ASEAN Morning Bytes 11 September 2018
General Market Tone: Risk Off. International theme: Market Players Still Await Developments With Deadlines Passed. EM Space: The Waiting Game Continues, Trump-Kim Part 2. What to look out for: Philippine trade data, UK employment figures
International theme: Market Players Still Await Developments With Deadlines Passed
- Canada troops back to the negotiating table on Tuesday with Foreign Secretary Freeland hoping to salvage NAFTA with the US side indicating that time is running short. Over in Asia China has indicated that they would not back down from an aggressive tariff salvo from the US, promising retaliatory measures if Trump would proceed with stiff trade restrictions.
- News broke of a possible new meeting between world leaders Donald Trump and North Korea’s Kim with the White house announcing a possible second meeting sometime in the near future. Although details are scant, market eagerly awaits developments on this front.
EM Space: The Waiting Game Continues, Trump-Kim Part 2?
- General Asia: Asian markets remain in limbo as Trump discusses trade on both sides of the US fence. Reports that Trump received a second formal invitation from North Korea for a 2nd summit may prove to be a developing story moving forward.
- Malaysia: Markets are on holiday today for Muslim festival Awal Muharram.
- Thailand: The government approved a THB 79bn public-private partnership expressway project connecting Nakhon Pathom province and Cha-am district. The investment spending has gained some traction in the first half of 2018, though its contribution to GDP growth continued to be lackluster.
- Philippines: July trade data will likely drive trading on Tuesday with market expecting the deficit to swell with imports seen to sustain the double digit pace of growth. Foreign direct investments grew 9.2% bringing the YTD haul to $5.755Bn or up 42.4%. Meanwhile, President Duterte has announced he would address the nation at 3pm with the Palace mum on details.
What To Look Out For
- PHL trade 09/11/2018
- EZ ECB meeting 9/13/2018
- US CPI inflation 9/13/2018
- US Retail sales 9/14/2018
- US-China trade negotiations (on-going)
- Argentina-IMF credit line request (on-going)
Download
Download article
10 September 2018
Good MornING Asia - 11 September 2018 This bundle contains 2 Articles"THINK Outside" is a collection of specially commissioned content from third-party sources, such as economic think-tanks and academic institutions, that ING deems reliable and from non-research departments within ING. ING Bank N.V. ("ING") uses these sources to expand the range of opinions you can find on the THINK website. Some of these sources are not the property of or managed by ING, and therefore ING cannot always guarantee the correctness, completeness, actuality and quality of such sources, nor the availability at any given time of the data and information provided, and ING cannot accept any liability in this respect, insofar as this is permissible pursuant to the applicable laws and regulations.
This publication does not necessarily reflect the ING house view. This publication has been prepared solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Reasonable care has been taken to ensure that this publication is not untrue or misleading when published, but ING does not represent that it is accurate or complete. ING does not accept any liability for any direct, indirect or consequential loss arising from any use of this publication. Unless otherwise stated, any views, forecasts, or estimates are solely those of the author(s), as of the date of the publication and are subject to change without notice.
The distribution of this publication may be restricted by law or regulation in different jurisdictions and persons into whose possession this publication comes should inform themselves about, and observe, such restrictions.
Copyright and database rights protection exists in this report and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of ING. All rights are reserved.
ING Bank N.V. is authorised by the Dutch Central Bank and supervised by the European Central Bank (ECB), the Dutch Central Bank (DNB) and the Dutch Authority for the Financial Markets (AFM). ING Bank N.V. is incorporated in the Netherlands (Trade Register no. 33031431 Amsterdam).