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
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