IMPORTANT ECONOMIC DATA RELEASE TODAY · 1 05:45 New Zealand GDP (QoQ) (Q3) 0.7% 0.6% 0.1% 2 08:30 Australia Employment Change (Nov) 39.9K 14.0K -19.0K 3 08:30 Australia Unemployment

Please carefully read the important disclosures at the end of this publication.

Written By: Samuel Siew (萧玮恩)

Rep No.: SWE300299240 Phone: (65) 6531 5474 Email: [email protected] [email protected]

19 December 2019

Economic Daily

Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital)

IMPORTANT ECONOMIC DATA RELEASE TODAY Economic data is an important factor that will have an impact on market direction. There are a number of economic figures

releases daily. Below are some important data to watch out for, which would have impact to today’s market.

No Time Event Actual Forecast Previous

1 05:45 New Zealand GDP (QoQ) (Q3) 0.7% 0.6% 0.1%

2 08:30 Australia Employment Change (Nov) 39.9K 14.0K -19.0K

3 08:30 Australia Unemployment Rate (Nov) 5.2% 5.3% 5.3%

4 11:00 BoJ Interest Rate Decision -0.10% -0.10% -0.10%

5 14:30 BoJ Press Conference - - -

6 17:30 UK Retail Sales (MoM) (Nov) - 0.3% -0.1%

7 20:00 BoE Interest Rate Decision (Dec) - 0.75% 0.75%

8 23:00 US Existing Home Sales (MoM) (Nov) - -0.2% 1.9%

Source: Bloomberg/ Phillip Futures

Market Update (Fundamentals):

1) Global stock index futures: Generally pressured by the impeachment process and Central Bank Decisions

Prices as at 10.30am:

Mini Dow Futures: -0.06%

Mini S&P 500 Futures: -0.04%

FTSE China A50 Futures: +0.05%

MSCI Singapore Free Index (SiMSCI) Futures: -0.40%

Global indices futures generally felt strain this morning, amid the ongoing impeachment process involving US President

Trump, and the procession of central bank policy meetings today. The US house have impeached US President Trump,

and the case would now progress to the Senate, where a trial is to be held early next year to decide if President Trump

would be removed from office. Although this process has added much unneeded uncertainty to markets, history have

suggested that the impacts are not long lasting, as while the volatility lasted during the trial process, recovery was

observed after the Senate acquitted the case. Thus, as President Trump is unlikely to be convicted by a two-thirds

majority in the Republican-controlled Senate, markets could eventually shrug off some fear. Instead, focus could be

turned towards the furry of central bank meetings, which includes Japan and UK. While these central banks are largely

expected to leave interest rate on hold, which would mean that there could be an absence of fresh catalyst to push global

indices higher, we remain cautiously optimistic. This is because the year-end window dressing effect would generally kick

in during this period, and it could keep global indices buoyant during this period.

At present, we notice that markets could have gotten more comfortable regarding how things have progressed, such as

the preliminary trade deal between China and US, and global economic indicators that have generally started showing

signs of stabilizing. Thus, given that the dark clouds have momentarily subsided, the path of things would support the

overall sentiments. Although a slight pause is observed today after the recent strong run, the growing confidence towards

a stronger growth next year, is likely to support markets until the end of the year. After which focus may go towards the

continual progress of the Sino-US trade war, and the second phase of the trade deal.

On the Chinese front, it remained as an outlier today, with sight gains observed. This came after the PBOC injected the

most cast in open market operations since January this year, and the increase in liquidity would ensure ample cash

supply in China. This reassurance helped ease previous jitters about a potential liquidity hole in China, and aided in

supporting Chinese indices this morning.

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Economic Daily

PHILLIP FUTURES PTE LTD

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2) Currencies: JPY steadies as BOJ leaves policy unchanged; AUD & NZD saw strength after positive data surprise

The JPY steadied after the BOJ left its policy untouched, as widely expected. This comes on the backdrop of Japan Prime

Minister Abe’s fiscal package, and the brightened global outlook in the form of progress in Sino-US trade relations and

signs of a bottoming of the global slowdown. However, the BOJ maintained its forward guidance, of rates remaining low or

lower as long as there was a chance of losing price momentum. Therefore, on the backdrop of its peers such as the Fed

and ECB, which have since implemented certain monetary easing policies, the BOJ still appears to be more hawkish then

them. This has caused the JPY to build up its strength, as monetary policies are still expected to remain unchanged going

forth. While the BOJ is prepared to add stimulus to spur inflation if needed, it appears that its hands are still tied and that it

may not have the necessary cards to play. Hence, this could mean that the BOJ may continue avoiding delving deeper

into its depleted ammunition. Hence, eyes will be towards BOJ Kuroda speech later for more clues, of which we feel that

his usual tight-lipped self may not shed much light on the BOJ’s future plans. It is predicted that Kuroda would continue to

access how Prime Minister Abe’s US$120 billion government stimulus package will prop up growth, given the recent sales

tax increase, export slump from the Japan-South Korea trade war, and the destruction caused by the super typhoon.

Should there be no further stimulus be in the pipeline for the BOJ, coupled with its safe haven currency status, the JPY is

lightly to strengthen further. This would in turn dampen inflation and hurt business competitiveness, which will then cause

further dilemma in the BOJ.

The AUD jumped, after solid jobs data was reported, in turn putting the potential February rate cut in jeopardy. The robust

jobs data have suggested the Australian labour market may still have strength, as it has thus far persisted in defying

slower economic growth. As the minutes of the December meeting released this week suggest that the RBA wants to

continue to assess the evidence of how the easing in monetary policy is affecting the economy, given the long and

variable lags, before easing further, the incoming data would cause the RBA to keep the option of a February move open,

and unpredictable. As Australia continues to face domestic headwinds, economic data is likely to remain soft for the next

few quarters. In addition, although strong headline job numbers and reduced unemployment rates were reported today, it

appears to mask underlying weakness, where the rise in employment was driven largely by part-time jobs, and the lower

unemployment was due to lower labour participation rate. Therefore, we remain of the view that the RBA is still likely to

have one more rate cut in Q1 next year. The outlook for the AUD is also highly probable to remain tilted to the downside.

The NZD saw strength this morning after GDP numbers picked up. The numbers were sharply higher than the RBNZ’s

projection, and helped reduced the easing bias of the RBNZ. The RBNZ will likely be data dependent going forth, and

could only cut rates if there are downside surprises in economic data releases. As the much higher-than-expected growth

would lend support to the RBNZ, the RBNZ is expected to keep rates on hold at its next meeting in February. In addition,

the New Zealand Treasury have also recently announced a small fiscal stimulus, which could result in the RBNZ pausing

further easing as well. Thus, some stabilization in the NZD is expected, although it is to be warned that the external sector

still remains weak.

Technical Chart pick of the day:

NZD/USD – Bullish

On a technical perspective, the trend is bullish, with prices above the 20, 40, 100 and 200 EMA.

A bullish crossover formed, with the 20 EMA crossing the 100 EMA. This indicates that buying strength is present.

Based on the pivot point analysis, prices are above the pivot level. This signifies bullishness.

Resistance: R1: 0.65969, R2: 0.66116, R3: 0.66480

Support: S1: 0.65606, S2: 0.65388, S3: 0.65024

Economic Daily


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NZD/USD Hourly Chart

Economic Daily


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Economic Calendar

Date Time Economic Release Period Actual Survey Prior Revised

United States

12/16/19 21:30 Empire Manufacturing Dec -- 4.5 2.9 --

12/16/19 22:45 Markit US Composite PMI Dec P -- -- 52 --

12/16/19 22:45 Markit US Manufacturing PMI Dec P -- 52.8 52.6 --

12/16/19 22:45 Markit US Services PMI Dec P -- 52 51.6 --

12/16/19 23:00 NAHB Housing Market Index Dec -- 71 70 --

12/17/19 5:00 Net Long-term TIC Flows Oct -- -- $49.5b --

12/17/19 5:00 Total Net TIC Flows Oct -- -- -$37.6b --

12/17/19 21:30 Housing Starts Nov -- 1340k 1314k --

12/17/19 21:30 Building Permits Nov -- 1405k 1461k --

12/17/19 21:30 Housing Starts MoM Nov -- 2.00% 3.80% --

12/17/19 21:30 Building Permits MoM Nov -- -3.80% 5.00% --

12/17/19 22:15 Industrial Production MoM Nov -- 0.90% -0.80% --

12/17/19 22:15 Manufacturing (SIC) Production Nov -- 0.70% -0.60% --

12/17/19 22:15 Capacity Utilization Nov -- 77.40% 76.70% --

12/17/19 23:00 JOLTS Job Openings Oct -- -- 7024 --

12/18/19 20:00 MBA Mortgage Applications Dec-13 -- -- -- --

12/19/19 21:30 Current Account Balance 3Q -- -$121.0b -$128.2b --

12/19/19 21:30 Philadelphia Fed Business Outlook Dec -- 8 10.4 --

12/19/19 21:30 Initial Jobless Claims Dec-14 -- -- -- --

12/19/19 21:30 Continuing Claims Dec-07 -- -- -- --

12/19/19 22:45 Bloomberg Consumer Comfort Dec-15 -- -- -- --

12/19/19 22:45 Bloomberg Economic Expectations Dec -- -- 51.5 --

12/19/19 23:00 Leading Index Nov -- 0.10% -0.10% --

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12/19/19 23:00 Existing Home Sales Nov -- 5.43m 5.46m --

12/19/19 23:00 Existing Home Sales MoM Nov -- -0.60% 1.90% --

12/20/19 21:30 GDP Annualized QoQ 3Q T -- 2.10% 2.10% --

12/20/19 21:30 Personal Consumption 3Q T -- -- 2.90% --

12/20/19 21:30 GDP Price Index 3Q T -- 1.80% 1.80% --

12/20/19 21:30 Core PCE QoQ 3Q T -- -- 2.10% --

12/20/19 23:00 Personal Income Nov -- 0.30% 0.00% --

12/20/19 23:00 Personal Spending Nov -- 0.50% 0.30% --

12/20/19 23:00 Real Personal Spending Nov -- -- 0.10% --

12/20/19 23:00 PCE Deflator MoM Nov -- 0.20% 0.20% --

12/20/19 23:00 PCE Deflator YoY Nov -- -- 1.30% --

12/20/19 23:00 PCE Core Deflator MoM Nov -- 0.10% 0.10% --

12/20/19 23:00 PCE Core Deflator YoY Nov -- -- 1.60% --

12/20/19 23:00 U. of Mich. Sentiment Dec F -- -- 99.2 --

12/20/19 23:00 U. of Mich. Current Conditions Dec F -- -- 115.2 --

12/20/19 23:00 U. of Mich. Expectations Dec F -- -- 88.9 --

12/20/19 23:00 U. of Mich. 1 Yr Inflation Dec F -- -- 2.40% --

12/20/19 23:00 U. of Mich. 5-10 Yr Inflation Dec F -- -- 2.30% --

12/21/19 0:00 Kansas City Fed Manf. Activity Dec -- -- -3 --

Singapore

12/17/19 8:30 Non-oil Domestic Exports SA MoM Nov -- 5.90% -2.90% --

12/17/19 8:30 Non-oil Domestic Exports YoY Nov -- -5.00% -12.30% --

12/17/19 8:30 Electronic Exports YoY Nov -- -- -16.40% --

12/18/19 16:00 Automobile COE Open Bid Cat A Dec-18 -- -- 33009 --

12/18/19 16:00 Automobile COE Open Bid Cat B Dec-18 -- -- 37900 --

12/18/19 16:00 Automobile COE Open Bid Cat E Dec-18 -- -- 38889 --

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China

12/16/19 9:30 New Home Prices MoM Nov -- -- 0.50% --

12/16/19 10:00 Fixed Assets Ex Rural YTD YoY Nov -- 5.20% 5.20% --

12/16/19 10:00 Industrial Production YoY Nov -- 5.00% 4.70% --

12/16/19 10:00 Industrial Production YTD YoY Nov -- 5.50% 5.60% --

12/16/19 10:00 Retail Sales YoY Nov -- 7.60% 7.20% --

12/16/19 10:00 Retail Sales YTD YoY Nov -- 8.00% 8.10% --

12/16/19 10:00 Surveyed Jobless Rate Nov -- -- 5.10% --

12/16/19 10:00 Property Investment YTD YoY Nov -- -- 10.30% --

12/19/19 Swift Global Payments CNY Nov -- -- 1.65% --

12/20/19 9:30 1-Year Loan Prime Rate Dec -- 4.15% 4.15% --

12/20/19 9:30 5-Year Loan Prime Rate Dec -- 4.80% 4.80% --

12/20/19 FX Net Settlement - Clients CNY Nov -- -- -30.0b --

Eurozone

12/16/19 17:00 Markit Eurozone Manufacturing PMI Dec P -- -- 46.9 --

12/16/19 17:00 Markit Eurozone Services PMI Dec P -- -- 51.9 --

12/16/19 17:00 Markit Eurozone Composite PMI Dec P -- -- 50.6 --

12/16/19 18:00 Labour Costs YoY 3Q -- -- 2.70% --

12/17/19 15:00 EU27 New Car Registrations Nov -- -- 8.70% --

12/17/19 18:00 Trade Balance SA Oct -- -- 18.3b --

12/17/19 18:00 Trade Balance NSA Oct -- -- 18.7b --

12/18/19 18:00 Construction Output MoM Oct -- -- 0.70% --

12/18/19 18:00 Construction Output YoY Oct -- -- -0.70% --

12/18/19 18:00 CPI YoY Nov F -- -- 0.70% 0.70%

12/18/19 18:00 CPI MoM Nov F -- -- -0.30% --

12/18/19 18:00 CPI Core YoY Nov F -- -- 1.30% --

12/20/19 17:00 ECB Current Account SA Oct -- -- 28.2b --

12/20/19 23:00 Consumer Confidence Dec A -- -- -7.2 --

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United Kingdom

12/16/19 8:01 Rightmove House Prices MoM Dec -- -- -1.30% --

12/16/19 8:01 Rightmove House Prices YoY Dec -- -- 0.30% --

12/16/19 17:30 Markit UK PMI Manufacturing SA Dec P -- -- 48.9 --

12/16/19 17:30 Markit/CIPS UK Services PMI Dec P -- -- 49.3 --

12/16/19 17:30 Markit/CIPS UK Composite PMI Dec P -- -- 49.3 --

12/16/19 19:00 CBI Trends Total Orders Dec -- -- -26 --

12/16/19 19:00 CBI Trends Selling Prices Dec -- -- -1 --

12/17/19 17:30 Claimant Count Rate Nov -- -- 3.40% --

12/17/19 17:30 Jobless Claims Change Nov -- -- 33.0k --

12/17/19 17:30 Average Weekly Earnings 3M/YoY Oct -- -- 3.60% --

12/17/19 17:30 Weekly Earnings ex Bonus 3M/YoY Oct -- -- 3.60% --

12/17/19 17:30 ILO Unemployment Rate 3Mths Oct -- -- 3.80% --

12/17/19 17:30 Employment Change 3M/3M Oct -- -- -58k --

12/18/19 17:30 CPIH YoY Nov -- -- 1.50% --

12/18/19 17:30 CPI MoM Nov -- -- -0.20% --

12/18/19 17:30 CPI YoY Nov -- -- 1.50% --

12/18/19 17:30 CPI Core YoY Nov -- -- 1.70% --

12/18/19 17:30 Retail Price Index Nov -- -- 290.4 --

12/18/19 17:30 RPI MoM Nov -- -- -0.20% --

12/18/19 17:30 RPI YoY Nov -- -- 2.10% --

12/18/19 17:30 RPI Ex Mort Int.Payments (YoY) Nov -- -- 2.10% --

12/18/19 17:30 PPI Input NSA MoM Nov -- -- -1.30% --

12/18/19 17:30 PPI Input NSA YoY Nov -- -- -5.10% --

12/18/19 17:30 PPI Output NSA MoM Nov -- -- -0.10% --

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12/18/19 17:30 PPI Output NSA YoY Nov -- -- 0.80% --

12/18/19 17:30 PPI Output Core NSA MoM Nov -- -- -0.10% --

12/18/19 17:30 PPI Output Core NSA YoY Nov -- -- 1.30% --

12/18/19 17:30 House Price Index YoY Oct -- -- 1.30% --

12/18/19 19:00 CBI Retailing Reported Sales Dec -- -- -3 --

12/18/19 19:00 CBI Total Dist. Reported Sales Dec -- -- -15 --

12/19/19 17:30 Retail Sales Ex Auto Fuel MoM Nov -- -- -0.30% --

12/19/19 17:30 Retail Sales Ex Auto Fuel YoY Nov -- -- 2.70% --

12/19/19 17:30 Retail Sales Inc Auto Fuel MoM Nov -- -- -0.10% --

12/19/19 17:30 Retail Sales Inc Auto Fuel YoY Nov -- -- 3.10% --

12/19/19 20:00 Bank of England Bank Rate Dec-19 -- -- 0.75% --

12/19/19 20:00 BOE Corporate Bond Target Dec -- -- 10b --

12/19/19 20:00 BOE Asset Purchase Target Dec -- -- 435b --

12/20/19 8:01 GfK Consumer Confidence Dec -- -- -14 --

12/20/19 8:01 Lloyds Business Barometer Dec -- -- 9 9.09091

12/20/19 17:30 Public Finances (PSNCR) Nov -- -- 0.4b --

12/20/19 17:30 Central Government NCR Nov -- -- 0.1b --

12/20/19 17:30 Public Sector Net Borrowing Nov -- -- 10.5b --

12/20/19 17:30 PSNB ex Banking Groups Nov -- -- 11.2b --

12/20/19 17:30 GDP QoQ 3Q F -- -- 0.30% --

12/20/19 17:30 GDP YoY 3Q F -- -- 1.00% --

12/20/19 17:30 Private Consumption QoQ 3Q F -- -- 0.40% --

12/20/19 17:30 Government Spending QoQ 3Q F -- -- 0.30% --

12/20/19 17:30 Gross Fixed Capital Formation QoQ 3Q F -- -- -0.20% --

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12/20/19 17:30 Exports QoQ 3Q F -- -- 5.20% --

12/20/19 17:30 Imports QoQ 3Q F -- -- 0.80% --

12/20/19 17:30 Total Business Investment QoQ 3Q F -- -- 0.00% --

12/20/19 17:30 Total Business Investment YoY 3Q F -- -- -0.60% --

12/20/19 17:30 Current Account Balance 3Q -- -- -25.2b --

India

12/16/19 14:30 Wholesale Prices YoY Nov -- 0.82% 0.16% --

Australia

12/16/19 6:00 CBA Australia PMI Composite Dec P -- -- 49.7 --

12/16/19 6:00 CBA Australia PMI Mfg Dec P -- -- 49.9 --

12/16/19 6:00 CBA Australia PMI Services Dec P -- -- 49.7 --

12/17/19 8:30 RBA Minutes of Dec. Policy Meeting

12/17/19 8:30 Home Loans MoM Oct -- -- 3.60% --

12/17/19 8:30 Investment Lending Oct -- -- -4.00% --

12/17/19 8:30 Owner-Occupier Loan Value MoM Oct -- -- 3.20% --

12/18/19 7:30 Westpac Leading Index MoM Nov -- -- -0.07% --

12/18/19 8:00 Skilled Vacancies MoM Nov -- -- -0.90% --

12/19/19 8:30 RBA FX Transactions Market Nov -- -- A$420m A$420m

12/19/19 8:30 RBA FX Transactions Government Nov -- -- -A$483m -A$483m

12/19/19 8:30 RBA FX Transactions Other Nov -- -- A$2268m A$227m

12/19/19 8:30 Employment Change Nov -- -- -19.0k --

12/19/19 8:30 Unemployment Rate Nov -- -- 5.30% --

12/19/19 8:30 Full Time Employment Change Nov -- -- -10.3k --

12/19/19 8:30 Part Time Employment Change Nov -- -- -8.7k --

12/19/19 8:30 Participation Rate Nov -- -- 66.00% --

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Japan

12/16/19 8:30 Jibun Bank Japan PMI Composite Dec P -- -- 49.8 --

12/16/19 8:30 Jibun Bank Japan PMI Mfg Dec P -- -- 48.9 --

12/16/19 8:30 Jibun Bank Japan PMI Services Dec P -- -- 50.3 --

12/16/19 12:30 Tertiary Industry Index MoM Oct -- -- 1.80% --

12/17/19 15:00 Tokyo Condominiums for Sale YoY Nov -- -- -29.50% --

12/18/19 7:50 Trade Balance Adjusted Nov -- -- -¥34.7b --

12/18/19 07:50 Trade Balance Nov -- -- ¥17.3b ¥15.7b

12/18/19 7:50 Exports YoY Nov -- -- -9.20% --

12/18/19 7:50 Imports YoY Nov -- -- -14.80% --

12/19/19 7:50 Japan Buying Foreign Bonds Dec-13 -- -- -- --

12/19/19 7:50 Japan Buying Foreign Stocks Dec-13 -- -- -- --

12/19/19 7:50 Foreign Buying Japan Bonds Dec-13 -- -- -- --

12/19/19 7:50 Foreign Buying Japan Stocks Dec-13 -- -- -- --

12/19/19 14:00 Machine Tool Orders YoY Nov F -- -- -37.90% --

12/19/19 BOJ Policy Balance Rate Dec-19 -- -- -0.10% --

12/19/19 BOJ 10-Yr Yield Target Dec-19 -- -- 0.00% --

12/20/19 7:30 Natl CPI YoY Nov -- -- 0.20% --

12/20/19 7:30 Natl CPI Ex Fresh Food YoY Nov -- -- 0.40% --

12/20/19 7:30 Natl CPI Ex Fresh Food, Energy YoY Nov -- -- 0.70% --

12/20/19 13:30 Tokyo Dept Store Sales YoY Nov -- -- -19.00% --

12/20/19 13:30 Nationwide Dept Sales YoY Nov -- -- -17.50% -17.50%

12/20/19 15:00 Convenience Store Sales YoY Nov -- -- 1.80% --

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New Zealand

12/16/19 5:30 Performance Services Index Nov -- -- 55.4 --

12/17/19 4:00 Westpac Consumer Confidence 4Q -- -- 103.1 --

12/17/19 8:00 ANZ Activity Outlook Dec -- -- 12.9 --

12/17/19 8:00 ANZ Business Confidence Dec -- -- -26.4 --

12/17/19 10:00 Non Resident Bond Holdings Nov -- -- 52.80% --

12/18/19 5:45 Current Account GDP Ratio YTD 3Q -- -- -3.40% --

12/18/19 5:45 BoP Current Account Balance NZD 3Q -- -- -1.106b --

12/19/19 5:45 GDP YoY 3Q -- -- 2.10% --

12/19/19 5:45 GDP SA QoQ 3Q -- -- 0.50% --

12/19/19 5:45 Trade Balance NZD Nov -- -- -1013m --

12/19/19 5:45 Exports NZD Nov -- -- 5.03b --

12/19/19 5:45 Imports NZD Nov -- -- 6.05b --

12/19/19 5:45 Trade Balance 12 Mth YTD NZD Nov -- -- -5037m --

12/20/19 5:00 ANZ Consumer Confidence MoM Dec -- -- 1.90% --

12/20/19 5:00 ANZ Consumer Confidence Index Dec -- -- 120.7 --

12/20/19 10:00 Credit Card Spending YoY Nov -- -- 2.50% --

12/20/19 10:00 Credit Card Spending MoM Nov -- -- -1.50% --

Source: Bloomberg/ Phillip Futures

Note: Releases highlighted in red denote indicators which are deemed by the analyst to potentially cause significant market movements

Economic Daily


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GENERAL DISCLAIMER / DISCLOSURE

This publication is prepared by Phillip Futures Pte Ltd., 250 North Bridge Road, #07-01, Raffles City Tower, Singapore 179101 (Registration Number: 198305695G), which is regulated by the Monetary Authority of Singapore ( “Phillip Futures”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication has been provided to you for personal use only and shall not be reproduced distributed or published by you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Futures shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Futures has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this publication are based on such information and are expressions of belief of the individual author or the indicated source (as applicable) only. Phillip Futures has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete, appropriate or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Futures shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Futures or persons associated with or connected to Phillip Futures, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, (i) be liable in any manner whatsoever for any consequences (including but not limited to any special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usage of this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it has been advised of the possibility of such damages. You must make the final investment decision and accept all responsibility for your investment decision including but not limited to your reliance on the information, data and/or other materials presented in this publication. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this publication is not indicative of future results. This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This publication should not be relied upon exclusively or as authoritative without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this research should take into account existing public information, including any registered prospectus in respect of such product. Phillip Futures, or persons associated with or connected to Phillip Futures, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Futures, or persons associated with or connected to Phillip Futures, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this publication, and may have performed services for or solicited business from such issuers. Additionally, Phillip Futures, or persons associated with or connected to Phillip Futures, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have provided advice or investment services to such companies and investments or related investments as may be mentioned in this publication.

Phillip Futures or persons associated with or connected to Phillip Futures, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment. To the extent permitted by law, Phillip Futures, or persons associated with or connected to Phillip Futures, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold a interest, whether material or not, in respect of companies and investments or related investments which may be mentioned in this publication. Accordingly, information may be available to Phillip Futures, or persons associated with or connected to Phillip Futures, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, which is not reflected in this material, and Phillip Futures, or persons associated with or connected to Phillip Futures, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Futures, or persons associated with or connected to Phillip Futures, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Futures to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

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Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. Please contact Phillip Futures at [65 65338017] in respect of any matters arising from, or in connection with, this document. This report is only for the purpose of distribution in Singapore.

Documents

IMPORTANT ECONOMIC DATA RELEASE TODAY · 1 05:45 New Zealand GDP (QoQ) (Q3) 0.7% 0.6% 0.1% 2 08:30 Australia Employment Change (Nov) 39.9K 14.0K -19.0K 3 08:30 Australia Unemployment