Daily Morning Note – 8 May 2019

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YOUR PHILLIP SUMMARY

Asian stocks looked set for heavy declines Wednesday after the U.S. threat of higher tariffs on imports from China pushed American equities down the most since March. The yen held its climb and Treasuries edged higher.

Futures on Japanese shares indicated losses of about 2 percent when trading opens in Tokyo, with Hong Kong and Australia also signaling declines. The S&P 500 Index ended weaker despite closing off the session lows, posting its broadest day of declines since the Christmas Eve sell-off.

New Zealand dollar edged down ahead of the country’s finely poised central bank decision. Turkey’s lira and stocks slumped Tuesday as investors interpreted a decision to redo Istanbul’s municipal vote as yet another manifestation of President Recep Tayyip Erdogan’s influence over independent institutions. Oil steadied after dropping toward $60 a barrel.



BREAKING NEWS

The Monetary Authority of Singapore (MAS) said on Tuesday it is studying whether to admit digital-only banks that have emerged out of fintech firms as licensed entities.

KEPPEL Corp and Norwegian energy services provider Aibel will design and build converter stations for offshore wind farms in the North Sea, the Singapore conglomerate said on Tuesday.

Lyft said on Tuesday its loss in the past quarter widened to US$1.1 billion in the ride-hailing giant’s first financial report as a public company, as it announced it was teaming up with former Google car unit Waymo on autonomous taxis.

Japan’s SoftBank Group is expected to report a small rise in its fourth-quarter profit, while investors look for details on whether the conglomerate plans to monetise its almost US$100 billion Vision Fund through an initial public offering (IPO).

Alphabet Inc unit Google in the coming months plans to introduce new internet browser tools to limit how users’ web activity is tracked by advertising companies and give them greater insight into why certain ads are shown to them, the company announced in blog posts on Tuesday.

Luckin Coffee Inc, the ambitious startup that is challenging Starbucks Corp in the race to dominate China’s growing coffee culture, is seeking to raise as much as US$510 million in its US initial public offering.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

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