Daily Morning Note – 7 January 2019

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YOUR PHILLIP SUMMARY

U.S. and Chinese officials are set to begin trade negotiations on Monday in the hope of reaching a deal during a 90-day truce between President Donald Trump and his counterpart Xi Jinping. Trump on Sunday renewed his threat to bypass negotiations with Democratic lawmakers and instead declare a national emergency on the southern border with Mexico.

Asian stocks are poised to gain after U.S. equities surged Friday on good news from the jobs market and Jerome Powell. Treasuries and gold tumbled as non-farm payrolls spiked, wage growth accelerated. In China, the People’s Bank of China trimmed banks’ required reserves, seeking to boost liquidity as China’s economy slows . The amount of cash lenders must hold as reserves will be cut by 1 percentage point, dropping by 0.5 percentage point on January 15 and a further 0.5 percentage point on January 25, the central bank said on its website.



BREAKING NEWS

Apple announced a partnership with Samsung on Sunday morning, where customers who owns select Samsung smart TVs will soon be able to access iTunes movie and TV content.

CapitaLand has entered a 50:50 joint venture to acquire a prime office building in Shanghai, as a seed asset for a value-add fund which CapitaLand is setting up “to invest in commercial real estate in key gateway cities in Asia”.

DeClout said on Sunday that there could be a general offer for shares of the company by an independent third party. The possible transaction is in advanced stages but no definitive agreements have been inked.

Centurion Corporation is inviting noteholders to exchange S$85m of 5.25 per cent notes due 2020 for new S$85m of 5.5 per cent notes due 2022, it said on Monday morning.

RHT Health Trust is asking holders of S$120 million of 4.5 per cent notes due Jan 22, 2019 for a six-month extension to the notes’ maturity date to accommodate delays in its asset sale to Fortis Healthcare.

On Friday, the Council for Estate Agencies (CEA) launched the Property Agents’ Transaction Records Initiative, which publishes the records of residential transactions (on completed Housing Board resale transactions) facilitated by realtors here in the last two years.

Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research

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