Daily Morning Note – 23 March 2018


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Phillip Macro update: 5 things to know about March FOMC Meeting
Analyst: Pei Sai Teng
1. Fed Reserve raised its Federal fund rate by 25 basis points to a range of 1.50% to 1.75%.
2. GDP growth projected to be at 2.7% for 2018
3. Unemployment forecast to be lower at 3.8%
4. Inflation rate forecast remains unchanged at 1.9% for 2018
5. Hint of more press conference by Powell


Olam Intl Ltd – Daily timeframe – Bearish
– The current bullish breakout to the 2.50 high has established a bearish divergence
suggesting for a near-term correction lower next.
– Price should be aiming for the 2.31 support area next followed by 2.21.

For more information and additional disclosures, refer to the link here.


President Donald Trump signed an executive memorandum on Thursday that would impose retaliatory tariffs on up to $60 billion in Chinese imports. In response to these tariffs, China subsequently proposed a list of 128 U.S. products to target, which had an import value of $3 billion in 2017,

The Dow Jones industrial average dropped 724 points (2.9%) in its worst day since Feb. 8, pressured by worries of a potential trade war and a decline in tech shares.

HR McMaster will become the second US national security advisor to leave the job since Trump took office last year. The army lieutenant general is the latest departure amid a turbulent shakeup of senior White House staff.

A composite index of leading economic indicators posted gains that exceeded expectations in February. The Conference Board’s Leading Economic Index rose 0.6 percent, marking the fourth straight month of gains and exceeding economists’ expectations of a 0.4 percent gain.

Reviews of public transport fares from 2018 to 2022 will factor in a new variable which takes into account changes in public transport capacity, the Public Transport Council (PTC) announced.

Bukit Sembawang Estates has successfully tendered for the en bloc sale of Makeway View estate for S$168 million. The sale price reflects a land rate of S$1,626 per square foot per plot ratio, including an estimated development charge payable of about S$21.26 million.

Midas Holdings Limited announced the resignation of its CEO Mr Patrick Chew. This comes as it released latest findings from its Audit Committee with regards to the litigations, enforcement orders and court documents involving companies within the Group.

Source: SGX Masnet, Phillip Securities Research

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Read the research report(s), available through the link(s) above, for complete information including important disclosures

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