Daily Morning Note – 23 August 2018

WEEKLY MARKET OUTLOOK WEBINAR

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YOUR PHILLIP SUMMARY

Federal Reserve officials at their last meeting signaled they were likely to raise interest rates next month and expressed more concerns than before that prolonged trade disputes could disrupt economic growth.

On Wednesday, the S&P 500 fell 1.14 points, or less than 0.1%, to 2861.82, dashing a four-session winning streak. The Dow Jones Industrial Average fell 88.69 points, or 0.3%, to 25733.60 to also snap a four-day run of gains, while the Nasdaq Composite rose for a fifth consecutive session, adding 29.92 points, or 0.4%, to 7889.10.

Elsewhere, the Stoxx Europe 600 fell less than 0.1%. In Asia, China’s Shanghai Composite Index fell 0.7%, while Japan’s Nikkei Stock Average and Hong Kong’s Hang Seng Index both gained 0.6%.


RESEARCH REPORT

Phillip Singapore Monthly – August 2018: Global growth has peaked

Analyst: Paul Chew

– Macro data point to a peak in global growth rates. Almost all PMIs worldwide
are decelerating.

– The big macro event has been the spiralling mess in Turkey.

– In summary, the three large macro trends are a strengthening US$, sliding
commodity prices and rising interest rates. All negative for emerging markets.


TECHNICAL PULSE

SIA Ltd – Daily timeframe – Bullish

– The recent bullish break above the immediate downtrend line with oversold
RSI on 21/08/18 suggests a reversal higher next.

– Expect price to rebound higher next to test the 10.02 resistance area followed
by 10.27.


For more information and additional disclosures, refer to the link here.

BREAKING NEWS

CapitaLand Mall Trust has issued S$150 million Fixed Rate Notes due 21 August 2025. The Notes will bear interest at a rate of 3.20% per annum.

iFAST Corporation Ltd has appointed PricewaterhouseCoopers Corporate Finance Pte Ltd as the lead financial adviser to advise and assist the Company in identifying and discussing with potential institutional and/or other investors for its Hong Kong and China businesses.

USB Holdings Pte. Ltd., a 25%-owned associated company of OKP Holdings Limited, acquired 71-85 Phoenix Avenue, Phoenix Heights, at the tender price of S$33,100,000 through a collective sale.

The controlling shareholder of fresh egg producer Chew’s Group, Fenghe Investment Holding, has entered into a conditional sale and purchase agreement (SPA) with Goldhill Trust to sell its 68.14 per cent stake in Chew’s for S$12.13 million. Upon completion of the acquisition, Goldhill Trust will make a mandatory general offer for the rest of the group at S$0.2107 per share. This is a discount of 27.3 per cent to the last transacted price of Chew’s shares, S$0.29, on the Singapore Exchange on Aug 21, the last trading day before the announcement.

Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research

Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research

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

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