Daily Morning Note – 28 Nov 2019

WEEKLY MARKET OUTLOOK WEBINAR

PHILLIP SUMMARY

Stocks edged up for a fourth straight day to score another round of records Wednesday, supported by rosier U.S. economic data and ongoing hopes for a U.S. – China trade deal, but Wall Street trading volumes were thinner than usual ahead of the Thanksgiving Day holiday Thursday.

The Dow Jones Industrial Average closed up 42.32 points or 0.15% at 28,164.00 for a record, while the S&P 500 gained 13.11 points or 0.42% to 3,153.63 and the Nasdaq ended up 57.24 points or 0.66% at 8,705.18.

Investors waded through a heavy round of U.S. economic data Wednesday, including a revised estimate of third-quarter GDP that showed the U.S. economy expanded at a 2.1% annual pace versus a previous estimate of 1.9%.

U.S. consumer spending rose in October for the eighth month in a row, a potentially good sign for the holiday shopping season that gets underway after Thanksgiving with Black Friday specials.

The Federal Reserve’s Beige Book also reported that U.S. businesses have seen continued growth in economic activity, wages and prices during recent weeks, and they maintain a generally positive outlook.

BREAKING NEWS

Wall Street stocks again hit new all-time highs on Wednesday following better-than-expected US economic data, finishing buoyantly in the week’s last full session of the holiday-shortened week.

ENECO Energy’s wholly-owned subsidiary RichLand Logistics Services has secured a two-year logistics contract with Schneider Electric Singapore. It will deliver Schneider Electric’s finished goods and components to their customers in Singapore.

PROPERTY investment and retail group Metro Holdings is launching its Metro LazMall store on e-commerce platform Lazada Singapore on Nov 29, the day on which the shopping event Black Friday falls.

HIAP Seng Engineering narrowed its losses to S$8.5 million from S$22.3 million for the second quarter ended Sep 30, 2019 on the back of higher revenue and lower operating costs.

THE Competition and Consumer Commission of Singapore (CCCS) is inviting feedback on the proposed commercial cooperation between the national flag carriers of Singapore and Malaysia.

WITH effect from Dec 2, Singapore Exchange (SGX) will replace the fixed rates for its securities borrowing and lending programme with variable and more competitive rates, which will benefit both borrowers and lenders, the local bourse said in a press statement on Wednesday.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

Webinar Of The Week

Market Outlook: : (PSR) Singapore Exchange Limited, Comfort Delgro, SATS & REITs Monthly

Date: 25 November 2019

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