Daily Morning Note – 30 Aug 2019

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PHILLIP SUMMARY

Stocks in Asia were set to trade higher on Friday following hints from Beijing that it will not retaliate against the latest round of tariffs from Washington for now, amid the ongoing U.S.-China trade war.

US Stocks jumped on Thursday after China said it wished to resolve its protracted trade dispute with the world’s largest economy with a “calm” attitude.

Gold fell on Thursday as the dollar rose and stock markets gained confidence with the latest positive development in the U.S.-China trade deal, but concerns over decelerating global economy kept prices hemmed near a multiyear peak

Source: CNBC


BREAKING NEWS

The world’s largest wealth manager UBS on Thursday appointed former Credit Suisse manager Iqbal Khan and Citigroup veteran Suni Harford as new wealth and asset management executives. Mr Khan, Credit Suisse’s former head of International Wealth Management.

Work on Dubai’s Al Maktoum Airport, designed to be one of the world’s biggest with an annual capacity of more than 250 million passengers, is on hold as Gulf Arab economies falter, people familiar with the matter said. Construction activity has been halted and finances for expansion frozen until further notice.

Australia is on track to run its first current-account surplus since 1975, but it’s coming at precisely the wrong time. The dramatic turnaround is probably not what the Reserve Bank is after, because with a cash rate at a record-low 1% and forecast to drop to 0.5% next year, a current-account surplus suggests the currency might be a bit stronger than it otherwise would be and investment somewhat softer — the opposite of what’s needed in 2019. Meanwhile, an expected budget surplus means the government isn’t providing much stimulus to an economy that’s slowed sharply and where rate ammunition is running low.

Australia’s Crown Resorts on Thursday said it had been informed that a planned US$1.2 billion stake sale by casino mogul James Packer to Melco Resorts & Entertainment had been delayed.

Melco on Wednesday said the second tranche of the 19.99 per cent stake sale by Packer’s Consolidated Press Holdings would be deferred by up to 60 business days after Australian regulators complete a review of the deal.

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

TECHNICAL PULSE

Fortune REIT

Recommended Action: Technical BUY

Fortune REIT (SGX: F25U) enjoyed a bullish run from 3Q2018 to Q22019.Thereafter, it has been under severe selling pressure. Based on the technicals, we expect a strong recovery

Read more technical pulse

Webinar Of The Week

Market Outlook: : (PSR) Golden Energy and Resources Ltd, CapitaLand Limited, Singapore REITs Monthly, Phillip US/China Weekly, Phillip Singapore Weekly & Technical Outlook

Date: 26 August 2019

For more on Market Outlook

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Read the research report(s), available through the link(s) above, for complete information including important disclosures Important Information





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