Daily Morning Note – 3 October 2018
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YOUR PHILLIP SUMMARY
Asia markets are set for a cautious open on Wednesday following the Dow Jones Industrial Average’s record high overnight. Markets in China and South Korea are closed for a public holiday. Federal Reserve Chairman Jerome Powell said he sees inflation risks in the U.S. economy as muted while while expressing confidence that low unemployment won’t spur a takeoff in prices that would force him to hike interest rates aggressively. Trade war is back in focus again, following the joining of Canada with the U.S. and Mexico in a new trade deal to replace the Nafta Agreement.
Sembcorp is only bidder for Hyflux’s Tuaspring plant.
Singtel launches network for roaming mobile wallets in Asia.
Wheelock Properties hits 90% delisting threshold.
Rupiah slides to lowest point against the dollar since 1998. The currency has tumbled almost 10 percent this year as rising U.S. interest rates have boosted the dollar and Indonesia’s current-account deficit has left the economy exposed to the financial turmoil that afflicted Turkey and Argentina.
Singapore bond market stuns with quadrupling of issue value. September was particularly strong, with S$3.7 billion in deals, mainly from banks and government entities; it was also the best month since the S$3.8 billion printed in October 2017.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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