Daily Morning Note – 26 March 2019
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YOUR PHILLIP SUMMARY
Stocks in Asia were set to open largely flat on Tuesday as concerns over the global economy continued to weigh on investor sentiment. A rally in Treasuries sent benchmark yields briefly below 2.4 percent for the first time since December 2017, while the dollar retreated.
The Dow Jones Industrial Average eked out a small gain on Monday after news that the special counsel found no collusion with Russia on the part of President Donald Trump. However, gains in the broader market were capped as worries over the global economy lingered. Worries over the global economic outlook were stoked on Friday and lingered through Monday after the yield curve inverted for the first time in more than a decade. Investors consider this to be a signal that a recession may be coming soon.
BREAKING NEWS
Apple Inc attempted to reintroduce itself on Monday as an entertainment and financial services company that also makes iPhones as it launched a streaming television service, a credit card and an online gaming arcade.
Singtel has brought McKinsey’s former managing director on board its board.
Sabana Reit’s manager has received a notice of rescission from the purchaser of a Tuas industrial building to rescind the sales and purchase agreement.
Perx Technologies, a customer engagement startup, has raised US$5 million in Series B funding from LINE Ventures, early-stage venture capital firm Access Ventures, South Korean investment firm NCore Ventures and family offices. Returning investors include Facebook co-founder Eduardo Saverin and Capital Management Group.
Real estate agency OrangeTee & Tie has partnered Germany-headquartered startup Helpling to allow its agents to access home services through the firm’s Agent App.
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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