Daily Morning Note – 24 April 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
Asian stocks are poised for gains after their U.S. counterparts closed at record highs on the back of better-than-forecast earnings. The dollar strengthened and Treasury yields dipped.
Futures pointed higher in Japan, Hong Kong and Australia. The S&P 500 Index and the Nasdaq Composite marked new milestones as Twitter, Lockheed Martin and Hasbro climbed following favorable first-quarter reports, adding to a rally led by the biggest technology stocks. European stocks also rose as many markets reopened following the long Easter weekend.
Tuesday’s gains cap a momentous run for U.S. equities, with the main benchmark up 25 percent from a low reached on Christmas Eve. Traders found fresh catalysts to buy as earnings season gathered steam with almost 80 percent of S&P 500 companies reporting results that have exceeded estimates. In the back of their minds is the U.S. economy, with first-quarter gross domestic product data is due Friday.
SoftBank Group Corp is considering an investment in Wirecard AG that could give the Japanese conglomerate a 5 per cent stake in the beleaguered German internet payment firm, according to people familiar with the matter. Wirecard’s American depositary receipts jumped on the news.
CAPITALAND has sold a group of companies that own and manage its self-storage business, StorHub, for an aggregate S$179.5 million to an unrelated and undisclosed buyer.
Nissan Motor Co will announce on Wednesday a large-scale cut to its earnings outlook for the fiscal year that ended in March, TV Tokyo reported, adding to the company’s woes as it grapples with the arrest of former chairman Carlos Ghosn.
Tesla Inc‘s calling used to be bringing affordable electric cars to the masses. Elon Musk is now ripping up the script, vowing to pair self-driving technology with a sharing service that will make it crazy for consumers to buy other cars.
Harley-Davidson Inc surged past expectations for first-quarter profit on Tuesday and drew a change of tack from US President Donald Trump, who vowed to protect the motorcycle maker from European tariffs, driving its shares up 3 per cent.
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
|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.|
|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.|