Daily Morning Note – 7 May 2019

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YOUR PHILLIP SUMMARY

Asian stocks fell with U.S. futures after President Donald Trump’s top trade negotiator said the U.S. plans to proceed with a tariff hike on Chinese goods on Friday. The Chinese yuan dipped.

Korean and Japanese shares slid as both markets came back online after holidays. The drop in Tokyo was still relatively modest after Japan was shut for six trading days, perhaps helped somewhat by a relatively muted climb in the yen amid the renewal of trade-war tensions. Treasuries climbed, along with Japanese government bonds, in the wake of U.S. Trade Representative Robert Lighthizer’s confirmation of the planned tariff increase. Indications that China will still send a delegation to Washington this week had helped temper declines on Wall Street, with the S&P 500 closing off of its lows of the session Monday.



BREAKING NEWS

UNITED Overseas Bank (UOB) has launched an online utility marketplace that aggregates deals from utility providers, as Singapore’s local banks compete to entrench themselves in customers’ lifestyles.

HSBC Singapore has hired OCBC Bank’s Tze Tze Lee as the head of product and propositions, a newly created role within the bank’s global trade and receivables finance team in Singapore.

HYFLUX has received a notice from BNP Paribas demanding payment of US$57.7 million, it said on Monday. The French bank is claiming the sum in respect of a performance bond that it issued to Hyflux associate company Tahlyat Myah Magtaa (TMM) in Algeria.

US President Donald Trump on Monday slammed China over its trade practices, saying the United States was losing billions to Beijing and vowing to protect American commerce as tension escalated following his weekend threat to hike tariffs.

IKEA plans to invest 400 million euros (S$611.38 million) in France over the next three years as it builds up its new city centre stores in the country, IKEA France’s chief executive Walter Kadnar said on Monday.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

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