Daily Morning Note – 3 Sep 2020
Wall Street stocks rocketed higher again on Wednesday with the Nasdaq ending above 12,000 for the first time as investors shrugged off disappointing employment data and a cautious Federal Reserve report.
The surge came despite disappointing hiring data from private payrolls firm ADP and a tepid assessment of US economic conditions from the Federal Reserve.
The Fed noted “rising instances of furloughed workers being laid off permanently as demand remained soft,” especially in the hard-hit services industries.
Home and vehicle sales were strong but “many districts noted a slowing pace of growth in these areas, and total spending was still far below pre-pandemic levels,” the Fed said in its beige book survey of economic conditions.
The chief executive of QT Vascular has been offloading his shares in the medtech firm over the last two days, according to a filing with the Singapore Exchange.
Centurion Corp has secured a tender by JTC Corporation to lease and manage up to 6,400 beds in four new foreign workers dormitories in Singapore, it said on Wednesday. The dormitories are among the new Quick Build Dormitories (QBDs) whose development was announced by the Singapore government in June.
OCBC will make revisions to its flagship savings account from Oct 1, raising the minimum amount to earn the maximum interest rate. This comes as the lender has introduced a middle tier on its 360 account amid the prolonged low interest rate environment. It marks the third time since May that OCBC has made changes to the account.
India on Wednesday banned another 118 mobile apps including Tencent Holdings’s popular videogame PUBG, as it stepped up the pressure on Chinese technology companies following a standoff with Beijing at the border. The list of 118 mostly Chinese apps also includes applications from Baidu and Xiaomi’s ShareSave.
Amazon.com Inc has added insurance and even gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty programme in a battleground growth market.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
UMS Holdings Ltd
Analyst: Chua Wei Ren
Recommended Action: Technical BUY
UMS Holdings Ltd (SGX: 558) upside has been strong given the evidence that the stock has cleared above the $1.00 psychological mark since it broke out of the 2 months resistance at $0.985 from May to July. Based on the technical, the stock will continue the upside
Webinar Of The Week
Date: 31 August 2020
|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 揳s 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.|