Daily Morning Note – 10 Sep 2019

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PHILLIP SUMMARY

The Dow booked its fourth gain in a row on Monday but the broader market notched slight losses as investors looked ahead to European Central Bank and the Federal Reserve monetary policy moves, with both central banks expected to reveal easier-money initiatives in coming days amid mixed global economic data and an uncertain future for U.S.-China trade relations.

The Dow Jones Industrial Average DJIA rose 0.1%, to 26,835.51, recording its fourth straight gain, matching a similar win streak ended July 15. Meanwhile, the S&P 500 index SPX lost less than 0.01%, to 2,978.43, and the Nasdaq Composite Index COMP shed 0.2%, to 8,087.44.

U.S. stocks saw choppy trade Monday as investors weighed Beijing and Washington’s plan to renew talks next month, and as investors anticipated stimulus from global central banks.

The European Central Bank is widely expected to deliver a further rate cut, pushing its deposit rate further into negative territory, when policy makers meet Thursday. The ECB may also move to restart a bond-buying program it ended in December as it responds to a slowing economy and stubbornly below-target inflation.

Expectations for more stimulus were high even as German exports unexpectedly rose in July, following a run of downbeat economic data out of Europe’s largest economy.

In addition, Fed policy makers meet next week, with recent data, including last Friday’s weaker-than-expected jobs report, seen underlining expectations it will move to cut its key lending rate.



BREAKING NEWS

Trans-cab Services, Singapore’s second-largest taxi operator, is reviving its plans for an initial public offering (IPO), according to people with knowledge of the matter, as the city-state prepares to tighten regulations on its ride-hailing rivals.

Capitaland announced on Monday that its shopping mall Raffles City Chongqing in China saw over 900,000 visitors during its opening weekend, following its launch on Sept 6.

KOSDAQ-listed electronics components company Magic Micro has emerged as a substantial shareholder of Raffles Infrastructure Holdings on Monday, with a 20.3 per cent stake acquired in an off-market deal at S$0.50 a share.

Ascott Reit Manager announced the establishment of Ascott Business Trust (Ascott BT), in a filing to the Singapore Exchange late on Monday.

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

TECHNICAL PULSE

Mapletree Industrial Trust

Recommended Action: Technical SELL

Mapletree Industrial Trust (SGX: ME8U) bullish run is over and the trust is entering into a bearish correction

Read more technical pulse

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Market Outlook: : (PSR) Singapore Banking, Clearbridge Health Limited, Micro-Mechanics, Singapore Weekly, US Weekly, China Weekly, Technicals

Date: 09 September 2019

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