Daily Morning Note – 25 April 2019
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YOUR PHILLIP SUMMARY
Asian shares are poised for a muted open after U.S. equities retreated from a record high as investors assessed corporate earnings and economic data. Sovereign bonds climbed and the dollar extended its rally to a four-month high.
Futures were little changed in Japan and Australia and pointed lower in China. The S&P 500 Index closed lower after mixed reaction to results from AT&T Inc., Caterpillar Inc. and Boeing Co., while Facebook Inc. shares rose after hours following better-than-expected revenue. The euro sank to the lowest in almost two years after key gauges of confidence in the EU’s two largest economies deteriorated. The yen pared losses ahead of the Bank of Japan’s policy decision.
Oil futures ended a two-day rally that had pushed prices to their highest since October due to a surprisingly big jump in U.S. crude inventories.
BREAKING NEWS
FAR East Hospitality Trust (H-Trust) saw its distribution per stapled security (DPS) for the first quarter ended March 31 fall 3.2 per cent to 0.91 Singapore cent, from 0.94 Singapore cent a year ago.
MAINBOARD-listed China Everbright Water launched its public offer on the Hong Kong exchange on Wednesday morning, for about 104 million shares at between HK$2.99-$4.35 (S$0.52-$0.75) per share.
CAPITALAND Mall Trust (CMT) is raising its first-quarter distribution per unit by 3.6 per cent to 2.88 Singapore cents from a year-ago 2.78 Singapore cents as the retail landlord completed its acquisition of Westgate Mall, the trust manager announced on Wednesday before the market opened.
Tesla Inc lost US$700 million in the first quarter but predicted it would return to profit in the third quarter as it cut costs and improved delivery after facing issues ramping up shipments outside the United States.
Visa Inc reported higher expenses and lower spending by people using its cards abroad on Wednesday even as increased overall consumer spending drove quarterly profit 14 per cent higher.
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
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