Daily Morning Note – 14 May 2020

PHILLIP SUMMARY

US producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, which could bolster some economists’ predictions for a brief period of deflation as the novel coronavirus depresses demand.

The Labor Department said on Wednesday its producer price index for final demand tumbled 1.3 per cent last month, the biggest decline since the series was revamped in December 2009, after slipping 0.2 per cent in March. In the 12 months through April, the PPI decreased 1.2 per cenrt. That was the biggest drop since November 2015 and followed a 0.7 per cent increase in March.

BREAKING NEWS

POSB has recorded a jump of almost four times in the number of account openings for migrant workers in the month of April, as the Covid-19 pandemic adds to the urgency for migrant workers to have access to digital banking – a basic service that most Singaporeans take for granted.

Genting Singapore on Wednesday saw earnings halved for the first quarter as the global coronavirus pandemic took its toll on tourism. The company said it remains pessimistic for the rest of the year, foreseeing that any recovery may be long-drawn.

Singapore Airlines (SIA) has proclaimed the Covid-19 pandemic as the greatest challenge ever faced by the aviation industry, but said that the industry is likely to remain highly competitive even after the crisis blows over.

Wall Street stocks fell early Wednesday as the Federal Reserve chief said more fiscal support may be needed to prevent lasting damage to the US economy from the coronavirus crisis.

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

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