Daily Morning Note – 4 JUNE 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
The technology industry is girding for sweeping investigations into its business practices and FAANGS got hit by the news.
Asia equities are in the green despite a U.S. selloff. And China warns students on the growing risks of seeking a U.S. education. Here are some of the things people in markets are talking about today.
Australia’s workplace productivity growth has slowed to a crawl as the economy struggles to shake off the drag from the end of its mining investment boom earlier in the decade. The labor productivity rate declined to 0.4% in year through June 2018, compared with an average of 2.2% since the mid-1970s.
TECHNICAL PULSE
Industrial and Commercial Bank of China (ICBC)
Current Sentiment: BEARISH
Industrial and Commercial Bank of China’s bullish rally had come to an end in April 2019 when the stock prices broke below their uptrend line. Since then, the stock has made a significant series of lower lows, effectively pushing the stock into a downtrend movement.
BREAKING NEWS
The International Monetary Fund on Monday warned France that its public debt is “too high for comfort”, calling on the nation to tackle the issue by stepping up spending reforms.
Nasdaq plunged Monday as tech giants Alphabet/Google, Facebook and Amazon suffered bruising losses on reports that US antitrust officials are stepping up oversight of Big Tech.
SINGAPORE manufacturers have turned sour on factory activity, with the Purchasing Managers’ Index (PMI) – an early indicator of sentiment – falling into negative territory.
China’s factory activity expanded at a steady but modest pace in May, a private survey showed, but analysts say front-loading of exports by firms to the United States to avoid higher tariffs masked underlying weakness in the economy.
STI: Following = a dour May, the local benchmark index managed to register modest gains in the first trading session of June but trade worries and global growth concerns continue to hang over investor sentiment.
Hong Kong shares closed flat on Monday as investors grapple with the fallout of the increasingly bitter US-China trade spat.
Clearbridge Health will build a new 1,500 square foot clinic in Causeway Bay, Hong Kong to better cater to both domestic patients and medical tourists, the company announced in a bourse filing on Monday.
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. |
