Daily Market Report (2 Oct 2019)
- Trump may have shot himself in the foot as the US economic data deteriorated much steeper than anticipated. With almost 60-70% of corporate America earnings are derived overseas one should almost expect results for Wall Street to be adversely impacted amid the prevailing tariff war with China.
- In our view, Trump has had singlehandedly created existing global market volatility and we do not reckon he is relenting anytime soon.
- Meanwhile, we are also monitoring the ascension of the Thai Baht (YTD +6% vs USD) boosted by the influx of hot foreign funds triggering a mild déjà vu feeling prior to the 1997 Asian Financial crisis.
