Daily Morning Note – 6 April 2018

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar if you have not already done so.

Archived webinars available.

RESEARCH REPORT

Technical Analysis: S&P 500 – Monthly recession tracker – March update (Crack signs)
Analyst: Jeremy Ng
– 14 out of 15 indicators in the “Phillip Recession Tracker” remained well in check
– Remain bullish despite some early crack signs showing up in the price action, Ted
spread and 2s10s spread
– Further deterioration in the Economic-Bases data is needed to confirm the bearish
view
– Current bullish price action off the 200-day moving average in the S&P 500, DJIA
and Nasdaq 100 index suggests the resumption of the uptrend next


BREAKING NEWS

President Donald Trump ordered his administration to consider imposing tariffs on an additional $100 billion in Chinese imports, a salvo that sent U.S. stock futures tumbling on concern the world’s two largest economies were hurtling toward a full-blown trade war.

China has responded bysignalling that it could retaliate by targeting shale. This is after it took aim at America’s rural heartland by proposing levies on politically sensitive farm commodities such as soybeans, which were among 106 U.S. products targeted. The list also included petrochemicals and liquefied propane, indicating that the world’s biggest oil buyer is willing to use energy as a weapon to retaliate against planned American duties on its high-tech goods.

The US trade deficit widened by more than forecast to a fresh nine-year high in February on broad-based demand for imports, ahead of Trump administration tariffs that have raised thespectre of a trade war.

New applications for US unemployment benefits increased more than expected last week, but the number of Americans on jobless rolls fell to its lowest level since 1973, pointing to tighteninglabour market conditions.

SGX Regco has called on Noble Group and its senior creditors to reconsider its restructuring proposal so as to allow its shareholders to freely vote on the proposal.

Alpha Investment Partners Limited, the private fund management arm of Keppel Capital Holdings Pte Ltd, divests its entire interest in Shanghai International Plaza. Keppel Capital is the asset management arm of Keppel Corporation Limited.

Alpha Investment Partners Limited, the private fund management arm of Keppel Capital Holdings Pte Ltd, divests its entire interest in Shanghai International Plaza. Keppel Capital is the asset management arm of Keppel Corporation Limited.

Source: SGX Masnet, Reuters, 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

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

Important Information

Disclaimer
The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.
Confidentiality Note
This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.