Daily Morning Note – 6 April 2018


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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
– 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


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

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