Daily Morning Note – 4 February 2019


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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


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

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