Daily Morning Note – 4 Sep 2019
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Asia stocks are set to open little changed on Wednesday as data released overnight showed U.S. factory activity in August contracting for the first time since early 2016.
Release of Australia’s gross domestic product figures for the second quarter, set to be out around 9:30 a.m. HK/SIN. On Wednesday, the Reserve Bank of Australia opted to keep the cash rate at an all time low of 1%.
Dasin Retail Trust has raised S$68.8 million through a private placement that was 1.2 times subscribed in its latest equity fundraising exercise. It will issue about 82.35 million units at S$0.86 apiece, representing a 2.4 per cent discount to the volume weighted average price of S$0.8563 per unit in Dasin Retail Trust for trades on Sept 2, 2019.
Bus and train fares could go up by up to 7 per cent next year as the Public Transport Council (PTC) begins its annual fare review exercise.This means fares could go up by as much as 10 cents for those who pay for their journeys by card, who make up more than 90 per cent of commuters here.
US factory activity unexpectedly contracted in August for the first time in three years as shrinking orders, production and hiring pushed a widely followed measure of manufacturing to its lowest level since January 2016.
US President Donald Trump said if a trade agreement with China isn’t reached before the election, a deal will become less advantageous for Beijing if he wins.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Sunny Optical Technology Group Co Ltd
Recommended Action: Technical SELL
Sunny Optical Technology (HK: 2382) uptrend has been met with resistance at 109.63. Based on the technicals below, we believe that a bearish correction may be imminent.
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Date: 3 September 2019
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