Daily Morning Note – 24 May 2018

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BREAKING NEWS

Singapore’s GDP (Gross Domestic Product) grew 4.4 per cent in the first three months of 2018, with full-year growth expected to come in at “2.5 to 3.5 per cent” this year, according to the Ministry of Trade and Industry.

President Donald Trump said a trade agreement with China may be “too hard to get done” and that the world’s two largest economies may need to change their framework for a deal.
The United States is seeking better access for imports of genetically modified crops into China as part of a trade deal currently under discussion between the two sides, said two people familiar with the matter.

US central bankers are likely to raise the key interest rate “soon,” the Federal Reserve said Wednesday, a clear signal of a rate hike coming next month, as financial markets expect.
Wall Street swung to positive finish on Wednesday, with stocks boosted by Federal Reserve minutes which said the central bank may be willing to let inflation run slightly higher.

Britain is legally bound to pay its up to £39 billion (S$70.2 billion) divorce bill to the European Union before a detailed future trade deal is agreed, a minister said on Wednesday, raising the prospect of it losing leverage in talks.

Oil benchmarks fell on Wednesday after an unexpected build in US crude and petrol inventories despite strong demand, and as traders weighed a possible increase in Opec crude output to cover any shortfalls in supply from Iran and Venezuela.

A full-fledged bidding war for key assets of Rupert Murdoch’s 21st Century Fox erupted Wednesday as media and cable giant Comcast announced it plans an all-cash bid that would top an existing offer from Walt Disney Co.

Indian carmaker Tata Motors on Wednesday reported a staggering 50 per cent fall in quarterly net profit, blaming a huge one-off investment and a slowdown in sales.

Yongnam Holdings’ joint venture with Leighton Asia has bagged a S$553.8 million Land Transport Authority contract for the design and construction of a part of the future North-South Corridor (NSC) project.

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

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