Daily Morning Note – 25 January 2019
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YOUR PHILLIP SUMMARY
Stocks in Asia edged higher after a week that’s seen the equity rally stall amid conflicting signals on a U.S.-China trade talks front. The pound climbed on reports Northern Ireland’s Democratic Unionist Party has privately agreed to back the Brexit deal.
Japanese stocks saw modest gains as did their Australian counterparts. Technology shares were in focus after a weak sales forecast from Intel Corp. Sentiment remained fragile as Secretary of Commerce Wilbur Ross said the world’s two biggest economies remain “miles and miles” apart on trade. White House economic adviser Lawrence Kudlow later said President Donald Trump is optimistic about trade talks and the January jobs report will be up a significant amount. Treasuries steadied after Thursday’s climb and the dollar held gains.
Sheng Siong Group Ltd. has entered into a lease agreement for new premises in Gaoxin
District, Kunming, China, comprising 26,641 sq ft of retail area. The new store is
expected to be operational before the end of 2Q2019. The new store will bring the
Group’s total local (54) and China (2) store count to 56.
Yoma Strategic Holdings Ltd. will issue a Thai Baht denominated guaranteed bond
offering in Thailand. The THB 2,220 million bond issuance, equivalent to the maximum
approved guaranteed amount of USD 70 million on the day of pricing, is expected to
take place on Friday, 25 January 2019. The bonds have been rated AAA by TRIS Rating
Co., Ltd a partner of S&P Global Ratings, and are fully guaranteed by the Credit
Guarantee and Investment Facility (“CGIF”), a trust fund of the Asian Development Bank.
Source: SGXNet, 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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