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Author: traderhub8   |   Latest post: Tue, 23 Apr 2019, 9:05 AM

 

Phillip Capital Morning Note

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Stocks rose on Wednesday as higher interest rates drove gains in the banking sector. Sentiment on Wall Street was also boosted as investors bet that a trade war between the U.S. and China will not be as bad as previously feared. The Dow Jones Industrial Average closed up 158.80 points with Goldman Sachs as the best-performing stock in the index.

China will not resort to a massive stimulus as it did in 2008 to boost its economy, Prime Minister Li Keqiang said at the World Economic Forum held in Tianjin on Wednesday. Instead, the country had ample tools to offset the downward pressures facing its economy, such as stabilising investment, reducing taxes and fees, instituting a more pro-active fiscal policy and easing credit difficulties for small and medium-sized companies.

Geo Energy Resources Limited announced it is considering seeking a dual primary listing on the Main Board of HKEx. The Potential Listing may or may not involve an offering of new shares in conjunction with the Potential Listing.

Total sales for Sasseur REIT’s first day of its 10th anniversary celebrations exceeded RMB130 million, setting a new national record for outlet mall’s one day sales in China.

QAF Group clarified that the outbreak of African swine fever (“ASF”) in the People’s Republic of China has had no impact on its primary production business, under the Rivalea Group, as the business is located entirely in Australia. Nonetheless, as

Australian pork producers are not permitted to export pork to the PRC, the outbreak of ASF in the PRC does not currently give rise to any export opportunity with respect to the PRC.

Source: CNBC, Bloomberg, Reuters, Business Times, Phillip Securities Research

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