Daily Morning Note – 4 July 2018
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Oxley Ltd – Daily timeframe – Bullish
– A hammer rejection off the 0.400 psychological round number was formed on
03/07/18 suggests a possible reversal next.
– Watch out for subsequent bullish follow through for this rebound to play out
where the bulls should be targeting the 0.440 resistance area followed by
For more information and additional disclosures, refer to the link here.
Stocks end holiday-shortened session in the red as tech shares sell off. The S&P 500 SPX, -0.49% ended 13.49 points, or 0.5%, lower to 2,713.22 with five of its 11 main sectors finishing in negative territory. The Dow Jones Industrial Average DJIA, -0.54% closed 132.36 points, or 0.5%, lower to 24,174.82. The Nasdaq Composite Index COMP, -0.86% meanwhile, declined 65.01 points, or 0.9%, to 7,502.67.
Oil Rally Falters After Price Hits $75 for First Time Since 2014. Oil has been buffeted lately as U.S. President Donald Trump — facing high retail gasoline prices ahead of midterm elections — pushes Saudi Arabia to boost output. Plus, a report today from data-provider Genscape Inc. was said to show Texas Gulf Coast crude stockpiles rose by about 431,000 barrels last week.
China presses Europe for anti-US alliance on trade. One proposal has been for China and the European Union to launch joint action against the United States at the World Trade Organisation. But the European Union, the world’s largest trading bloc, has rejected the idea of allying with Beijing against Washington, five EU officials and diplomats told Reuters, ahead of a Sino-European summit in Beijing on July 16-17.
Former Malaysian premier Najib set to be charged in court. The charges are expected to be in connection with how 42 million ringgit (S$14.21 million) went from SRC International, a former 1MDB unit, into Najib’s personal bank account.
mm2 Asia and SPH to jointly operate AsiaOne, introducing more lifestyle and entertainment content to the 23-year-old online news site.
Frasers Logistics & Industrial Trust sells Australian property for A$90.5m. The property on 80 Hartley Street, Smeaton Grange is located in New South Wales, Australia, and comprises a cross-dock, regional distribution facility with a high clearance warehouse, office accommodation of 2,033 square metres, among other things. The property was purpose-built for Coles Supermarkets Australia and will have a remaining lease term of about five years, upon extension of the existing lease.
Ezion enters into loan agreements with secured lenders, completes issue of warrants and consent shares. The extension of additional working capital of up to US$118 million. In addition, the issue of its proposed warrants to secured lenders and TLF (term loan facility) consent shares have also been completed on July 2.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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