Daily Morning Note – 8 July 2019

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YOUR PHILLIP SUMMARY

U. S. Stocks fell from all-time highs on Friday after the release of stronger jobs data dampened hope for easier Federal Reserve monetary policy

Gold slid as much as 2% on Friday and was set for its first weekly fall in seven weeks after data showed U.S. jobs growth rebounded strongly in June, which lowered the likelihood of an interest rate cut by the Federal Reserve this month.


TECHNICAL PULSE

Genting Singapore Ltd

Recommended Action: Technical BUY at Dip

Genting Singapore share price has been bearish since the start of 2019. Based on our technical readings, the stock is expected to head lower as the strong descending triangle formation has been completed.



BREAKING NEWS

Deutsche Bank AG is exiting its equities business, moving $83 billion of unwanted assets into a special unit, cutting about 18,000 jobs by 2022 and shelving its dividend for the next two years.

Iran said it would pursue nuclear talks with European nations in the coming days and also announced that it had abandoned restrictions on uranium enrichment.

Fresh violence broke out in Hong Kong on Sunday (Jul 7) evening as riot police and a small group of protesters clashed in Mong Kok.

Shared office space manager WeWork Cos is looking to raise US$3 billion to US$4 billion in debt before it goes public, a person familiar with the matter said on Sunday.

Ford and Volkswagen have reached an outline agreement to share electric and autonomous car technologies, a source familiar with the matter said on Friday.

CRUISE, a US self-driving vehicle company majority-owned by General Motors, told Reuters on Friday that a national security panel had approved a US$2.25 billion investment in the firm by Japan’s SoftBank.

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

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





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This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

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