Daily Morning Note – 6 July 2020

PHILLIP SUMMARY

Asian stocks looked set for modest losses Monday as investors mulled worldwide coronavirus cases that continue to mount. Futures pointed to declines in Tokyo, Hong Kong and Sydney. U.S. contracts were little changed, with markets due to reopen after a holiday.

BREAKING NEWS

CAPITALAND on Monday said it expects the group’s total profit after tax and minority interests (PATMI) for the six months ended June 30, 2020 to be “materially and adversely” impacted, based on preliminary estimates.

FITCH Ratings has revised Indonesian coal miner Geo Energy Resources’ long-term issuer default rating to “CC” from “C”. It also changed the rating on the outstanding senior unsecured guaranteed notes of the company’s subsidiary, Geo Coal International, back to “CC”.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

TECHNICAL PULSE

Technical Analysis: Singapore Stocks – Market’s sentiment remain range bound

Analyst: Chua Wei Ren

– The Singapore stock market remain supported after the sell-down in Mid-June

– The market enters July with a touch of positivity and we should see a mild rebound in the next few periods.

– However, certain Singapore stocks may face further downside pressure as indicated by the technicals.

– The Singapore market is likely to be ranging for a period from now to end of Q3.

Technical Analysis: Forex update – Dollar raise but market seems weary despite upbeat job report

Analyst: Chua Wei Ren

– The U.S market dollar index (DXY) reached the highest point in two years at 102.99, falling short of the 103.00 psychological mark.

– Slight rebound to happen due to the positive outcome of Non-Farm payroll. However, prices remain fallen short of 98.00.

– We expect short term upside to the dollar before a bearish sell-down resume.

– All in all, the dollar index will be trending in ranges.

>> Read more technical reports

RESEARCH REPORTS

SG Bonds Weekly – Week of 6 July 2020

Credit Analyst: Timothy Ang

– Last week, local bond market activity was relatively muted with no new issuances. This week, we may see some profit-taking with markets awaiting GDP data and our General Election later in the week on 10 July.

– Singapore government bond yields saw declines last week, representing decent inflows into Singapore government bonds.

>> Read more research reports

HK Reports– Read up on our Hong Kong reports here

RESEARCH VIDEOS

Webinar Of The Week

Market Outlook: (PSR) Yoma Strategic Holdings (Initiation), SG REITs Sector and Phillip Singapore Weekly

Date: 22 June 2020

For more on Market Outlook

Phillip Research in 3 minutes: #23- Yoma Strategic Holdings; Initiation

For more videos on Phillip in 3 Mins

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





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