Daily Morning Note – 4 July 2019

WEEKLY MARKET OUTLOOK WEBINAR

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YOUR PHILLIP SUMMARY

U.S. stocks closed higher Wednesday, during a holiday-abridged trading session, with all three major benchmarks setting record closes as investors cheered signs that global monetary policy will become more stimulative in the months ahead. Market participants also digested new U.S. job-growth estimates from ADP as well as jobless claims data that paint a conflicting picture of the labor market ahead of the much anticipated government job report, due Friday. The Dow Jones Industrial Average rose 179.32 points, or 0.7%, at 26,966, it’s first record close since Oct. 3, while the S&P 500 index set its third-straight record close, rising 22.81 points, or 0.8% to 2,995.82. The Nasdaq Composite index ended the day at an all-time high of 8,170.23, adding 61.14 points , or 0.8%. The S&P also set a new intraday high of 2,995.83 while the Dow’s closing level also ranks as an intraday record.


TECHNICAL PULSE

Wilmar International Ltd

Recommended Action: Technical BUY at Dip

Wilmar has broken the psychological 3.70 resistance. Based on the Fibonacci extension level, we believe that Wilmar is going for the last push towards 3.95, which is at the 127.2% of the Fibonacci expansion level.



RESEARCH REPORT

Singapore Coal Monthly – More bad news in May

Recommendation: HOLD, Analyst: Chen Guangzhi

– Prolonged restriction on coal import in China

– Proposing higher royalties and early application for permit extensions in
Indonesia

– Heavy rainfall affected coal supply in South Kalimantan


BREAKING NEWS

CapitaLand eyes positive re-rating for enlarged Ascott Reit-BT.

Ascott Reit-A-HTRUST merger puts it on path for index inclusion and wider investor base.

The US government said on Wednesday it was reviewing license requests from US companies seeking to export products to China’s Huawei Technologies “under the highest national security scrutiny” since the company is still blacklisted.

United States makes first-ever rice sale to China: trade group.

Oil prices edged higher on Wednesday ahead of a US holiday, after falling steeply a day earlier as worries about a slowing global economy outweighed a decision by Opec and allies to extend crude output cuts.

Wall Street stocks surged to records on Wednesday in a holiday-shortened session as a plethora of mixed US economic data appeared to boost the odds of a Federal Reserve interest rate cut.

The Singapore market had a busy mid-week session on its hands, though much of the vibrant turnover on the day can be attributed to a number of very different factors that weighed on investors’ minds.

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

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





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