Monday, 03 December 2018 Global Economics & Markets Research Email:
[email protected] URL: www.uob.com.sg/research Markets Overview HIGHLIGHTS AHEAD On Monday (3 Dec), US attention will be on the Fed speakers and a significant data docket ahead. Fed Vice Chair Clarida The main event over the weekend was the G20 Leaders’ will give an interview on Bloomberg, Fed Governor Quarles summit in Buenos Aires, Argentina (30 Nov – 01 Dec) will speak at Council on Foreign Relations in NYC while and more importantly, the dinner meeting between China NY Fed President John Williams & Fed Governor Lael President Xi and US President Trump (on 1 Dec after the Brainard will speak NY Fed’s Treasury Market conference. conclusion of the G20 Summit). Unlike the acrimonious All are permanent voters in the FOMC. Dallas Fed president end to the recent Asia Pacific Economic Cooperation Kaplan (non-voter in 2018 FOMC) will speak at a community (APEC) summit, the G20 summit did conclude with a joint forum at Texas. As for the US data calendar, we have Oct communique where G20 leaders agreed that the global construction spending, Nov ISM manufacturing and the system of rules that has underpinned trade for decades is final print for the Nov Markit manufacturing PMI survey. For flawed and there is room for improvement. More importantly, the rest of the G7, we have the final Nikkei manufacturing the communique omitted for the first time a reference to survey, the Nov Markit manufacturing PMI survey for UK, the risk of protectionism. Both are seen as wins for the US, Eurozone and its constituent economies.