Daily Morning Note – 23 November 2018
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YOUR PHILLIP SUMMARY
Asia stocks mixed as investors remain cautious amid uncertainty.
Stocks in China were mostly negative on Thursday as investors remained cautious as a result of the ongoing trade spat between Beijing and Washington, with an anticipated meeting between Presidents Xi Jinping and Donald Trump at the upcoming G-20 meeting in Buenos Aires from Nov. 30 to Dec. 1.
Elsewhere in Asia, the picture appeared more positive overall for stocks.
Gold prices crept higher on Thursday towards a two-week peak scaled in the previous session, helped by an easing dollar and as investors sought refuge from weakness in financial markets on economic growth concerns.
Oil prices fell on Thursday after U.S. crude inventories swelled to their highest level since December adding to concerns about a global glut but OPEC talk of an output reduction limited losses.
Venezuela’s central bank shows the economy shrank by 16.6 per cent in 2017 compared with the year before, two sources familiar with the matter said on Thursday, the country’s sharpest decline on record. The Opec nation’s economy has been in free fall following the collapse of oil prices in 2014 and the unravelling of its socialist system, leading millions of people to leave the country to escape hyperinflation and rising malnutrition.
Oil prices dipped on Thursday after US inventories swelled to their highest level since December adding to concerns about a global crude glut but Opec talk of an output cut limited losses. Benchmark Brent fell 96 cents last trading at US$62.52 a barrel at 1840 GMT, edging back from a more than US$1 drop in early European trading. US WTI fell more than a US$1 before easing back to settle down 78 cents at US$53.85.
Noble Independent Director quits, saying he has ‘contributed all he usefully could’ to restructuring. The embattled commodities firm at the centre of investigations by Singapore authorities – resigned on Thursday, saying he believes that he has “contributed all he usefully could in relation to the restructuring of Noble”. David Yeow resigned after some three years on the post.
Singtel retains Premier League broadcast rights until May 2022. The Premier League matches will also be available on Singtel’s over-the-top service, Cast, which can stream content to mobile devices and smart television sets without a set-top box.
Working-capital loans provider oCap to gain backdoor Catalist listing via CPH. THE owners of working-capital loans provider oCap Management are injecting the business into Singapore-listed CPH in exchange for at least an 80.34 per cent stake.
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
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