Daily Morning Note – 29 Oct 2019
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
Stocks in Asia are set to advance after U.S. equities climbed to a record Tuesday, thanks to optimism for a trade deal, encouraging earnings and bets the Federal Reserve will cut interest rates. The S&P 500 took out its July record after President Donald Trump said the U.S. is ahead of schedule to sign part of the trade deal.
Treasuries slumped ahead of key central bank decisions. The 10-year Treasury yield hit a six-week high, while Australian bond futures fell.
The pound gained after the European Union agreed to a Brexit deadline extension, easing the risk of leaving the bloc without a deal on Oct. 31. Elsewhere, crude fell 1.6% and gold steadied after sliding 0.8%.
BREAKING NEWS
KIT’s Basslink says will comply with ‘unnecessary’ pricing directive. The pricing directive from Hydro Tasmania was set out in a market statement on Oct 18.
URBAN Commons the sponsor of Eagle Hospitality Trust (EHT), is responsible for all the repair work that EHT’s Queen Mary floating hotel requires, and these expenses will not come out of EHT’s own pocket, the trust clarified on Monday.
A JOINT-VENTURE company formed between Mermaid Maritime and a local offshore services operator has secured a contract extension with a reputable oil major in a Gulf Cooperation Council country in the Middle East, Mermaid said on Monday. Mermaid’s portion of the total contract value for the three-year extension period is estimated to be around US$162 million. Work will commence in the fourth quarter of 2019.
President Donald Trump again Monday said a trade deal is imminent with Beijing which will help American farmers hurt by retaliation in the grinding conflict between the economic powers.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
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