ING ser tegn på stigende aktiekurser for teknologiaktier. Men den voksende handelsstrid mellem USA og Kina, f.eks. med nye indgreb for at hindre Huawei i at købe chips, kan dog bremse udviklingen. ING hæfter sig ved en ny runde stimuli i Singapore, der bringer den samlede pakke op på 21 pct. af BNP. Det viser, hvor hårdt coronakrisen rammer økonomien, selv om Singapore er et af de lande, der har haft bedst held med at begrænsen smitten.
ASEAN Morning Bytes
A technology rebound could spark gains in Asia, but US-China tensions to cap any rally
EM Space: US-China tensions escalate further
- General Asia: Market sentiment was boosted somewhat by gains in select technology companies, which could spill over into Asia trading on Tuesday.
- Escalating US-China tensions should cap gains however as the US slapped restrictions on Huawei’s access to important computer chips.
- Meanwhile, US lawmakers remain at odds over planned stimulus meaning additional fiscal spending will likely be delayed to September. Covid-19 cases in the US continue to show promising trends although remain elevated, while other nations face renewed waves of the virus.
- Investors will likely be sifting through regional data (inflation from Malaysia and trade from Indonesia), while keeping an eye on Covid-19 developments and US-China relations for further direction.
- Singapore: Finance Minister Heng Swee Keat announced S$8 billion of additional Covid-19 support for businesses and individuals, rounding the total stimulus so far to S$100 billion or about 21% of GDP.
- The latest measures include a further extension of the jobs support scheme for businesses and grants for unemployed, as well as incentives for creating more jobs. We remain of the view that the stimulus measures should keep the unemployment rate from re-testing the SARS high of 4.8%, though we do see it breaching the global financial crisis high of 3.3% over the remainder of this year.
