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PublicInvest Research

Author: PublicInvest   |   Latest post: Mon, 18 Jan 2021, 11:45 AM

 

PublicInvest Research Headlines - 3 Dec 2020

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Economy

  • US: Private payrolls miss expectations as Covid-19 infections spread. US private payrolls increased less than expected in Nov as soaring new Covid-19 infections led to a wave of business restrictions, adding to signs of slowing economic activity as a turbulent year winds down. Private payrolls rose by 307,000 jobs last month after increasing 404,000 in Oct. Economists polled by Reuters had forecast private payrolls would rise by 410,000 in Nov. The slowdown in hiring last month was across all industries. The leisure and hospitality sector, hardest hit by the coronavirus pandemic, added 95,000 jobs. (Reuters)
  • US: Fed sees little to no growth in much of US as stress mounts. Federal Reserve officials saw “little or no growth” in four of their 12 regional districts and only modest growth in the others in recent weeks as a rapidly spreading health crisis and ongoing recession continued to devastate some US businesses and families even as many others thrive. In the US central bank’s latest “Beige Book” compendium of anecdotes from businesses across the country, Fed officials seemed to signal that the winter slowdown they’ve feared would follow a new coronavirus outbreak is taking root. (Reuters)
  • EU: Eurozone producer prices continue to fall in Oct. Eurozone producer prices continued to fall in Oct on weak energy prices, data from Eurostat revealed Wednesday. Producer prices decreased 2% YoY in Oct but slower than the 2.3% fall in Sept. This was also slower than the 2.4% decrease economists' had forecast. Excluding energy, producer prices dropped only 0.2% after easing 0.3% a month ago. Prices of energy had dropped 7.6% annually and that of intermediate goods slid 1.3%. Partially offsetting these falls, durable consumer goods prices rose 1.2% and capital goods prices grew 0.8%. Non-durable consumer goods prices edged up 0.1%. MoM, producer prices logged a steady growth of 0.4% in Oct. (RTT)
  • EU: Eurozone unemployment rate continues to fall. The euro area unemployment rate continued to fall in Oct with the gradual relaxation of restrictions related to Covid-19, data from Eurostat revealed on Wednesday. The jobless rate fell marginally to 8.4% in Oct from 8.5% in the previous month. The rate came in line with economists' expectations. Data showed that unemployment in the currency bloc decreased by 86,000 from the previous month. However, on a yearly basis, unemployment was up by 1.69m. (RTT)
  • EU: Italy jobless rate rises in Oct. Italy's jobless rate rose in Oct, data from the statistical office ISTAT showed on Wednesday. The jobless rate rose to 9.8% in Oct from 9.7% Sept. Economists had expected a rate of 9.9%. A similar rate of unemployment was seen in August. The employment rate remained unchanged at 58.0% in Oct. The number of employed decreased by 13,000 persons from the previous month. The unemployment rate among the youth aged between 15 and 24, rose to 30.3% in Oct from 29.7% in the prior month. (RTT)
  • EU: German retail sales rise more than expected before partial lockdowns. German retail sales rose more than expected in Oct following a drop in the previous month, data showed on Wednesday, suggesting consumers supported growth in Europe’s largest economy before a partial lockdown to contain a second wave of the coronavirus pandemic. The Federal Statistics Office said retail sales were up 2.6% on the month in real terms after an upwardly revised drop of 1.9% in Sept. (Reuters)
  • China: Manufacturing recovery masks strains on smaller factories, export uncertainty. Chinese industrial activity has snapped back to pre-coronavirus growth levels, with factory surveys hitting multi-year highs in Nov, but the headline expansion masks struggles for smaller firms and looming pressures for exporters. Readings from the official and Caixin’s PMI hit three- and 10-year highs respectively last month, a reflection of the industrial sector’s strong overall recovery. Official data also shows industrial profits for large firms grew at their fastest pace since 2017 in Oct. (Reuters)
  • Japan: Consumer confidence highest in 11 months. Japan's consumer confidence improved marginally to an 11-month high in Oct, data from the Cabinet Office showed on Wednesday. On a seasonally adjusted basis, the consumer confidence index increased to 33.7 in Nov from 33.6 in Oct. The latest index was the highest since Dec last year, when it was 38.3. Among the four subindexes of the consumer confidence index, the index reflecting households' willingness to buy durable consumer goods remained unchanged at 35.7 in Nov, and the index for overall livelihood increased to 36.7. (RTT)
  • Australia: Services PMI improves to 55.1 in Nov - Markit. The services sector in Australia continued to expand in Nov, and at a faster rate, the latest survey from Markit Economics showed on Thursday with a seasonally adjusted PMI score of 55.1. That's up from 53.7 in Oct and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Individually, mew business growth accelerated, while job creation resumed and business confidence remained at a high level. (RTT)

Markets

Chin Hin (Neutral, TP: RM1.24): Eyes 1.38ha Bandar Kinrara land for RM60m. Chin Hin Group Property plans to purchase a 1.38ha piece of land in Bandar Kinrara, Puchong, Selangor for RM59.8m from Perumahan Kinrara (PKB). PKB is a unit of I&P Group SB, which in turn is a wholly-owned subsidiary of SP Setia. Further details of the Kinrara land will be announced in due course upon execution of the sale and purchase agreement. (The Edge)

QL Resources (Neutral, TP: RM5.90), Boilermech: Shares to be suspended. QL Resources and Boilermech Holdings have requested for the trading of their shares to be suspended pending an announcement. The shares of both counters will be suspended with effect from 9am. QL Resources added that its structured warrants will also be suspended. (The Edge)

JAKS: Vietnam thermal power plant’s first unit up and running. JAKS Resources has received confirmation from Vietnamese authorities that the first unit of its build-operatetransfer (BOT) thermal power plant in Hai Duong province commenced operations on Nov 24. (SunBiz)

AWC: JV secures second water infrastructure project worth RM21m. AWC and its partners have bagged a RM20.87m subcontract relating to a water treatment plant in Jasin, Melaka by Aliran Intelek SB. The subcontract entails engineering, supply, construction and all related works for the implementation of the water treatment plant using the gravity sand filter system. (The Edge)

Pecca: To export face masks to US, EU. Pecca Group will commence medical face masks exports to Asia, Europe and the US after being registered with the US Food & Drug Administration (FDA) and obtaining the European Union’s CE marking compliance certificate requirements. Its production of face masks started in Aug this year with a current capacity of 20m pieces a month. (SunBiz)

Fintec Global: Laying groundwork for glove manufacturing. Fintec Global has commissioned AE Multi Industries SB and its partner Ripcol Engineering SB for the design, procurement, construction of its glove manufacturing venture with projected GDV of RM160m. The group has acquired land in Chemor, Perak, where its 14 glove double former dipping lines production facility will be situated. (SunBiz)

Bioalpha: Partners with HK-listed Ritamix to manufacture dietary supplement. Bioalpha Holdings has been appointed by Hong Kong-listed Ritamix Global Ltd as a contract manufacturer to make and supply a longevity dietary supplement. The supplement product contains the nicotinamide mononucleotide compound that can help restore energy and reduce typical signs of ageing such as gradual weight gain. (The Edge)

Boustead: Voices support for BHIC in reporting irregularities to MACC. Boustead Holdings said it supports subsidiary Boustead Heavy Industries Corp (BHIC) stance in filing a report with the Malaysian Anti-Corruption Commission (MACC) on possible irregularities in the RM9bn littoral combat ship project that Boustead Naval Shipyard SB undertaking. (The Edge)

MARKET UPDATE

The FBM KLCI might flat today after the S&P 500 and Dow Jones Industrial Average edged higher Wednesday in a choppy trading session as signs of progress on a stimulus package lifted investor sentiment. The indices opened lower, before paring their losses over the course of the day. By the afternoon, as Democratic and Republican lawmakers said they saw potential for a compromise on a new coronavirus-aid bill, the indices reversed. The S&P 500 finished the day up 6.56 points, or 0.2%, to 3669.01, a record close. The blue-chip index, Dow Jones Industrial Average added 59.87 points, or 0.2%, to 29883.79. The Nasdaq Composite, meanwhile, fell 5.74 points to 12349.37. Across the Atlantic, the Stoxx Europe 600 edged down slightly.

Back home, the FBM KLCI closed down 3.54 points or 0.22% at 1,598.72 after profit taking in the final trading hour following an afternoon rise in an apparent response to news the UK became the first country to approve the Pfizer-BioNTech Covid-19 vaccine. Lower crude oil prices however offset the impact of the Covid-19 vaccine-driven sentiment on equities. In the region, the major stock indices also ended trading on a muted note. Japan’s Nikkei 225 closed almost flat, while the Shanghai Composite Index and Hong Kong’s Hang Seng Index slid roughly 0.1%.

Source: PublicInvest Research - 3 Dec 2020

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