Daily Morning Note – 29 March 2019

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YOUR PHILLIP SUMMARY

Shares in Asia were poised to see opening gains on Friday morning as trade negotiations between the U.S. and China continue in Beijing. The Trump administration is prepared to keep negotiating with China for weeks or even months to reach a trade deal, White House economic adviser Larry Kudlow said in a speech in Washington on Thursday. Also in China – from next week, China’s domestic bond market will see some of its securities included in benchmark global indexes for the first time.

Oil prices settled roughly flat on Thursday, with the U.S. WTI crude futures settling 11 cents lower at $59.30 a barrel (intraday: $58.20), after U.S. President Donald Trump called for OPEC to boost crude production to lower prices. “Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump tweeted.



BREAKING NEWS

Federal Reserve Bank of New York President John Williams, one of the US central bank’s top policy makers, downplayed fears of recession risks being signaled by bond markets.

Contract signings to purchase previously owned US homes fell more than estimated in February, suggesting that the prior month’s surge resulted from pent-up demand and that a sustainable recovery may take more time.

Hong Kong’s traditional banks are set to face one of their biggest challenges yet: a new breed of financial technology firms estimated to snare as much as 30 per cent of their revenue.

The Hong Kong Monetary Authority has granted three virtual bank licenses and is processing five more, deputy chief executive Arthur Yuen said in a briefing on Wednesday.

Lyft is raising some US$2.5 billion in its Wall Street offering, which is seen as turning point for the ride-hailing business and the so-called “sharing economy.”

Wells Fargo chief executive Tim Sloan, a frequent target of critics following a series of lapses by the bank, is stepping down from his post “effective immediately,” the bank announced Thursday.

Sony chairman Kazuo Hirai, who led a major and successful overhaul at the Japanese electronics giant, announced Thursday he would be leaving the firm after 35 years.

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

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