Daily Morning Note – 27 November 2018
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YOUR PHILLIP SUMMARY
U.S. stocks closed higher Monday as retail shares rallied on expectations of strong sales as shoppers went hunting for deals on Cyber Monday. Stable oil prices and global equities gains also soothed sentiment after a bruising week of losses. (DJIA +1.5%; SPX +1.6%; COMP +2.1%) U.S. crude futures gained more than 2% to trade above $51 a barrel, while Brent crude also rose above $60.
In an interview with the Wall Street Journal, President Donald Trump said he’ll likely push forward with plans to increase tariffs on $200 billion of Chinese goods, if negotiations with China’s leader Xi Jinping fail to produce a trade deal when they meet at the Group of 20 meeting in Argentina, which starts Nov. 30. He is also prepared to impose tariffs on a final batch of $267 billion of Chinese shipments. The rate could be either 10 percent or 25 percent. Apple Inc.’s iPhones and laptops imported from China could be hit by these new tariffs.
US President Donald Trump said on Monday he expected to move ahead with raising tariffs on US$200 billion in Chinese imports to 25 per cent from the current 10 per cent and repeated his threat to slap tariffs on all remaining imports from China.
A controlling shareholder of contract manufacturer Hi-P International is considering a deal, which could lead to a play for the rest of the stock, the company announced early Tuesday in response to a trading query from the Singapore Exchange.
KEPPEL-KBS US Reit’s manager announced on Tuesday that it will be acquiring Maitland Promenade I, an office property located in the Maitland submarket of Orlando, Florida, for US$48.5 million from The Realty Associates Fund X.
FIrst Ship Lease Trust’s (FSLT) manager on Tuesday proposed a non-renounceable preferential offering of 956 million new units in FSLT at an issue price of S$0.045 per new unit to raise up to S$43.03 million.
Asian Pay Television Trust (APTT) on Monday night announced that it has successfully refinanced its existing onshore borrowing facilities and extended its offshore borrowing facilities.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
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