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Author: traderhub8   |   Latest post: Thu, 22 Aug 2019, 11:59 AM

 

Phillip Capital Morning Note - 22 May 2019

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Chinese ambassador says Beijing ready for further trade talks. Chinese Ambassador to the United States Cui Tiankai said on Tuesday that Beijing was ready to continue trade talks with Washington. "China remains ready to continue our talks with our colleagues to reach a conclusion. Our door is still open," Mr Cui said in an interview on Fox News Channel. No further trade talks between top Chinese and US negotiators have been scheduled since the last round ended on May 10.

May to ask lawmakers to vote on a second Brexit referendum. British Prime Minister Theresa May said her government will include in her Withdrawal Agreement Bill a requirement for lawmakers to vote on whether to hold another Brexit referendum. "I recognise the genuine and sincere strength of feeling across the House on this important issue," Mrs May said. "The government will therefore include in the Withdrawal Agreement Bill at introduction a requirement to vote on whether to hold a second referendum."

US existing home sales unexpectedly fall in April. US home sales unexpectedly fell in April amid persistent weakness in the lower-priced segment of the market, which has experienced an acute shortage of properties. The National Association of Realtors said on Tuesday existing home sales fell 0.4 per cent to a seasonally adjusted annual rate of 5.19 million units last month. March's sales pace was unrevised at 5.21 million units.

Oil little changed as US-Iran dispute supports, trade war weighs. Oil futures were steady on Tuesday as the prospect of mounting US-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand. Brent crude futures settled at US$72.18 a barrel, gaining 21 cents. US West Texas Intermediate (WTI) crude futures settled at US$62.99 a barrel, down 11 cents ahead of the front month contract for June delivery expiring on Tuesday. The July contract settled at US$63.13 a barrel.

Acromec unit to build, operate waste-to-energy plant for Chew's Agriculture poultry farm. Specialist engineering firm Acromec's 80 per cent owned unit will build, own and operate a waste-to-energy power plant at Chew's Agriculture's new poultry farm at Neo Tiew Road, off Lim Chu Kang. The power plant - which would be Acromec's first - is meant to boost recurring income and diversify the company's business into renewable energy, it announced on Tuesday.

Pacific Radiance JV gets US$2.78m in HK arbitration for failed vessel delivery. A joint-venture of offshore marine company Pacific Radiance on Friday announced that it has been awarded about US$2.78 million plus interest as part of arbitration against two Chinese shipyard groups, Shanghai Waigaoqiao Shipbuilding & Offshore and China Shipbuilding Trading (Shanghai). They had failed to deliver two platform supply vessels as part of two 2013 shipbuilding contracts.

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

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