Daily Morning Note – 9 May 2019
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YOUR PHILLIP SUMMARY
Asian stocks looked set for a mixed start Thursday after a volatile session left U.S. equities lower amid dissonant signals on trade. Treasuries fell.
Futures pointed to a modestly lower start for shares in Japan and Hong Kong, and gains in Australia. The S&P 500 fluctuated for much of Wednesday as traders sought a measure of calm after the White House suggested a deal was still possible even as both sides threatened tariff raises as soon as Friday. The dollar remained firm and fragile sentiment kept the yen near a six-week high.
SINGAPORE shares ended lower on Wednesday, following a Tuesday sell-off on Wall Street as investors continued to be jittery over US threats to hike tariffs on Chinese goods on Friday.
China’s crude oil imports in April unexpectedly surged to a record despite refinery maintenance outages and tepid domestic fuel demand, customs data showed, as state-run refiners built up stocks of Iranian crude oil anticipating a sanctions clampdown.
JP Morgan could become the first foreign company to own a majority stake in its Chinese mutual fund business, after its joint venture partner put a crucial 2 per cent of the business up for sale that analysts expect the Wall Street bank to lap up.
Facebook has chosen London as its base for a payment system on WhatsApp, its mobile messaging service confirmed Wednesday, highlighting the capital’s attractiveness as a fintech hub despite Brexit strains.
BEST World on Wednesday night posted a 79 per cent jump in net profit for the first quarter to S$10.3 million from S$5.8 million a year ago. The company attributed the performance to strong sales growth across most of the group’s markets.
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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