Daily Morning Note – 23 March 2018

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar if you have not already done so.

Archived webinars available.

RESEARCH REPORT

Phillip Macro update: 5 things to know about March FOMC Meeting
Analyst: Pei Sai Teng
1. Fed Reserve raised its Federal fund rate by 25 basis points to a range of 1.50% to 1.75%.
2. GDP growth projected to be at 2.7% for 2018
3. Unemployment forecast to be lower at 3.8%
4. Inflation rate forecast remains unchanged at 1.9% for 2018
5. Hint of more press conference by Powell


TECHNICAL PULSE

Olam Intl Ltd – Daily timeframe – Bearish
– The current bullish breakout to the 2.50 high has established a bearish divergence
suggesting for a near-term correction lower next.
– Price should be aiming for the 2.31 support area next followed by 2.21.

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


BREAKING NEWS

President Donald Trump signed an executive memorandum on Thursday that would impose retaliatory tariffs on up to $60 billion in Chinese imports. In response to these tariffs, China subsequently proposed a list of 128 U.S. products to target, which had an import value of $3 billion in 2017,

The Dow Jones industrial average dropped 724 points (2.9%) in its worst day since Feb. 8, pressured by worries of a potential trade war and a decline in tech shares.

HR McMaster will become the second US national security advisor to leave the job since Trump took office last year. The army lieutenant general is the latest departure amid a turbulent shakeup of senior White House staff.

A composite index of leading economic indicators posted gains that exceeded expectations in February. The Conference Board’s Leading Economic Index rose 0.6 percent, marking the fourth straight month of gains and exceeding economists’ expectations of a 0.4 percent gain.

Reviews of public transport fares from 2018 to 2022 will factor in a new variable which takes into account changes in public transport capacity, the Public Transport Council (PTC) announced.

Bukit Sembawang Estates has successfully tendered for the en bloc sale of Makeway View estate for S$168 million. The sale price reflects a land rate of S$1,626 per square foot per plot ratio, including an estimated development charge payable of about S$21.26 million.

Midas Holdings Limited announced the resignation of its CEO Mr Patrick Chew. This comes as it released latest findings from its Audit Committee with regards to the litigations, enforcement orders and court documents involving companies within the Group.

Source: SGX Masnet, 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

Important Information

Disclaimer
The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.
Confidentiality Note
This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.