Daily Morning Note – 22 July 2019
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The U.K. sought to lower tensions after Iran seized a British oil tanker in the Strait of Hormuz on Friday, an incident that increased friction in one of the world’s critical energy chokepoints.
Stocks in Asia looked set to kick off the week on the backfoot following declines in the U.S. session Friday as traders wound back bets on a more aggressive Federal Reserve policy move.
Events to watch out for this week: earnings season rolls on with companies including Amazon.com, Alphabet, Unilever, Caterpillar, Coca-Cola, McDonald’s and Boeing
One Pearl Bank, the 99-year leasehold condo by CapitaLand, sold 160 units at an average price of S$2,400 per sq ft (psf) over the launch weekend. That translates to 80 per cent of the 200 units CapitaLand has released during the weekend, and about 20.7 per cent of the development’s 774 units in all.
Trading begins Monday on a new Nasdaq-style technology board in Shanghai that represents one of China’s most significant market reforms, and a potential weapon in its growing tech rivalry with the United States. Twenty-five stocks will debut on the Shanghai Stocks Exchange’s Sci-Tech Innovation Board – dubbed the STAR Market – in which listing and trading rules have been eased to help channel funding to start-ups.
Mainboard-listed Sinostar Pec Holdings on Sunday announced it expects to report a net loss for the second quarter ended June 30. Sinostar is a producer and supplier of downstream petrochemical products in China, with production facilities in the Dongming County of Shandong province. The loss is anticipated mainly due to the decrease in the overall market selling price of petrochemical products, the firm said in the profit guidance filing.
Hong Kong police fired rubber bullets and tear gas in running clashes with protesters late on Sunday amid chaotic scenes as anger over an extradition bill morphs into a fresh front against what many see as a broader erosion of freedoms by Beijing. Thousands of protesters descended on China’s representative office in the city, in a direct challenge to authorities in Beijing, just hours after the latest demonstrations to rock the Asian financial central.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
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