Daily Morning Note – 9 January 2019
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
Asian stocks looked set to follow a rally in U.S. shares as the possibility of progress in trade talks with China overwhelmed skepticism about the financial sector. The dollar rose, Treasuries slumped and crude surged toward $50 a barrel on expectations the market will be tightened by OPEC’s output cuts. All major indexes were higher, led by the small-cap Russell 2000 Index for a second day. The S&P 500 Index gained 1 percent on strength in transportation companies, carmakers and telephone stocks. Financials were only major industry group in the benchmark that didn’t rise. Boeing Co. helped lift large-caps with a strong fourth-quarter delivery report.
The World Bank cut its forecast for the global economy as slowing growth in trade and investment and rising interest rates sapped momentum, especially in emerging markets. Downside risks to the world economy have become more acute, including the threat of “disorderly” market movements and an escalation of trade disputes, the development lender said Tuesday in its semi-annual update to its global outlook. Debt vulnerabilities in emerging markets and developing countries have increased, it said. The Washington-based bank expects global growth of 2.9 percent this year, down from 3 percent in 2018 and a reduction of 0.1 percentage point from its forecast in June. The bank lowered its projection for growth in emerging markets by 0.5 point to 4.2 percent, and slightly downgraded its outlook for expansion in the euro area.
RICH Capital on Tuesday said it is planning to expand into the construction business with the proposed acquisition of two construction companies for up to S$43.98 million.
Chew’s Group said that it would seek shareholders’ approval to change its name and diversify into the property and financial investments services businesses.
Kimly Limited said it has received an advance repayment of S$1.4 million from the vendor in its aborted acquisition of Asian Story Corporation.
KrisEnergy said that oil production has restarted at the Wassana field in the G10/48 licence in the Gulf of Thailand following Tropical Storm Pabuk.
Swee Hong has won a new S$32.5 million contract from the Public Utilities Board (PUB) for the construction of link sewers for the DTSS phase 2 project at Old Choa Chu Kang Road/Jalan Bahar, a day after announcing another S$32.5 million deal also from PUB.
HUTCHISON Port Holdings Trust and four Hong Kong port operators have formed an alliance to manage Kwai Tsing container terminals’ berths.
Singtel has inked a three-year partnership with UNCDF to launch mobile wallet Singtel Dash in Singapore, for Myanmar nationals in the Republic to be able to send money home.
FIRST Ship Lease (FSL) Trust has filed a claim against Copenhagen-based charterer, Torm.
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.|