Daily Morning Note – 23 October 2018

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.

YOUR PHILLIP SUMMARY

Most U.S. equities fell Monday, with financial and commodity shares pacing losses ahead of a spate of key earnings reports this week. Banks fell broadly amid worries that higher mortgage rates would cap loan growth. Separately, U.S. Treasury Secretary Steven Mnuchin met Monday with Saudi Arabia’s crown prince, Mohammed bin Salman, despite the ongoing outrage over the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul, Turkey.

In a second round of talks, North and South Korea and the U.N. Command agreed on Monday to withdraw firearms and guard posts in the demilitarised zone village of Panmunjom this week, Seoul’s defence ministry said. Elsewhere in Asia, China announced fresh measures to ease the funding strains of private companies, with the State Council announcing it would support bond financing by private firms on Monday, and said the central bank will provide funding to facilitate this.


BREAKING NEWS

Keppel-KBS US Reit announced late on Monday night the launch of an underwritten and renounceable rights issue to raise gross proceeds of around US$93.1 million.

Shopper360 has secured an agreement with NTUC FairPrice to exclusively provide in-store advertising services to consumer brands at 68 hypermarkets and supermarkets in Singapore.

Malaysian car dealership and automotive parts maker MeGroup prices IPO at S$0.23 per share to raise S$2.4m and will be listed on the catalist board in SGX.

Mapletree Logistics Trust’s DPU rises to 1.958 Singapore cents. That came as Q2 income available for distribution jumped 32.5 per cent to S$63.9 million from the year-ago period. For the three months ended Sept 30, gross revenue grew 13.8 per cent to S$106.6 million from the year-ago period. This was thanks to higher revenue from existing properties and acquisitions in Hong Kong.

China announced fresh measures to ease the funding strains of private companies, as top officials seek to restore confidence in the world’s second-largest economy. The State Council announced it would support bond financing by private firms on Monday, and said the central bank will provide funding to facilitate this. The central bank also announced a 150 billion-yuan (S$29.8 billion) increase in its re-lending and re-discounting quota.

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

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.