🔍Today’s Opportunity Spotlight: OUE REIT (SGX: TSOU)
SGD 0.265 (-3.44% YTD Total Return)

OUE REIT is a diversified REIT with assets ~SGD6.3b, its portfolio includes hospitality assets such as Hilton Singapore Orchard & Crowne Plaza Changi Airport; Grade A offices like OUE Bayfront & One Raffles Place; retail mall Mandarin Gallery; and Lippo Plaza in Shanghai. Office makes up 50.5% of the portfolio, while Hospitality and Retail make up 32.2% and 17.3% respectively.

1Q2024 Net Property Income grew by 6.9% YoY. The 12Mth Yield is 7.89%.

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*🟧 US markets closed for Independence Day; US jobs data and UK elections on ta*p

5 July 2024
🔶 Nasdaq 100 Index 20186.63
🔶 S&P 500 Index 5537.02
🔶 Dow Jones Indus Avg Index 39308

🙂 European stocks rose, led by France equities, as key elections held center stage and investors grew more optimistic about Fed rate cuts following soft US economic data. The MSCI Emerging Markets Index rose to the highest level in 2 years. The Dollar weakened, while Oil edged higher and Gold was little changed.

🇺🇸 Joe Biden has been under pressure to drop his re-election bid after his disastrous debate with Trump ; so far, he’s refused to back down and no prominent Democrats have publicly called for him to do so.

🇬🇧 Exit polling data showed that Keir Starmer's Labor Party is projected to win with a huge majority, winning 410 of the 650 seats in the House of Commons. The Pound held steady against the Dollar, while FTSE 100 Futures rose.

🇫🇷 France’s CAC 40 benchmark index advanced for a 2nd day in the buildup to this weekend’s final round of voting in snap parliamentary elections. Traders expect Marine Le Pen's National Rally will fall short of a majority and result in a hung parliament and maintenance of status quo- something the market prefers.

👀 All eyes will be on Nonfarm Payrolls, unemployment rate, and average hourly earnings data due tonight at 20:30 SGT. Consensus estimates are for a 190k gain in payrolls, a decrease from 272k the previous month, indicating a softer labor market which would support the case for rate cuts

⬆️ US shares rally to new highs ahead of Independence Day; S&P 500 notches 33rd record in 2024

4 July 2024
📈 Nasdaq 100 Index 20186.63, (0.87%)↑
📈 S&P 500 Index 5537.02, (0.51%)↑
📉 Dow Jones Indus Avg Index 39308, (-0.06%)↓

🙂 US stocks rose to fresh highs in Wednesday's shortened trading session. The S&P 500 notched its 33rd record in 2024. 7 of 11 sectors were in the green, with Info Tech leading gains, while Healthcare led losses. The Dollar weakened, while Oil and Gold climbed. US markets will be closed today for Independence Day.

🔎 The meeting minutes of the June FOMC meeting indicated that most Fed officials viewed the economy as “gradually cooling” and wanted more evidence of cooling inflation before cutting rates. ISM Services Index contracted at the fastest pace in 4 years, coming in lower than expected at 48.8, down from 53.8 in the prior month. Continuing jobless claims increase for 9th straight week. the longest stretch since 2018.

🌍 Hurricane Beryl is bearing down on Jamaica with wind, rains and a storm surge that could cause more than $1 billion in damage. The storm is forecast to sweep south of the Cayman Islands on Thursday and make landfall in Mexico Friday.

🗣️ At the ECB Forum on Central Banking in Sintra, Portugal, New York Fed President John Williams pushed back against recent commentary that the neutral rate of interest has risen since the pandemic.

🇬🇧 UK elections will be held today. Opinion polls taken before voting began gave the Labour Party's Keir Starmer a lead of around 20%.

👀 All eyes will be on Nonfarm Payrolls, unemployment rate, and average hourly earnings data due tomorrow at 20:30 SGT. Consensus estimates are for a 190k gain in payrolls, a decrease from 272k the previous month.

🧐 Tesla (+6.54%) extended gains a day after the EV maker posted stronger-than-expected Q2 delivery and production figures. Constellation Brands (-3.31%) fell after Q1 sales missed estimates, led by weakness it its smaller wine and spirits business.

⬇️ Wall Street falls as GDP and inflation data dashes Fed pivot hopes

26 April 2024
📉 Nasdaq 100 Index 17430.5, (-0.55%)↓
📉 S&P 500 Index 5048.43, (-0.46%)↓
📉 Dow Jones Indus Avg Index 38085.8, (-0.98%)↓

😞 US stocks fell after the latest economic data showed a sharp slowdown in growth and pointed to persistent inflation. Treasury yields set fresh 2024 highs on the elevated inflation gauge. 6 of 11 sectors ended in the red, with Materials leading gains, while Communication Services led losses. Gold and Oil rose.

🔍 The Core PCE Price Index came in higher than expected at 3.7% QoQ, up from 2.0% previosly. The print combined with US GDP growth of 1.6% QoQ that trailed estimates; fueling stagflation fears.

🇯🇵 Tokyo CPI ex-fresh food came in at 1.6% YoY, below estimates of 2.2%. All eyes will be on the BoJ's interest rate decision which is due sometime around noon today. Jiji reported that the BoJ will consider steps to shrink JGB purchases.

👀 All eyes will be on labor data next week, with JOLTS Job Openings data due next Wednesday at 22:00 SGT. Nonfarm Payrolls, Average Hourly Earnings, and Unemployment Rate data are due next Friday, at 20:30 SGT. Crucially, the Fed will be making its May interest rate decision on Thursday around 02:00 SGT.

🧐 Meta (-10.56%) sank after it boosted spending projections on AI and its Q2 revenue forecast missed estimates. IBM (-8.04%) fell as disappointing earnings overshadowed its acquisition of HashiCorp. Chipotle Mexican Grill (+6.47%) gained on an earnings beat, driven by a hike in the price of its menu items. After hours, Microsoft (+4.41%) beat forecasts, lifted by corporate demand for the software maker's cloud and AI offerings. Alphabet (+11.59%) jumped after announcing its first-ever cash dividend and plans to buyback an addition $70bn in shares.

🔶 Wall Street ends mixed as traders await key inflation print for rate clues

25 April 2024
📈 Nasdaq 100 Index 17526.8, (0.32%)↑
📈 S&P 500 Index 5071.63, (0.02%)↑
📉 Dow Jones Indus Avg Index 38460.92, (-0.11%)↓

😕 US stocks ended mixed as Treasuries fell ahead of key US inflation data. 7 of 11 sectors ended in the green, with Staples leading gains, while Industrials led losses. Gold was little changed while Oil fell despite a larger than expected drop in US stockpiles.

🇺🇸 US solar panel makers asked Washington to slap tariffs on $12.5 billion of imports from Southeast Asia, setting the stage for a probe and duties of up to 271.5% later this year.

🇯🇵 The Yen weakened beyond 155 per Dollar for the 1st time since 1990, raising prospects of intervention. Traders will be alert to any comments from BoJ officials that hint at a potential intervention.

👀 US GDP growth and the PCE Price Index, the Fed's preferred measure of inflation are due today at 20:30 SGT. Elsewhere, Tokyo CPI and the BoJ interest rate decision are due on Friday. Microsoft and Alphabet will report Friday pre-market.

🧐 Tesla (+12.06%) jumped after confirming plans for more affordable models by early 2025, helping offset weak Q1 results. Texas Instruments (+5.64%) rallied on a robust Q2 forecast amid an improvement in analog chip demand. Hasbro (+11.84%) gained after the toymaker beat estimates, helped by leaner inventories and steady digital gaming revenue. Boeing (-2.86%) fell after Mody’s downgraded its credit rating to Baa3 from Baa2, a notch above 'junk' status. After hours, Meta (-15.13%) sank after it boosted spending projections for the year and its Q2 sales forecast missed estimates. IBM (-8.27%) fell as disappointing earnings overshadowed its acquisition of HashiCorp

📈🇯🇵 The Nikkei 225 index hit an all-time high, surpassing the previous record high of 38,915.87 achieved in 1989. Robust earnings from banking, electronics and consumer stocks propelled the index up 2% to hit 39,029. With the Nikkei and Topix indices up more than 10% this year so far, it comes as no surprise that they are the best performers in the Asia Pacific - https://bit.ly/3SRbTc1.

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For applicable terms and conditions and a full risk disclaimer, please refer to www.phillipnova.com.sg. This ad has not been reviewed by MAS.

CNBC

Japan's Nikkei crosses 39,000 as robust earnings, investor-friendly measures drive risk-on sentiment

Investors have cheered Warren Buffet's bullish calls on Japan and Tokyo's push to compel Japan Inc to boost shareholder returns.

The Nikkei 225 notched a new 34-year high and continued its race towards its pre-bubble record. The Japanese benchmark climbed to 38,863.69 points during the intraday and was just a 100 points away from the all-time level. YTD, the index has gained 14%. Buoyant mood seen on Wall Street overnight sent the Japanese indices climbing. Read the full article here - https://bit.ly/49clKQC. 

Capture the opportunities in the Japan Markets. Get SGD88 when you trade the Nikkei 225 Index and the USD/JPY on Phillip MT5 from now till 31 March 2024. Learn more here - https://bit.ly/3I2X0yo.

CNA

Nikkei soars to within sight of all-time peak, closes at 34-year high

TOKYO :Japan's benchmark Nikkei rallied to 34-year highs on Friday and was on the cusp of eclipsing the all-time peak reached during the hey days of the nation's bubble economy in the 1980s. The index blew past the post-economic bubble era record of 38,188.74…