Daily Morning Note – 3 Dec 2019

WEEKLY MARKET OUTLOOK WEBINAR

PHILLIP SUMMARY

China’s restraint on the trade front notwithstanding, the S&P 500 Index fell the most in almost eight weeks on Monday partly thanks to trade tensions on other fronts.

President Donald Trump reinstated U.S. levies on steel and aluminum from Argentina and Brazil, a move that served as a reminder to investors that the deadline for the next round of American tariffs on China — Dec. 15 — is quickly looming. Asian stocks looked set to fall Tuesday, with equities also hurt by disappointing U.S. factory data Monday.

Futures in Japan, Australia and Hong Kong all pointed lower, and the yen is stronger. The risk-off mood spread to Europe, where shares had the biggest slump in two months. The dollar slid against most major peers, and ten-year treasury yields closed higher but off their intraday peak. A gauge of retailers in the S&P 500 dropped on Monday, joining broader market losses — even though Black Friday hit a record $7.4 billion in U.S. online sales.

Elsewhere, oil rose the most in more than a week as traders sifted for fresh signals on whether OPEC and allied crude producers will tighten supplies when they meet later this week.

BREAKING NEWS

A merger costing S$1.58 billion between Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) has been proposed by the managers of both real estate investment trusts (Reits).

PRIME US Reit announced after trading hours on Monday that it has been included in the MSCI Singapore Small Cap Index, as at the close of market trading on Nov 26.

United Overseas Bank‘s wholly-owned subsidiary UOB Asset Management intends to acquire VAM Vietnam Fund Management Joint Stock Company for a cash consideration of VND113,680 million (S$6.7 million).

BreadTalk Group announced on Monday after trading hours that a joint-venture agreement entered into with its wholly-owned subsidiary BreadTalk International and PT Pura Indah Berkat (PT PIB) in March 2018 was terminated on mutual agreement.

MindChamps PreSchool announced on Monday after trading hours that it is divesting its centre at Changi Business Park for a cash consideration of S$1.03 million to franchisee Yirong Education to operate.

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

Webinar Of The Week

Market Outlook: : (PSR) ThaiBev, CapitaLand, SG Weekly and Technicals (STI, UOB & DJIA)

Date: 2 December 2019

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