2 Min Market Summary: 20 April 2019


As of Tue, Apr 30, Singapore Time zone UTC+8

Dollar Index, -0.19%, 97.85     
USDJPY, +0.08%, $111.68
EURUSD, +0.32%, $1.1185
GBPUSD, +0.10%, $1.2931   

USDCAD, -0.06%, $1.3455  
AUDUSD, +0.17%, $0.7055
NZDUSD, +0.06%, $0.6670 

The 2-yr yield and the 10-yr yield increased three basis points each to 2.30% and 2.54%, respectively. The U.S. Dollar Index declined 0.19% to 97.85. WTI crude increased 0.4% to $63.44/bbl.

U.S. Personal spending m/m jumped 0.9% (consensus 0.7%) in March. The PCE Price Index, the Fed’s preferred inflation gauge, was up 1.5% yr/yr in March while the core PCE Price Index was up 1.6% yr/yr in March – both below the Fed’s annual inflation target of 2.0%.



S&P500, +0.11%, 2,943.03
Nasdaq, +0.16%, 7,839.04
Nikkei Futures, +0.09%, 22,377.5     

The S&P 500 (+0.11%) and Nasdaq Composite (+0.16%) both set new closing, and intraday, records on Monday. It was a tight-ranged session, but positive economic data and the outperformance of the financial and communication services stocks helped maintain the market’s bullish bias.

The latest personal income and spending data helped advance the narrative that the U.S. economy seems to be benefiting still from solid consumer spending activity and muted inflation pressures.

Alphabet shares fell about 7% in after market trading, Google’s parent company reported revenue that fell below analyst estimates for its first-quarter 2019. Earnings per share: $11.90 per share, ex-items, vs. $10.61 expected. Revenue: $36.34 billion, vs. $37.33 billion expected.

2 Min Market Summary: 29 Mar 2019


As of Fri, Mar 29, Singapore Time zone UTC+8

USDJPY, +0.12%, $110.64
EURUSD, -0.20%, $1.1230
GBPUSD, -0.74%, $1.3054
USDCAD, +0.11%, $1.3429
AUDUSD, -0.04%, $0.7082
NZDUSD, -0.24%, $0.6782

S&P500, +0.36%, 2,815.44
Nasdaq, +0.17%, 7,320.47
Nikkei Futures, -1.61%, 21.033.76


The U.S. Dollar Index rose 0.5% to 97.24. U.S. Treasuries edged lower, pushing yields higher. The 2-yr yield and the 10-yr yield increased two basis points each to 2.23% and 2.39%, respectively.  WTI crude decreased 0.3% to $59.27/bbl.

A U.S. trade delegation, which included USTR Robert Lighthizer and Treasury Secretary Steven Mnuchin, arrived in Beijing for a two-day meeting on Thursday. Reuters reported Wednesday evening that Chinese negotiators made “unprecedented” proposals on a range of issues including forced technology transfers. Despite the progress, the market continues to wait for a substantive, final trade deal.

In Brexit, Parliament will vote later today on Theresa May’s Brexit deal for a third and possibly final time, the British government confirmed. But the arrangements are, unsurprisingly, mired in confusion and controversy. Unless some last-minute shifts occur, it would be a huge surprise if the prime minister managed to get enough MPs to back her agreement, even after having separated it from the deal’s political declaration.

The legality of this separation is still disputed. Various MPs and pundits, from both the Remain and Leave camps, have questioned whether today’s vote is lawful. Attorney general Geoffrey Cox told parliament earlier that it is, and will address concerns in his opening speech later. DUP deputy leader Nigel Dodds said that the party will vote against the EU withdrawal agreement when it comes before the House of Commons on later today. Northern Ireland’s 10 DUP members, who prop up May’s minority government, don’t have many votes, but are crucial to the process. Despite hopes that they might give way and support her deal, or at least abstain, they remain implacably opposed to a deal that contains the Irish border backstop.


The S&P 500 increased 0.36% on Thursday, led by shares of the recently-battered financial and industrial stocks. S&P 500 materials (+1.0%), financials (+0.8%), and industrial (+0.8%) sectors outperformed the broader market. Conversely, the utilities (-1.3%) and communication services (-0.5%) sectors were the lone groups to finish with losses.

In earnings news, Lululemon athletica (LULU 167.54, +20.74, +14.1%), PVH Corp (PVH 127.26, +16.37, +14.8%), and Accenture (ACN 175.12, +8.65, +5.2%) all beat top and bottom-line estimates and provided upbeat guidance, sending shares notably higher.

In M&A news, WABCO Holdings (WBC 131.48, -14.53, -10.0%) agreed to be acquired by ZF Friedrichshafen for $136.50/share, or over $7 billion, in cash.

2 Min Market Summary: 25 Mar 2019


As of Sat, Mar 23, Singapore Time zone UTC+8

USDJPY, -0.80%, $109.92
EURUSD, -0.52%, $1.1314
GBPUSD, +0.62%, $1.3212
USDCAD, +0.52%, $1.3429
AUDUSD, -0.39%, $0.7084
NZDUSD, -0.07%, $0.6877

S&P500, -1.90%, $2,800.71
Nasdaq, -2.23%, $7,326.06
Nikkei Futures, -0.39%, $21,340.0


The Dollar benefited from the flight to safety, lifting the U.S. Dollar Index 0.2% to 96.65. U.S. 2-yr yield dropped eight basis points to 2.32%, and the 10-yr yield dropped eight basis points to 2.46%. The spread between the 3-month yield (2.45%) and the 10-yr yield briefly inverted for the first since 2017.

Germany’s Manufacturing PMI fell to 44.7 from 47.6 in February, serving as a reminder that output in a major export center remains weak. France’s Manufacturing PMI (actual 49.8 vs prior 51.5) fell below 50.0, which indicated that the country’s manufacturing sector was also in contractionThe weak data sent investors flocking to safe-haven bonds, which drove the yield on the 10-yr German bund (-0.011%) into negative territory for the first time since 2016. The lower yields in Europe likely contributed to increased buying interest in U.S. Treasuries, which helped drive yields even lower. Investors were worried about growth after the ECB cut its forecasts earlier this month and today’s PMI reports show how deep those concerns run. Adding salt to the wound are the possibility of European auto tariffs – Trump said on Wednesday that the EU has been very tough on the US for many years and “we’re looking at something to combat at.”

Prime Minister May finally requested for a 3 month extension of Article 50 and the European Union approved a delay. They said that if May can persuade Parliament to accept the current Withdrawal Agreement, the UK would leave the European Union on May 22nd, one day before the European Parliament elections. However if she fails, they have until April 12th. In that time, they will need to decide if the current deal, no deal or no Brexit is their next course of action. The EU refuses to be trapped in a long extension. Unfortunately this means that a disruptive Brexit is still on the table so while sterling ended the week off its lows, the risk is to the downside.


The S&P 500 dropped 1.9% on Friday, as weak manufacturing data out of Europe added to worries about the pace of global economic activity. Growth concerns were reflected by another drop in U.S. Treasury yields, the underperformance of the cyclical sectors, and a pullback in oil prices ($59.01/bbl, -$0.94, -1.6%). Ten of the 11 S&P 500 sectors finished lower, led by materials (-3.0%), financials (-2.8%), and energy (-2.6%). Conversely, the utilities sector (+0.7%) was the lone group to finish higher.

In earnings news, Dow component Nike (NKE 82.19, -5.82, -6.6%) didn’t help ease growth concerns after it reported underwhelming growth in North American sales, though it did beat earnings estimates.

2 Min Market Summary: 22 Mar 2019


As of Fri, Mar 22, Singapore Time zone UTC+8

USDJPY, +0.11%, $110.82
EURUSD, -0.35%, $1.1373
GBPUSD, -0.51%, $1.3130
USDCAD, +0.49%, $1.3370
AUDUSD, -0.13%, $0.7107
NZDUSD, -0.01%, $0.6882

S&P500, +1.09%, 2,854.88
Nasdaq, +1.52%, 7,493.27
Nikkei Futures, -0.03%, 21,423.0


The Philadelphia Fed Index jumped to 13.7 in March (consensus 6.0) from -4.1 in February.The key takeaway from the report is that it was accented by a pickup in new orders and a moderation in price pressures, which is the type of combination that has convinced the Fed to be patient before making any policy rate changes.

U.S. Treasuries closed roughly unchanged. The 2-yr yield and the 10-yr yield remained at 2.40% and 2.54%, respectively, although the 10-yr yield kissed 2.50% at its best level in morning action. The U.S. Dollar Index rose 0.7% to 96.41. WTI crude lost 0.4% to $59.95/bbl.

US-China trade talks are going nowhere fast. The US will be sending Mnuchin and Lighthizer to China next week for more trade talks but with reports that Trump wants China to double or triple their purchases of US goods, an agreement still appears far away. 

The BoE voted unanimously to leave interest rates unchanged (0.75%) and said Brexit could prompt policy moves in either direction. They also warned that employment growth could moderate significantly as more companies trigger no-deal Brexit plans. The central bank said “gradual, limited tightening is probably needed.” UK retail sales also beat expectations, rising 0.4% against a forecast for a 0.4% drop. Unfortunately, nothing matters more than the Brexit process. Under the EU’s plan, if the House of Commons passes the divorce deal, Britain will leave the EU on May 22. But if May’s agreement is once again rejected, the UK will be get an unconditional Brexit delay until April 12 to bring new proposals for a way out of the impasse. She’ll have until April 12 to decide whether to leave without agreement or request a much longer extension.  May, who had gone to Brussels seeking an extension until June 30, said she welcomed the council’s decision. She said she would return to the UK Friday, where she would “make every effort to ensure that we are able to leave with a deal and move our country forward.”


S&P 500 gained 1.09% on Thursday, bolstered by the notion of a dovish Fed and persistently low U.S. Treasury yields. Leadership from the S&P 500 information technology sector (+2.5%), driven by gains in Apple (AAPL 195.09, +6.93, +3.7%) and Micron (MU 43.99, +3.86, +9.6%), also helped carry buying momentum throughout the day. The S&P 500 closed at its highest level this year.

Ten of the 11 S&P 500 sectors finished higher, led by information technology (+2.5%), real estate (+1.8%), and consumer discretionary (+1.3%). Conversely, the financial sector lost 0.3%, pressured by concerns that the recent compression in spreads will lead to weak net interest margins for lenders.

Apple reclaimed its title as the world’s most valuable company after Needham upgraded the stock to Strong Buy from Buy and raised its price target to $225. Needham’s upgrade was the latest from a host of positive analyst coverage this month that has helped lift the stock 12.7% in March, including Thursday’s 3.7% gain.

Micron suggested a bottom could be close with an improvement likely coming at the back half of the year. That call helped investors overlook its disappointing fiscal Q3 guidance and helped spur buying interest within the Philadelphia Semiconductor Index (+3.5%).

In other earnings news, Conagra Brands (CAG 25.82, +2.92, +12.8%) and Darden Restaurants (DRI 116.11, +7.46, +6.9%) were some of the biggest gainers in the S&P 500 following their earnings reports.Shares of Biogen (BIIB 226.88, -93.71), on the other hand, plunged 29.2% after the company said it will discontinue its Phase 3 trials of aducanumab for Alzheimer’s. Separately, Levi Strauss (LEVI 22.41, +5.41, +31.8%) became the biggest IPO in 2019 Thursday, opening at $22.22 after pricing its IPO at $17.

2 Min Market Summary: 6 Mar 2019


As of Wed, Mar 6, Singapore Time zone UTC+8

USDJPY, +0.10%, $111.86
EURUSD, -0.30%, $1.1307
GBPUSD, -0.25%, $1.3156
USDCAD, +0.39%, $1.3356
AUDUSD, -0.08%, $0.7088
NZDUSD, -0.29%, $0.6801

S&P500, -0.11%, 2,789.65
Nasdaq, +0.08%, 7,156.79
Nikkei Futures, -0.32%, 21,750.0


  • The ISM Non-Manufacturing Index increased to 59.7 in February (consensus 57.2) from 56.7 in January. The dividing line between expansion and contraction is 50.0, so the increase in February reflects an acceleration in business activity in the non-manufacturing sector. The key takeaway from the report is that it featured a sizable increase for the New Orders component, which is a positive marker that will help push out the recession narrative for the U.S. economy since the non-manufacturing sector accounts for a much larger chunk of economic activity than the manufacturing sector does.
  • New home sales increased 3.7% month-over-month to a seasonally adjusted annual rate of 621,000 (consensus 572,000).The key takeaway from the report is that the improvement in new home sales coincided with a drop in both median and average selling prices. Another important takeaway is that lower-priced homes (less than $400,000) accounted for a much smaller percentage of total homes sold than in November, underscoring the point that there are supply constraints at more affordable price points.
  • The U.S. Treasury market was relatively muted on Tuesday. The 2-yr yield increased one basis point to 2.55%, and the 10-yr yield was unchanged at 2.72%. The U.S. Dollar Index increased 0.2% to 96.84. WTI crude was unchanged at $56.54/bbl.
  • The S&P 500 lost 0.11% on Tuesday in a session that saw little conviction from buyers or sellers. Encouraging economic data and solid earnings reports from Target (TGT 76.00, +3.33, +4.6%) and Kohl’s (KSS 71.33, +4.86, +7.3%) provided some support for the market. The S&P 500 industrials (-0.6%) and materials (-0.3%) sectors underperformed the broader market. Conversely, the communication services (+0.7%), real estate (+0.3%), and consumer discretionary (+0.2%) sectors were the lone groups to finish with gains.
  • Stocks opened roughly flat amid lingering concerns about the U.S. striking, and enforcing, a meaningful trade deal with China. On a related note, China lowered its 2019 GDP growth forecast to 6.0%-6.5% from 6.5%, and announced some tax cuts in a bid to contend with a “tough economic battle ahead.”
  • The S&P 500 dropped 0.4% in early action but selling efforts were tempered following the release of the stronger-than-expected New Home Sales report for December and the ISM Non-Manufacturing Index for February.

2 Min Market Summary: 4 Mar 2019


As of Sat, Mar 2, Singapore Time zone UTC+8

USDJPY, +0.48%, $111.92
EURUSD, +0.05%, $1.1377
GBPUSD, -0.40%, $1.3210
USDCAD, +0.88%, $1.3284
AUDUSD, -0.18%, $0.7082
NZDUSD, -0.10%, $0.6801

S&P500, +0.69%, 2,803.69
Nasdaq, +0.76%, 7,151.57
Nikkei Futures, +1.08%, 21,620.0


  • The PCE Price Index for December was up 0.1% while the core PCE Price Index, which excludes food and energy, increased 0.2% (consensus +0.1%). That left the those indexes up 1.7% and 1.9%, respectively, year-over-year and below the Fed’s longer-run inflation target. The key takeaway from the report is that it will encourage the Fed to stick by a wait-and-see mindset.
  • The ISM Manufacturing Index weakened to 54.2 in February (consensus 56.0) from 56.6 in January. The final reading for the University of Michigan’s Index of Consumer Sentiment for February was 93.8 (consensus 95.6).
  • U.S. Treasuries closed out the week on a lower note, sending yields higher across the curve. The 2-yr yield increased five basis points to 2.55%, and the 10-yr yield increased four basis points to 2.76%. The U.S. Dollar Index increased 0.3% to 96.46. WTI crude lost -2.5% to $55.81/bbl.


  • The S&P 500 increased 0.69% on Friday, led by shares of energy and health care companies; meanwhile investors remained optimistic about a U.S.-China trade deal. Friday’s gains lifted the benchmark index into positive territory for the week, advancing 0.4%. The S&P 500 energy (+1.8%), health care (+1.4%), and consumer discretionary (+0.9%) sectors outperformed. Conversely, the consumer staples (-0.2%), materials (-0.2%), and real estate (-0.1%) sectors were the lone groups to finish with losses.
  • Stocks jumped out of the gate, propelled by a Bloomberg report that the U.S. and China are working on a document that lays out the provisions of a trade deal and that such a document could be ready to be signed by Trump and Xi as early as mid-March. The major averages, however, lost steam and fell to session lows following the release of the ISM Manufacturing and Consumer Sentiment reports for February. The reports came in below expectations and provided an excuse for profit taking. Selling was short-lived, though, as has been the case all year. The S&P 500 sectors staged a steady rebound during the afternoon, allowing the benchmark index to close near session highs and above the 2800 level.
  • Positive earnings reports from retailers Gap (GPS 29.51, +4.11, +16.2%) and Foot Locker (FL 63.07, +3.55, +6.0%) helped spur gains in the consumer discretionary sector (+0.9%). GAP also announced it will spin off Old Navy as a separate company. Conversely, Walgreens Boots Alliance (WBA 66.61, -4.58, -6.4%) underperformed after Robert W. Baird cut its price target to $67 from $70. Baird maintained a ‘neutral’ rating on the stock.
  • Tesla (TSLA 294.79, -25.09) made headlines, losing -7.8%, after CEO Elon Musk conceded that the company will not be profitable during the first quarter. The Tesla team also said it will shift sales worldwide to online only. The transition will reduce costs in order to lower the prices of its vehicles, including the Model 3.

2 Min Market Summary: 1 Mar 2019


As of Fri, Mar 1, Singapore Time zone UTC+8

USDJPY, +0.33%, $111.36
EURUSD, +0.04%, $1.1373
GBPUSD, -0.35%, $1.3264
USDCAD, +0.04%, $1.3161
AUDUSD, -0.53%, $0.7102
NZDUSD, -0.39%, $0.6820

S&P500, -0.28%, 2,784.49
Nasdaq, -0.27%, 7,097.52
Nikkei Futures, -0.35%, 21,485.0


  • U.S. Advance Q4 GDP estimate showed economic output increased at an annualized rate of 2.6% (consensus 2.2%). With the fourth quarter numbers, it is estimated that real GDP increased 2.9% in 2018 versus 2.2% in 2017. The key takeaway from the report is that it supported the notion that the U.S. economy held up relatively well in the fourth quarter despite the stock market volatility. In turn, it will help rebut any notions that the economy is on the cusp of a recession.
  • Initial claims for the week ending February 23 increased by 8,000 to 225,000 (consensus 221,000). Continuing claims for the week ending February 16 increased by 79,000 to 1.805 million.The key takeaway from this report is that the low level of initial claims, which have held below 300,000 for 208 consecutive weeks, continues to support the view that the labor market remains tight and that employers are reluctant to let go of employees.
  • Chicago PMI, increased to 64.7 in February (consensus 57.5) from 56.7 in January.  The New Orders Index rebounded swiftly from a two-year low to its highest level since November.
  • Media attention was placed on Trump abruptly ending a two-day summit with North Korean leader Kim Jong-un. Trump hoped to curb Pyongyang’s nuclear-weapons program, but communication broke down when North Korea wanted the U.S. to lift all sanctions in exchange for closing some, but not all, of its nuclear sites. North Korea later refuted this account. 
  • U.S. Treasuries finished lower following the release of the better-than-expected advance Q4 GDP reading. The 2-yr yield increased one basis point to 2.50%, and the 10-yr yield increased two basis points to 2.71%. The U.S. Dollar Index increased 0.1% to 96.22. WTI crude rose 0.5% to $57.22/bbl.
  • S&P 500 lost -0.28% on Thursday in another tight-ranged session, which included the underperformance of cyclical sectors and the outperformance of defensive-oriented sectors. Investors also weighed better-than-expected GDP data, the latest batch of earnings reports, and some geopolitical drama.
  • The S&P 500 materials (-1.3%), energy (-1.0%), and consumer discretionary (-0.6%) sectors underperformed the broader market. Conversely, the utilities (+0.4%), consumer staples (+0.3%), and real estate (+0.3%) sectors outperformed
  • Booking Holdings (BKNG 1697.04, -208.90, -11.0%), HP Inc. (HPQ 19.73, -4.12, -17.3%), Box (BOX 20.24, -4.64, -18.7%), and Crocs (CROX 25.68, -2.84, -10.0%) dropped considerably following their reports. Anheuser-Busch InBev (BUD 78.16, +3.44, +4.6%) and Monster Beverage (MNST 63.83, +5.09, +8.7%), however, pleased investors with their results.

2 Min Market Summary: 28 Feb 2019


As of Thu, Feb 28, Singapore Time zone UTC+8

USDJPY, +0.36%, $110.86
EURUSD, -0.07%, $1.1379
GBPUSD, +0.50%, $1.3318
USDCAD, -0.20%, $1.3143
AUDUSD, -0.56%, $0.7148
NZDUSD, -0.53%, $0.6852

S&P500, -0.05%, 2,792.38
Nasdaq, +0.11%, 7,554.51
Nikkei Futures, +0.27%, 21,538.0


  • Particular attention during the U.S. session was placed on congressional testimony from Fed Chair Jerome Powell, U.S. Trade Representative Robert Lighthizer, and Trump’s former personal lawyer, Michael Cohen.
  • Powell in his semi-annual monetary policy acknowledged the Fed is close to agreeing on a plan to end the balance sheet runoff. USTR Lighthizer said that it is too early to predict the outcome of the U.S.-China trade negotiations. The views expressed by Cohen before the House Committee on Oversight and Reform ultimately had little, if any, impact on the market.
  • Trump began a two-day meeting with North Korean leader Kim Jong Un in Vietnam, hoping to take steps toward denuclearizing North Korea. Separately, Pakistan shot down two Indian fighter jets over their contested border, escalating tensions between the two countries.
  • U.S. Treasuries were under pressure, driving yields higher in a curve-steepening trade. The 2-yr yield increased three basis points to 2.51%, and the 10-yr yield increased six basis points to 2.69%. The U.S. Dollar Index increased 0.2% to 96.15. WTI crude rose 2.4% to $56.94/bbl following some bullish inventory data.
  • The S&P 500 lost -0.05% on Wednesday as investors weighed a handful of headlines on the political, monetary, and geopolitical fronts, as well as the latest batch of earnings reports.The benchmark index was down as much as -0.7% in early trading action but climbed back to its flat line in the afternoon, where it faced some continued resistance near the 2800 level.
  • The outperformance from retail stocks supported an intraday rebound. Better-than-expected results from Lowe’s (LOW 107.62, +2.59, +2.5%), TJX (TJX 51.56, +1.84, +3.7%), and Best Buy (BBY 68.82, +8.51, +14.1%) sparked a retail rally, evidenced by the SPDR S&P Retail ETF (XRT 46.08, +0.46) gaining 1.0%. On the other hand, disappointing earnings and/or guidance from several companies, including Weight Watchers (WTW 19.37, -10.20, -35.5%) and Mylan N.V. (MYL 26.01, -4.61, -15.1%), helped keep a lid on the broader market.

2 Min Market Summary: 27 Feb 2019


As of Wed, Feb 27, Singapore Time zone UTC+8

USDJPY, -0.45%, $110.56
EURUSD, +0.29%, $1.1392
GBPUSD, +1.24%, $1.3260
USDCAD, -0.23%, $1.3161
AUDUSD, +0.37%, $0.7193
NZDUSD, +0.15%, $0.6895

S&P500, -0.08%, 2,793.90
Nasdaq, +0.11%, 7,123.22
Nikkei Futures, -0.31%, 21,482.5


  • Housing starts declined 11.2% month-over-month in December to a seasonally adjusted annual rate of 1.078 million (consensus 1.254 million). Building permits were up 0.3% month-over-month to a seasonally adjusted annual rate of 1.326 million (1.290 million).
  • The Conference Board’s Consumer Confidence Index jumped to 131.4 in February (consensus 125.0) from an upwardly revised 121.7 (from 120.2) in January. The February reading broke a string of three consecutive monthly declines in the index.
  • The key takeaway from the report is that consumers’ attitude about the outlook improved greatly, coinciding with the sharp improvement in the stock market, continued strength in the labor market, and the end of the partial government shutdown. That upbeat outlook should be a supportive factor for consumer spending.
  • Powell delivered his semi-annual testimony on the economy to the Senate Banking Committee. The market’s response was relatively muted, as he maintained the Fed’s “patient” approach to monetary policy and balance sheet normalization and did not introduce any “new” views that could have been construed as hawkish. 
  • U.S. Treasuries saw increased buying interest, which drove yields lower across the curve. The 2-yr yield decreased three basis points to 2.48%, and the 10-yr yield decreased four basis points to 2.64%. WTI crude decreased 0.3% to $55.60/bbl.
  • Sterling caught strong bids on renewed market confidence that a hard-Brexit exit from the EU was not going to happen. Two events yesterday helped fuel the rally. One was the formal call by Labor party leader Jeremy Corbyn for a 2nd Brexit referendum and the other were reports that PM May would consider extending the deadline if her Brexit negotiated deal could not pass Parliament.
  • The S&P 500 decreased -0.08% as it struggled for direction on Tuesday. The stock market wavered between small gains and losses while investors weighed mixed economic data, key corporate news, and comments from Powell.
  • The S&P 500 materials (-0.6%), health care (-0.3%), and industrial (-0.3%) sectors underperformed the broader market. Conversely, the information technology (+0.2%), consumer discretionary (+0.2%), and communication services (+0.1%) sectors outperformed.
  • Home Depot’s (HD 188.30, -1.68, -0.9%) weaker-than-expected FY20 earnings guidance, and December housing starts increasing at the slowest pace (1.078 million) since September 2016, helped stir early concerns about a slower pace of economic, and earnings, growth unfolding in the months ahead, particularly for companies with close ties to the housing market. Caterpillar (CAT 137.98, -3.43, -2.4%) was another drag on the market following a “double” downgrade to ‘Sell from ‘Buy’ at UBS. UBS also lowered its price target to $125 from $154, citing a belief that 55% of the company’s end markets will peak in 2019, pressuring revenue and margins in 2020.

2 Min Market Summary: 26 Feb 2019


As of Tue, Feb 26, Singapore Time zone UTC+8

USDJPY, +0.24%, $111.04
EURUSD, +0.19%, $1.1363
GBPUSD, +0.48%, $1.3127
USDCAD, +0.41%, $1.3186
AUDUSD, +0.21%, $0.7172
NZDUSD, +0.29%, $0.6885

S&P500, +0.12%, 2,796.11
Nasdaq, +0.35%, 7,115.43
Nikkei Futures, +0.04%, 21,553.0


  • In U.S.-China Trade Deal, speculation has now shifted from an extension to a conclusion of the trade war. Memorandums of understanding are being drafted in 6 key areas that include cyber theft, intellectual property, currency and non-tariff barriers.
  • Assuming that both sides continue to make progress, Trump says they will be planning for a Summit at Mar-a-Lago to conclude an agreement.
  • U.S. Treasuries closed on a lower note, pushing yields higher across the curve. The 2-yr yield increased three basis points to 2.51%, and the 10-yr yield increased two basis points to 2.67%. The U.S. Dollar Index declined -0.1% to 96.42. WTI crude lost -3.1% to $55.45/bbl.
  • Sterling extended its gains after Prime Minister May delayed the “meaningful vote” to March 12, two weeks before they are scheduled to leave the European Union. Investors believe that by running down the clock, May leaves Parliament with no choice but to take over the Brexit process. She’ll have to request for an extension of Article 50 or risk being shut out of negotiations. 
  • Canadian dollar was the only major currency that failed to benefit from the bid in risk appetiteCrude tumbled more than -3% after a tweet from Trump that simply said “Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!”
  • S&P 500 advanced as much as 0.8% on Monday after Trump said he will delay the March 1 trade deadline as negotiations with China have progressed favorably. The benchmark index, however, steadily retreated throughout the session, ultimately finishing higher by 0.12%.
  • Trump followed up with a tweet during late trading action that U.S.-China talks are in advanced stages, but he did not provide a new deadline or any further details. Still, growing expectations for a trade deal underpinned the leadership from the S&P 500 cyclical sectors. Shares of semiconductor companies, many of which have revenue exposure to China, also outperformed and helped lift the heavily-weighted tech sector. The Philadelphia Semiconductor Index increased 0.8%.
  • General Electric (GE 10.82, +0.65, +6.4%) gave the industrial sector a boost after it agreed to sell its biopharma business to Danaher (DHR 123.15, +9.67, +8.5%) for $21.4 billion, which includes $21 billion in cash. General Electric had surged 15.5% in the opening minutes of trading but, like the broader market, finished near its session low.


Coinbase Pro Adds Support for XRP
Coinbase Pro, the professional offering of United States-based crypto trading platform and wallet service Coinbase, is adding support for Ripple’s XRP token. Per the announcement Coinbase Pro will now accept deposits of XRP for a minimum of 12 hours before enabling full trading. Coinbase notes that it will first establish sufficient liquidity on the platform, opening trading pairs in U.S. dollars, euro and Bitcoin (BTC) in phases. Full trading of XRP will be available to customers in the U.S., Canada, the European Union, the United Kingdom, Singapore and Australia. Coinbase may expand its services to other countries at a later time. XRP trading will go through four stages, which include “transfer-only,” “post-only,” “limit-only,” and “full trading. The first two stages will enable users to transfer XRP to Coinbase Pro accounts and post limit orders, the subsequent two will allow customers to match limit orders and fully trade with XRP. The addition of XRP to Coinbase has been long-awaited by the crypto community.

Bitfinex’s Stolen Funds Partially Recovered and Returned by US Law Enforcement
The United States’ law enforcement recovered and returned over $104,000 stolen from the cryptocurrency exchange Bitfinex. The funds returned are reportedly just under 27.7 Bitcoins (BTC), which were stolen in August 2016 in a hack that involved the theft of around 120,000 BTC in total. Bitfinex reportedly generalized the losses across all accounts and credited BFX tokens, one per every dollar lost, to those affected by the hack. These tokens could be redeemed for one dollar each or exchanged for the company’s stocks. The holders who chose to convert into stocks also received Recovery Right Token (RRT) tokens, while all BFX tokens were then destroyed. Since some of the stolen coins have been received, Bitfinex notes that they are now reportedly being converted to U.S. dollars and paid to RTT holders.

Accenture Works With Mastercard, Amazon to Boost Circular Supply Chain Using DLT
Global professional services firm Accenture is working with major global firms including Mastercard to introduce a blockchain-based circular supply chain. An active user of blockchain and digital ledger technology, Accenture now intends to employ the tech as a key component to boost the circular supply chain. The term circular supply chain encompasses all stages on the supply chain, from the beginning to the end, in order to eliminate waste and improve sustainability for the environment. Within the announced initiative, Accenture is collaborating with major global companies including cloud computing firm Amazon Web Services, blockchain supply chain firm Everledger, international development organization Mercy Corps and multinational financial services corporation Mastercard. According to the release, the new blockchain-enabled circular supply chain capability will allow customers to identify small-scale suppliers and growers on the supply chain and make rewards by using direct payments. Additionally, the new capability is designed to provide better management of inventory and waste elimination, transparency across the supply chain and authenticity of products.