Daily Morning Note – 24 June 2019

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YOUR PHILLIP SUMMARY

Stocks finished lower Friday amid heightened tensions between Iran and the U.S. but the Dow is on track for its best June in eight decades as investors cheered the Federal Reserve’s shift to a more dovish stance.

The S&P 500 index fell 3.72 points, or 0.1%, to 2,950.46, a day after the large-cap index finished at a record. The Dow Jones Industrial Average lost 34.04 points, or 0.1%, to 26,719.13. The blue-chip index had at one point in the session moved above its closing high set on Oct. 3. The Nasdaq Composite Index shed 19.63 points, or 0.2%, to 8,031.71. All three main benchmarks are also up for a third week in a row with the S&P 500 gaining 2.2%, the Dow climbing 2.4%, and the Nasdaq adding 3%, according to FactSet.

Suggestions made by Fed Chairman Jerome Powell on Wednesday that the central bank would be willing to cut benchmark interest rates has buoyed financial markets. Investors are betting that monetary policy makers can orchestrate a soft landing for an economy that has shown some signs of stress from sluggish economic growth abroad and a prolonged tariff dispute between the U.S. and China. Looking ahead, investors are awaiting Trump’s meeting with Chinese President Xi Jinping on the sidelines of the Group of 20 meeting of the world’s richest countries in Japan next week.


TECHNICAL PULSE

ST Engineering Ltd

Current Sentiment: Technical SELL

ST Engineering strong bullish move has potentially come to a halt. Base on the Elliott Wave count analysis, the stock has completed 5 minor waves, and it soon will be starting the corrective wave down.



BREAKING NEWS

MAINBOARD-listed Hiap Seng Engineering on Monday said it expects to post a net loss for both its fiscal fourth-quarter and full year ended March 31, 2019, following a preliminary review of the company’s unaudited financial results.

UBS Group AG is pushing further into automated trading by programming its robots to handle derivatives and exchange-traded funds tied to corporate debt.

GLOBAL private capital platform CapBridge has inked a deal with United Overseas Bank (UOB) to offer a range of private capital solutions to private, high-growth companies in Singapore and in the bank’s key markets, including China, Hong Kong, Indonesia, Malaysia, Thailand and Vietnam.

US President Donald Trump said in an interview broadcast Sunday his chances of retaining the White House in 2020 would be strengthened if Democratic lawmakers start impeachment proceedings against him.

US President Donald Trump said on Sunday he was not seeking war with Tehran after a senior Iranian military commander warned any conflict in the Gulf region could spread uncontrollably and threaten the lives of US troops.

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





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