Daily Morning Note – 24 Sep 2019
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
Stocks closed little changed Monday as weak economic data out of Europe stoked worries over the state of the global economy.
The Dow Jones Industrial Average gained just 14.92 points, or 0.1% to 26,949.99, led by a gain in American Express. The S&P 500 ended the day just below the flatline at 2,991.77. The Nasdaq Composite dipped nearly 0.1% to 8,112.46.
U.S. government debt prices rose on Monday as investors looked for safety after the release of weak European economic data stoked worries about the global economy.
The benchmark 10-year Treasury yield dropped more than 4 basis points to 1.7034% while the 2-year rate slid to 1.66%. Yields move inversely to prices.
BREAKING NEWS
Singapore’s headline inflation edged up slightly in August, reversing from a dip in July, while
core inflation remained flat, according to statistics released by the authorities on Monday.
Catalist-listed Y Ventures said on Monday that it is placing 24.7 million new shares in the company at S$0.0812 apiece to raise around S$2.0 million.
Fortress Mining, a unit of Catalist-listed Fortress Minerals, has been fined RM40,000 by a Malaysian court in relation to an accident at the subsidiary’s Bukit Besi Mine.
The Securities Investors Association (Singapore) (SIAS) is seeking an update on debt-ridden water firm Hyflux’s restructuring. In his latest media statement on Saturday, SIAS chief David Gerald said the investors’ rights advocacy group is “fully supportive” of the company’s request for a two-month extension to facilitate negotiations with potential white knight Utico with a view to finalise and execute the proposed restructuring agreement.
Source: The Business Times
TECHNICAL PULSE
Singapore Press Holdings Ltd
Recommended Action: Technical SELL
Singapore Press Holdings (SGX:T39) bearish sentiment is likely to continue based on the technical.
RESEARCH REPORTS
Singapore REITs Monthly – Monthly Tracker: September 2019
Recommendation: NEUTRAL (Maintained), Analyst: Natalie Ong
– FTSE S-REIT index return gained 0.4% MTD and 21.7% YTD. Strongest gains were from the Commercial sector (+2.8% MTD) and weakest showing at the Retail (1.4% MTD).
– Performance in September: Best – Keppel DC REIT (+16.3%), Worst – Soilbuild REIT (-7.6%)
– Sector yield spread of 263bps is -1.3 standard deviation (s.d.) over the benchmark 10-year SGS (10YSGS) yield.
– 3-month SOR was flat at 1.75% at 20 September 2019 versus 1.74% last month. Elevated P/NAVs expected to persist in the lower interest rate environment.
– Remain NEUTRAL on S-REITs sector. Sub-sector preferences: Office and Hospitality.
Webinar Of The Week
Market Outlook: : (PSR) 2019-09-23 KDC REIT, China/US Weekly, COSTCo, SG weekly, Technicals Outlooks
Date: 23 September 2019
Phillip Research in 3 minutes: #14- Singapore Banking Sector
Updates summarised in 3 minutes
For more videos on Phillip in 3 Mins
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