Daily Morning Note – 26 Sep 2019
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
Stocks rose on Wednesday after President Donald Trump said a U.S.-China trade deal could arrive sooner than expected. Investors also pored through a rough transcript of Trump’s call with the Ukrainian president from earlier this year.
The Dow Jones Industrial Average closed 162.94 points higher, or 0.6% to 26,970.71. The S&P 500 gained 0.6% to end at 2,984.87 while the Nasdaq Composite climbed 1.1% to 8,077.38.
Treasury yields rose on Wednesday after President Donald Trump released a rough transcript of his now-controversial conversation with the Ukranian president.
The memo appeared less harmful than some investors had first feared, sending traders back into riskier assets like equities and away from safer bets like U.S. debt.
BREAKING NEWS
US President Donald Trump on Wednesday said Washington and Tokyo had taken a major step towards sealing a comprehensive new trade deal, after a year of negotiations between the global economic powers.
The Federal Reserve Bank of New York on Wednesday announced it will increase Thursday’s money market cash injections as it seeks to keep short-term interest rates under control. Banks this week have repeatedly asked for more overnight cash than the New York Fed offered to help financial institutions meet minimum reserve levels.
British Prime Minister Boris Johnson said on Wednesday he would not seek an extension to Brexit even if the conditions of a recently passed bill were met, forcing him to do so.
The European Central Bank said on Wednesday that Sabine Lautenschlaeger would resign from its executive board at the end of October, amid tensions over its president Mario Draghi’s extraordinary stimulus measures.
The tender for Singapore’s largest private residential site, Braddell View estate, has closed without any bids after it was relaunched for collective sale at an unchanged price of S$2.08 billion.
SLB Development has entered into a share sale and purchase agreement to divest the entire share capital of Wellprime, its wholly-owned subsidiary which owns a property at 50 Lorong 21 Geylang for S$13.5 million.
Consumer group Fraser and Neave (F&N) has commenced operations of Emerald Brewery Myanmar, marking its return to the Myanmar beer market. Emerald Brewery, a joint-venture between F&N and local partners, has established a greenfield brewery located in Hlegu Township in Yangon, to brew Chang Lager Beer.
Guocoland has broken ground for the first phase of its RMB 7.5 billion yuan (S$1.45 billion) mixed-use development, Chongqing 18 Steps project, located in the Yuzhong District of Chongqing, China. Chongqing 18 Steps comprises residential and commercial components with a total gross floor area (GFA) spanning 341,000 square metres (sq m).
Source: The Business Times
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