Daily Morning Note – 4 JUNE 2019
WEEKLY MARKET OUTLOOK WEBINAR
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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.
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.
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
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