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Phillip Capital Morning Note - 5 Dec 2019

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The U.S. and China close in on a trade deal, despite appearances; Hong Kong is hotter than ever on the IPO scene and private equity firms are bracing for recession. Here are some of the things people in markets are talking about today.

Following the more positive view of trade talk progress, Asian stocks were set for gains after U.S. stocks climbed and Treasury yields rose. Futures on equities in Japan, Hong Kong and Australia pointed higher, while the dollar slipped. The pound touched a seven-month high against the greenback as traders stepped up bets for a Conservative victory in next week’s election. Elsewhere, oil rallied as Energy Information Administration data showed U.S. crude inventories fell more than expected, and gold slipped.

Wall Street rebounded on Wednesday as investor optimism got a boost from US President Donald Trump's remarks that talks with China on an interim trade deal were going "very well".

Asian Healthcare Specialists Limited (AHS) intends to acquire a 51 per cent interest in Cornerstone Asia Health for S$32 million from a group of vendor doctors, who will hold the remaining 49 per cent.

Ayondo said after trading hours on Wednesday that its partner for previously-announced convertible note agreements Golden Nugget Jinzhuan Limited (GN) has received the whitewash waiver from the Securities Industry Council.

The Straits Trading Company announced after trading hours on Wednesday that the Trust, an indirect 80 per cent-owned subsidiary of Straits Real Estate, is acquiring a mixed-use office and industrial property located in Mulgrave, Victoria for A$24 million (S$22.3 million).

Sembcorp Industries' wholly-owned subsidiary Sembcorp Utilities has entered into a non-binding term sheet with its local Indian partner, Gayatri Energy Ventures Pte Ltd (GEVPL) to acquire the remaining 5.95 per cent stake in Sembcorp Energy India Limited (SEIL) for INR 4,060 million (approximately S$77 million) in cash.

Keppel Reit's manager announced on Wednesday that it has obtained an unsecured S$150 million green loan facility from OCBC Bank.

Mapletree North Asia Commercial Trust's (MNACT) manager announced on Wednesday that it is acquiring an effective interest of 98.47 per cent in two freehold office properties in Greater Tokyo, Japan for S$482.5 million from Mapletree Investments.

Fraser and Neave (F&N) subsidiary F&N Foods is building a S$80 million food and beverage facility to boost innovation efforts. The 375,000 square foot facility in Tuas, is planned for completion in late-2021.

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

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