Daily Morning Note – 25 Sep 2019
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
Stocks were whipsawed on Tuesday by worries about President Donald Trump’s political future.
The S&P 500 dropped 0.8%, its biggest one-day drop since Aug. 23, to 2,966.60. The Nasdaq Composite also had its worst day in a month, dropping 1.5% to 7,993.63. The Dow Jones Industrial Average closed 142.22 points lower, or 0.5% at 26,807.77 after falling more than 200 points at one point.
U.S. government debt yields fell again on Tuesday amid a string of weaker economic data and discussion among top Democrats over the possible impeachment of President Donald Trump.
The yield on the benchmark 10-year Treasury note was lower at around 1.659%, while the yield on the 30-year Treasury bond was also lower at around 2.111%. The 2-year yield fell to 1.626%; yields fall as prices rise.
BREAKING NEWS
Top US Democrat Nancy Pelosi was expected to announce a formal impeachment inquiry of Donald Trump on Tuesday, amid mounting allegations of abuse of power by the US president.
US President Donald Trump put China on notice at the United Nations Tuesday, declaring that the time of trade “abuses” by Beijing was “over” and calling on the country to protect Hong Kong’s “democratic ways of life.”
Keppel Corp to issue S$200m in notes due 2026. The notes, which will be issued under Keppel’s US$5 billion multi-currency medium-term note programme, will bear interest at a fixed rate of 3 per cent per annum, payable semi-annually, and have a tenor of seven years.
The independent financial adviser (IFA) of PS Group Holdings has deemed the offer by two of PS Group’s directors to take it private as fair and reasonable. The company’s independent directors have agreed with the recommendations of the IFA, Hong Leong Finance, and recommended that shareholders accept the offer.
Catalist-listed startup incubator The Trendlines Group has received conditional commitments of up to US$22 million for its new Singapore-based venture fund, Trendlines Agrifood.
Singapore Exchange Regulation (SGX RegCo) on Tuesday urged investors and potential investors to exercise caution when dealing in the shares of Mirach Energy, flagging that a small group of individuals was responsible for nearly 70 per cent of the buy volume of the stock over a near-seven month period.
Steelmaker Delong Holdings will be delisted from the Singapore Exchange with effect from 9am on Sept 26, the mainboard-listed firm said in a bourse filing on Tuesday.
Hong Kong Exchange and Clearing (HKEX) said it was “thinking big” in its US$39 billion London Stock Exchange bid as LSE CEO David Schwimmer said he was sticking with his US$27 billion purchase of data and analytics company Refinitiv. After LSE rebuffed its offer, HKEX is appealing directly to LSE shareholders and has until Oct 9 to decide whether to go hostile.
Anheuser-Busch InBev NV has pulled off the year’s second-biggest initial public offering the second time around, raising about US$5 billion in listing its Asian unit in Hong Kong two months after scrapping the original share sale.
Source: The Business Times
TECHNICAL PULSE
Hongkong Land Holdings Ltd
Recommended Action: Technical SELL
Hongkong Land Holdings (SGX:78) bearish sentiment is likely to continue based on the technical.
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
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. |