- The current US investigation into China’s violation of intellectual-property rights may result in the US restricting investments in US companies, tariff penalties on imports, and visa controls.
- In Singapore, the headline news was the FY18 budget and completion of the reporting season. Most impactful was an incremental rise in ’ stamp duties for property and an extension of tax transparency to REIT ETFs.
- STI was down only 0.5% in March. But this masked broader weakness in the market. Of its 30 component stocks, only eight posted positive returns.
- We remain Overweight on banks, property, electronics and the consumer sector. DBS’ strong performance has tilted our preference to OCBC.