set to decline at the open on Friday. Meanwhile, tensions in the Middle East continue to heat up after an Iranian missile shot down an unmanned U.S. surveillance drone on Thursday.
Futures pointed to a lower open for Japanese shares, with the Nikkei futures contract in Chicago at 21,445 as compared to the Nikkei 225′s last close at 21,462.86.
Overnight on Wall Street, the S&P 500 jumped 1% to close at a record high of 2,954.18. The Dow Jones Industrial Average ended its trading day 249.17 points higher at 26,753.17, while the Nasdaq Composite rose 0.8% to close at 8,051.34.
The U.S. Federal Reserve kept interest rates steady on Wednesday, but opened the door for a possible rate cut in the future. Following that, the yield on the benchmark 10-year Treasury fell below 2% for the first time since November 2016.
Apple is warning the US administration that proposed tariffs on Chinese imports would be counterproductive, saying they would hurt the iPhone maker’s competitiveness and “tilt the playing field” to non-American rivals.
The prospect of Britain crashing out of the European Union without a deal has risen since last month, the Bank of England (BOE) warned Thursday, as it kept interest rates unchanged.
S&P 500 finished at a record high on Thursday, boosted by a rally in oil-linked shares amid new US-Iran tensions and continued positive sentiment over the Federal Reserve’s dovish tilt.
Singapore’s Straits Times Index (STI) continued to track higher, closing at 3,314.51, adding 26.34 points or 0.8 per cent.
KEPPEL Land, a unit of mainboard-listed Keppel Corp, has secured its first green loan facility via its subsidiary of Keppel LandChina, for the Phase 1 development of Seasons City in the Sino-Singapore Tianjin Eco-City.
CATALIST-LISTED Mercurius Capital Investment has received a deadline extension from the Singapore Exchange (SGX) till Aug 30 to demonstrate its business viability and retain its listing status.
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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