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.

Read more research reports

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.

Read more research reports

Webinar Of The Week

Market Outlook: : (PSR) 2019-09-23 KDC REIT, China/US Weekly, COSTCo, SG weekly, Technicals Outlooks

Date: 23 September 2019

For more on Market Outlook

Phillip Research in 3 minutes: #14- Singapore Banking Sector

Updates summarised in 3 minutes

For more videos on Phillip in 3 Mins

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.