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
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