01 Dec2023 Reports

SGX

Phillip OCBC DBS UOB KGI CIMB Lim&Tan MayBank

https://www.zawya.com/en/mena

Inside Commodities - Friday, December 1, 2023

https://app.communications.lseg.com/e/es?s=530566577&e=2741160&elqTrackId=34c8be5d271b46568f297d66fdf28191&elq=b007ad4c5c0e429f8341062163e022d3&elqaid=124802&elqat=1

Phillip Capital Market Reports:

Stock Research

Phillip Daily Morning Note :

US Market (By Phillip Global Markets Night Desk)

01 December 2023

December Usually is a Winner

Since 1980, December has among the highest batting average -- or the winning percentage of positive stock-market performances -- of any month. The S&P 500 rises in December 72% of the time, compared to an average of 62% for all other months. The other top months for stocks are April (73%) and November (72%, including a 9% increase in 2023). On average in

December, stocks have risen 1.2%. The best Decembers have been 1991 (up 11.2%), 1987 (up 7.3%), 2010 (up 6.5%), 1999 (up 5.8%) and 1998 (up 5.6%). There also have been clunkers: 1980 (down 3.4%), 1981 (down 3.0%), 1986 (down 2.8%) and 2018 (down 9.2%). Last year, the S&P 500 dropped 5.9% in December. The month usually starts fast, coming off a PCE inflation reading and ahead of the nonfarm payrolls report. The Fed will be meeting in the month and is expected to keep interest rates steady as recent inflation data has trended lower. Many companies will hold investor conferences and provide initial outlooks for 2024. As the second half of the month approaches, volume will tail off and the thinly traded markets could become increasingly volatile. After all, interest rates remain high and the risk of recession is real. Selloffs may present opportunities for generating tax losses or for buying quality stocks that go on sale.

Market Wrap

US equity futures edged lower ahead of comments from Federal Reserve Chair Jerome Powell that may offer clues on the path of interest rates.

Contracts on the Nasdaq slipped 0.3%, while US Treasuries and the dollar posted small moves. Anglo American and Rio Tinto led gains in Europe’s Stoxx 600 Index after China’s manufacturing data beat estimates. Oil held losses after OPEC+ promised further output cuts but was hazy on details. Bitcoin soared to its highest price so far this year.

Today's Big News

Israel Resumes War Against Hamas After Week-Long Gaza Truce
COP28 Latest: Modi Says India Wants to Host COP33 in 2028
Fears of a World War Prey on Hedge Fund Titans and Policymakers
COP28 Latest: UK’s Labour Warns of a ‘Culture War on Climate’
Binance’s VIP Traders Got Sneak Peek of Record US Crypto Penalty
Bitcoin Rally Pushes Token to Highest Level of 2023

OCBC

Market Pulse (01 December 2023)

DBS

DBS VICKERS Daily Newsletter | 1 Dec 2023

US core PCE cools further to +3.5% y-o-y, from +3.7% in Sep; US weekly jobless claims rose to 218k
Oil prices fell on OPEC+ agreement to voluntary output cuts of 2.2m barrels per day
No changes to the Straits Times Index (STI) constituents in December quarterly review

Regional Oil & Gas

Oil prices: not much substance in latest OPEC+ deal

Latest OPEC+ deal is mostly a continuation of existing supply cuts, additional cuts could only amount to 0.2mmbpd by our estimates
Cuts are “voluntary” in nature and extend for only 3 months in 1Q24, after which they could be restored
We believe this is insufficient to reverse the bearish sentiment seen in the oil markets in recent weeks
What could be the impact to our oil forecasts?
Click here to read our views

Venture Corp (VMS SP)

3 support levels that should halt the current pullback

We see latest share buyback plan to purchase up to 10 million shares, and Venture maintaining as a STI constituent as two positive developments
Investors’ focus should return to Venture’s improving outlook and recovery in the coming year, with the overhang of STI removal alleviated at this point
What are the 3 key support levels to watch?
Click here to read our views

Grand Venture Technology Ltd (GVTL SP)

Proposed acquisition of ACP Metal Finishing, surface treatment specialist for consideration of $17m

Augments GVT’s capabilities as an integrated solution provider
Fortifies foray into semiconductor front-end and increases customer touch points across aerospace
Do we believe the acquisition is beneficial for the company?
Click here to read our views

Grab Holdings Ltd (GRAB US)

Relief rally from Meituan staying away

Meituan's management has commented that they are not interested in acquiring Foodpanda
This should remove a key overhang from Grab’s stock price
Why we believe this update is positive for the company?
Click here to read our views