Daily Morning Note – 31 Oct 2019
WEEKLY MARKET OUTLOOK WEBINAR
Stocks in Asia looked set to gain after U.S. equities rose to a fresh record high following the Federal Reserve’s decision to cut interest rates and indicate it is unlikely to move in either direction any time soon.
Treasuries gained and the S&P 500 turned higher when Powell said rate hikes won’t occur as long as inflation remains persistently cool. The offshore yuan climbed. After the close of trading, Apple and Facebook advanced after posting results. The yen was steady ahead of the Bank of Japan’s policy decision.
SINGAPORE’S tourism receipts were down 1.3 per cent year on year in the second quarter at S$6.5 billion, despite a 1.7 per cent rise in international visitor arrivals to 4.6 million, according to Singapore Tourism Board (STB) figures on Wednesday.
Brazil’s central bank cut its interest rates to a new historic low for the third month running on Wednesday as Latin America’s biggest economy struggles to grow.
BONVESTS Holdings announced that the group may record a loss for the nine months ended Sept 30, mainly due to higher depreciation, start-up costs of a new hotel, higher finance costs and absence of fair value gain on investment properties.
MAINBOARD-LISTED Creative Technology has posted a first-quarter loss of US$5.7 million for the period ended September, 7 per cent lower than the US$6.1 million red-ink for the corresponding period a year ago.
MAINBOARD-LISTED contract manufacturer Hi-P posted a 2.7 per cent drop in net profit of S$32.9 million for the third quarter, as a result of compressed gross profit margin and higher administrative, selling and distribution expenses. And it guided for a lower revenue and profit for the fourth quarter and the whole year.
DRIVEN by the contribution from new stores, revenue of supermarket chain Sheng Siong Group rose 11.4 per cent to S$253.8 million. Together with improved gross profit margin, the higher top line lifted net profit by 16.4 per cent to S$20.6 million for the third quarter ended Sept 30.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Webinar Of The Week
Date: 21 October 2019
Phillip Research in 3 minutes: #16- JEP Holdings Ltd
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