Daily Morning Note – 4 February 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
The Dow Jones Industrial Average rose to extend its winning streak for a sixth week, the longest since November 2017 when the blue-chip index advanced for eight weeks in a row.
The Dow Jones Industrial Average rose 64.22 points, or 0.3%, to end at 25,063.89, up 1.3% for the week. The S&P 500 index climbed 2.43 points to 2,706.53, adding 1.6% for the week. The Nasdaq Composite Index shed 17.87 points, or 0.3%, to close at 7,263.87 but added 1.4% for the week.
The U.S. economy created 304,000 new jobs in January. At the same time, job growth for December was reduce by 90,000, somewhat blunting the impact of the headline number.
The ISM manufacturing index’s final reading for January came in at 56.6. The IHS Markit final U.S. manufacturing purchasing managers index reading came in at 54.9 in January, up from 53.8 in December.
Source: MarketWatch
PSR wishes all investors a Happy and Prosperous Lunar New Year!
Please note that there is no webinar today due to eve of Lunar New Year
Morning note will resume on Thursday, 7 February 2019
BREAKING NEWS
Japanese insurance companies have spent more than US$50 billion on acquisitions over the past five years to become the world’s second-largest buyer of insurance assets, and the deals spree won’t be slowing down any time soon. Japanese insurance firms have been busy scooping up assets in countries, from Australia to the United States, in the last few years, as they sought to cushion the impact of negative interest rates and a fast-maturing market at home.
China is fast-tracking a foreign investment law at an unprecedented pace to meet Washington’s demands on trade, but businesses fear that time to review and raise objections on a crucial piece of legislation has been cut short. The law will eliminate the requirement for foreign enterprises to transfer proprietary technology to Chinese joint-venture partners.
The Pentagon is sending 3,750 additional US forces to the south-west border with Mexico for three months to support border agents, the Department of Defence said on Sunday. The deployment will raise the total number of active-duty forces supporting Customs and Border Protection agents there to about 4,350, it said.
Dollar vortex puts chills on earnings. While we’ll have to wait until the current quarter is over to see how many fingers will be pointed at the record-cold Polar Vortex, the currency market is playing a starring role as a villain in many U.S. companies’ fourth-quarter results. The ICE Dollar Index jumped more than 10 percent from its low in February 2018 to its high in November, and its average level last quarter was 3 percent higher than the previous year’s period.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
| Disclaimer |
| 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 “as 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. |
| Confidentiality Note |
| 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. |
