Daily Morning Note – 27 August 2018
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YOUR PHILLIP SUMMARY
The S&P 500 rose to a fresh high Friday, bringing to an end its longest streak without a record in two years and affirming the bull market’s longevity. The Dow Jones Industrial Average added 133.37 points, or 0.5%, to 25790.35. The S&P 500 rose 17.71 points, or 0.6%, to 2874.69 and the Nasdaq advanced 67.52 points, or 0.9%, to 7945.98.
Elsewhere, the Stoxx Europe 600 rose less than 0.1%, notching a weekly gain.
Stocks in Asia ended mixed after two days of midlevel trade talks between the U.S. and China failed to yield any breakthroughs. The Shanghai Composite Index rose 0.2% Friday, while Hong Kong’s Hang Seng fell 0.4%.
BREAKING NEWS
Telco StarHub is set to launch a digital marketplace for solutions aimed at small businesses, with United Overseas Bank (UOB) its first partner, under a memorandum of understanding unveiled on Sunday.
The largest shareholder of embattled commodities trader Noble Group has sold certain senior notes since a special general meeting was called, the board said in the latest update on its proposed restructuring.
The group chief financial officer (CFO) of oil and gas procurement specialist Federal International (2000) is being probed by the authorities for possible market conduct offences, the board has said.
Catalist-listed technology company DeClout now owns all the shares in a telecommunications subsidiary and an electrical parts unit, under a sale and purchase agreement inked on Aug 24.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
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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