Daily Morning Note – 8 April 2019

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YOUR PHILLIP SUMMARY

Asian equity futures are higher on Monday morning after U.S. stocks ended last week up on a strong jobs report and President Donald Trump’s call for the Federal Reserve to cut rates. Treasuries rose Friday, with 10-year yields down two basis points. Oil jumped and gold was little changed. The Australian and New Zealand dollars, and the yen were all basically flat. Ahead this week, apart from waiting for a trade deal, European Union leaders meet to decide what to do about the U.K. as the Brexit impasse grinds on. Prices paid by U.S. households for goods and services probably rose in March as Fed Chairman Jerome Powell called low inflation a major challenge. Markets await minutes from the Fed’s March rate meeting and the European Central Bank’s monetary-policy decision. India holds general elections with voting in seven phases and results released on May 23. The World Bank Group and the IMF hold their Spring Meetings amid precarious global growth.

China expanded its gold reserves for the fourth straight month, adding to optimism that central banks globally will continue to build holdings. The People’s Bank of China raised reserves to 60.62 million ounces in March from 60.26 million a month earlier, according to data on its website. In tonnage terms, last month’s inflow was 11.2 tons, following the addition of 9.95 tons in February, 11.8 tons in January and 9.95 tons in December. The latest data indicate that the world’s top producer and consumer has resumed adding gold to its reserves at a steady pace, much like the period from mid-2015 to October 2016, when the country boosted holdings almost every month. Meanwhile, its foreign-currency holdings rose for a fifth month as lower government bond yields in developed markets lifted valuations.



BREAKING NEWS

The US jobs market leapt back to life last month following a weak February as hiring accelerated but wage growth slowed in the latest batch of mixed economic data.

Global economy enters ‘synchronised slowdown’ Disappointing economic indicators show similar picture in US, China and Europe.

MINDCHAMPS PreSchool Limited, through a wholly-owned subsidiary, has entered into an agreement to buy all the shares of seven companies that own and operate eight preschool centres in the suburbs of Sydney, for a total of nearly A$40.84 million (S$39.4 million).

RHT Health Trust Manager, in its capacity as trustee-manager of RHT Health Trust (RHT), said in a regulatory filing with the Singapore Exchange on Sunday that it has been notified by Fortis Healthcare International (FHIL), a controlling unitholder of RHT, and Stellant Capital Advisory Services, the sole shareholder of the trustee-manager, that they have each begun talks with various parties to explore the possibility of sale of their interests in the trust and the trustee-manager respectively.

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

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