Daily Morning Note – 26 JUNE 2019
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YOUR PHILLIP SUMMARY
U.S. stocks slid lower Tuesday after Federal Reserve Chairman Jerome Powell said the central banks was still monitoring the economy for signs of weakness and would seek to avoid a knee-jerk reaction in terms of cutting benchmark interest rates.
The Dow Jones Industrial Average fell almost 0.7%, or 179 points, to end around 26,548, while the S&P 500 index lost 28 points, or 1%, to 2,917. The Nasdaq Composite Index gave up 121 points, or 1.5%, to 7,885, extending its losing streak into a third day.
Stocks fell earlier on Tuesday after fresh U.S. housing and consumer confidence data came in weaker than expected, which potentially could give the Federal Reserve more ammunition to cut rates in the near future.
They slipped further after St. Louis Fed President James Bullard said he was not in favor of a “huge action” on rates in July.
Federal Reserve chairman Jerome Powell said Tuesday the US central bank will be closely scrutinising Facebook’s newly announced cryptocurrency Libra with an eye toward potentially regulating the virtual coin.
SINGAPORE bank stocks are starting to look more attractive at current levels while its Reits are beginning to look overpriced, said UBS Global Wealth Management in its July CIO Investing in Asia Pacific monthly report.
Oil prices rose slightly on Tuesday ahead of US data expected to show crude stocks declining there, outweighing investors’ concerns that US-China trade tensions could weigh on fuel demand.
BEST World International now has until Oct 31 to convene its annual general meeting (AGM), the mainboard-listed skincare product seller announced on Tuesday.
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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