Daily Morning Note – 23 April 2019

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YOUR PHILLIP SUMMARY

Asian stocks are set for a mixed open after U.S. benchmarks drifted into the close. The S&P 500 eked out a gain amid light volume as investors prepared for a deluge of earnings news. Oil jumped after the White House said it would scrap the Iran waivers. Energy shares rallied alongside crude prices, while real-estate companies slumped after sales of previously owned U.S. homes eased more than forecast in March. The dollar was steady as 10-year Treasury yields inched up.

The benchmark Nikkei 225 index was up 0.03 per cent or 6.40 points at 22,224.30 in early trade, while the broader Topix index climbed 0.11 per cent or 1.70 points at 1,620.32.



RESEARCH REPORT

Sasseur REIT – China’s propensity towards luxury goods

Recommendation: Non-Rated (Site Visit Note), Analyst: Natalie Ong

– Luxury retail demand is here to stay, and grow
– EMA revenue model underscores importance of active tenant management
– Unique mega-mall concept/first-mover in outlet mega-malls scene.


BREAKING NEWS

Tesla on Monday unveiled computer hardware for “full self-driving” capabilities as part of its strategy to bring autonomous cars to the mainstream.

Japan’s Toyota Motor Corp said on Sunday it was setting up a research institute in Beijing in partnership with Tsinghua University to study car technology using hydrogen power and other green technologies that could ease environmental problems in China.

Huawei Technologies said on Monday its first-quarter revenue jumped 39 per cent to 179.7 billion yuan (S$36.32 billion), in the Chinese technology firm’s first-ever quarterly results.

HYFLUX wants more time to try to return to solvency, and plans to file an affidavit to the Singapore High Court soon to give it an additional three-month reprieve from creditor claims.

Oil prices jumped more than 2 per cent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.

Gold prices rebounded on Monday from a near four-month trough hit in the previous session as investors resumed trading after the Easter holiday, with the bullion gaining further traction on higher crude rates.

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

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Read the research report(s), available through the link(s) above, for complete information including important disclosures

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