Daily Morning Note – 7 June 2019
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YOUR PHILLIP SUMMARY
President Donald Trump said he’ll decide whether to enact tariffs on another $325 billion in Chinese imports after the Group of 20 summit at the end of the month in Japan, where he’s expected to meet with China’s President Xi Jinping.
Asian stocks looked set to follow their U.S. counterparts higher amid optimism Washington may delay a plan to impose tariffs on Mexico. Treasuries edged higher.
Tencent Holding Ltd
Current Sentiment: Technical SELL
We expect a bearish move for Tencent. The stock has completed its 5 wave bullish rally. It is on a minor upward wave right now before entering into a corrective phase. Based on the following technical factors, we believe that the stock will resume its bearish move.
The European Central Bank pushed back the timing of its first post-crisis interest rate hike again on Thursday and said it would continue paying banks for lending in its latest effort to revive a slowing euro zone economy.
The International Monetary Fund on Thursday warned the United States that escalating trade disputes or an abrupt downturn in financial markets could pose substantial risks for the US economy.
Japan will explain to G-20 members its plan to proceed with a planned sales tax hike in order to fund social security for all generations, the top government spokesman said on Thursday.
Wall Street stocks finished solidly higher for a third straight session on Thursday following a report that the White House could delay tariffs on Mexican imports.
Singapore’s Straits Times Index (STI) closed at 3,146.18, up 3.81 points or 0.1 per cent on Thursday.
ST Engineering and Finnish telecom firm Nokia have entered into a partnership agreement to cross-sell their solutions – including in key areas like 5G, the Internet of Things (IoT), analytics and automation – to their Asia-Pacific customers.
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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