Daily Morning Note – 3 December 2018
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YOUR PHILLIP SUMMARY
U.S. President Donald Trump and Chinese President Xi Jinping agreed to a truce on the long drawn-out trade war, for 90 days at least. The Dow Jones Industrial Average Futures and S&P 500 futures jumped following this news, along with futures on oil and copper.
Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts.
China, US declare a 90-day halt in new tarrifs
China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days. If no deal is reached within 90 days, both parties agreed that the 10 per cent tariffs will be raised to 25 per cent, the White House said.
Bank lending claws it’s way back to growth in October
Bank lending in Singapore managed a return to growth in October from a month ago, boosted by an expansion in building loans that lifted overall business lending.
GM cautions on Platinum switch even as Palladium hits record
Palladium’s surge to a record has intensified talk among analysts that carmakers will look to replace it with cheaper platinum for use in pollution-control devices. The auto industry’s answer: Not so fast.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
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