Daily Morning Note – 29 Aug 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
US Stocks rose on Wednesday as the energy sector got a lift from higher oil prices, but sentiment was kept in check with a key part of the U.S. yield curve inverting even further, exacerbating fears of an impending recession.
Stocks in Asia were mixed on Wednesday following an overnight inversion of a closely watched U.S. Treasury yield curve to its worst level in more than a decade.
Gold eased on Wednesday on a stronger dollar and as investors locked profits following the more than 1% jump in the last session, but uncertainty over U.S.-China trade and the global economy kept safe-haven bullion near a multi-year peak.
Apple has an insignificant share of the India’s booming smartphone market, thanks to its high prices and hefty import tariffs — but that could all change now. After India eased rules on Wednesday that forced companies to source 30% of their production locally, Apple is poised to start online sales of its devices within month’s in the world’s fastest-growing smartphone market, a person familiar with the matter said. With escalating trade tensions damaging ties between the U.S. and China, New Delhi’s latest investment rules could provide a boost to Apple, allowing it to grow sales in the country and possibly help it reduce its high dependency on China by building out an alternative supply chain in India.
The European Commission is conducting a preliminary antitrust investigation into Google’s job search tool “Google for Jobs.” In a speech Tuesday, EU Competition Commissioner Margrethe Vestager drew parallels between Google for Jobs and the company’s comparison shopping service, which was the subject of a $2.7 billion antitrust fine in 2017.
Hong Kong’s summer of unrest has increased the stakes for investors there by pushing economy toward a recession, and doubt is circling about the city’s future as a finance hub. With one of the world’s most open economies, Hong Kong has bank assets equal to about 8.5 times of its GDP and offshore traders account for about 40% of volume on the city’s stock market, so the withdrawal of deposits and investors would hit hard.
U.S. President Donald Trump will announce a plan to boost demand for biofuels within weeks, his secretary of agriculture said on Wednesday, as the administration seeks to assuage farmers angered by its expanded use of oil refinery waivers.
Sygnum, one of the first crypto companies to obtain a conditional banking and securities dealer license from Swiss regulators, plans to apply for a banking licence in Singapore. It has started talking with regulators and petitioned for a capital markets services licence, which will allow the firm to offer asset-management business as a first step into financial services, co-founders Mathias Imbach and Gerald Goh said in a phone interview on Tuesday.
Hyflux on Wednesday night clarified that a definitive agreement had not been entered into with Utico, pending resolution on “certain final outstanding issues” in the draft definitive agreements.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Geely Automobile Holdings Ltd
Recommended Action: Technical SELL
Geely Automobile (HK: 175) strong bullish break out of the wedge formation has been met with resistance as the price reject the previous high of 12.70.
Webinar Of The Week
Date: 26 August 2019
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
|The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.|
|This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.|