Daily Morning Note – 8 January 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
U.S. stocks rallied Monday but gave back some early gains as small-caps and technology shares led the way amid the resumption of trade talks with China. The dollar fell to its lowest level since October and Treasury yields ticked higher with traders assessing the seemingly dovish remarks from Federal Reserve chairman Jerome Powell on Friday. All major U.S. equity benchmarks ended higher. The S&P 500 Index added 0.7 percent after rising as much as 1.4 percent earlier in the session on strength in retailers, automakers and clothing companies. The biggest jump among major gauges came from the small-capitalization Russell 2000 Index, which picked up 1.8 percent. Meanwhile, the Nasdaq benchmarks rose more than 1 percent with telecommunications services and semiconductor shares pacing gains, giving the Nasdaq 100 Index its first back-to-back 1 percent gains since November.
The Trump administration expressed optimism it can reach a “reasonable” trade deal with China as President Xi Jinping dispatched one of his top aides to negotiations in Beijing on a lasting truce to a conflict that has roiled financial markets. “There’s a very good chance that we’ll get a reasonable settlement that China can live with, that we can live with, and that addresses all the key issues,” Commerce Secretary Wilbur Ross told CNBC Monday. Such a deal could involve the Chinese buying more American soybeans and liquefied natural gas, while agreeing to deeper “structural reforms” on issues such as intellectual-property rights and market access, Ross said.
SoftBank Group Corp. has decided against taking a controlling stake in real estate company WeWork Cos., and is instead planning to make a smaller $2 billion investment, according to a person familiar with the matter.
Samsung Electronics Co Ltd on Tuesday estimated a decline in quarterly operating profit for the first time in two years, as a slowing Chinese economy erodes demand for its chips and handsets.
Nvidia Corp on Monday announced its Drive AutoPilot platform, with artificial intelligence technologies, that can enable the next level of self-driving cars by 2020, further strengthening its position in the industry.
The closing date for LTC Corp‘s exit offer has been extended to Jan 31.
A wholly owned subsidiary of Tokyo-listed Kyowa Exeo Corporation has made a voluntary conditional cash offer to acquire Catalist-listed DeClout at S$0.13 per share in cash.
Realty Centre, an office building located at 15 Enggor Street within the Central Business District, has been put up for collective sale with a reserve price of S$165 million – the first commercial en bloc this year.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
|The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.|
|This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.|