Daily Morning Note – 6 December 2018

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YOUR PHILLIP SUMMARY

U.S. stock futures opened lower Wednesday amid lingering anxiety about a possible economic slowdown and continued murkiness around trade relations with China. U.S. President Donald Trump said China is sending “very strong signals” following weekend trade discussions in Argentina, as uncertainty remains over what commitments were made between the two nations.

OPEC and other top oil producing countries are set to meet later on Thursday in Austria, to discuss a series of issues, predominantly surrounding crude output policy. Ahead of the meeting, U.S. President Donald Trump called for OPEC to keep oil output “as is.”


BREAKING NEWS

Huawei Technologies Co.’s Chief Financial Officer Wanzhou Meng was arrested in Vancouver in connection with potential violations by the Chinese-based company of U.S. sanctions on Iran, Canada’s Department of Justice said. Huawei, in a statement, said the arrest was made on behalf of the U.S. so Meng could be extradited to “face unspecified charges” in the Eastern District of New York.

Most small and medium enterprises (SMEs) in Singapore are expecting a decline in turnover in 2018, citing the challenging business environment as the main culprit for the dampened outlook, weighed down at least partially by the US-China trade war.

BT Group Plc is removing Huawei Technologies Co Ltd. equipment from the core of the mobile network it acquired two years ago, bringing it into line with the British telecom company’s longstanding policy toward the Chinese vendor.

Oil prices declined Wednesday, reversing an early rally, as investors awaited a meeting of major oil producers to discuss cutting output.

The U.K. Parliament released on Wednesday a trove of internal Facebook Inc. emails that show Mark Zuckerberg and other executives pursuing hard-nosed tactics to stifle competitors, as well as considering a range of possibilities for monetizing the massive amounts of data the company collected on its users.

Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research

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