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PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 15 Oct 2021, 9:35 AM

 

PublicInvest Research Headlines - 11 Nov 2020

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Economy

  • US: Job openings increase slightly while voluntary quits climb. US job openings increased slightly in September and more Americans voluntarily left their jobs, adding to signs of churn and gradual healing in the labor market. The number of available positions rose to 6.44m during the month from a downwardly revised 6.35m in August, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed. A Bloomberg survey of economists called for 6.5m vacancies. Openings that involve workers recalled from layoffs or positions that are only offered internally are not counted in the figure. (Bloomberg)
  • EU: German ZEW economic confidence at 7-month low. German economic confidence deteriorated sharply to a sevenmonth low in November as financial experts were concerned about the economic impact of the second wave of Covid-19, survey data from the ZEW - Leibniz Centre for European Economic Research showed. The ZEW Indicator of Economic Sentiment plummeted more-than-expected 17.1 to 39.0 points in November from 56.1 in October. The score was forecast to fall to 41.7. This was the lowest since last April. At the same time, the current conditions index dropped to -64.3 from -59.5 a month ago. "Financial experts are concerned about the economic impact of the second wave of COVID-19 and what this will entail," ZEW President Achim Wambach said. (RTT)
  • UK: Redundancies hit record high as job market slumps in 3Q. British employers laid off a record number of staff in 3Q and the jobless rate jumped as the labour market weakened. A record 314k British workers were made redundant in 3Q, 181k more than 2Q, the Office for National Statistics said. The unemployment rate rose to 4.8%, the highest rate since the three months to November 2016, from 4.5% in the three months to August, as expected in a Reuters poll of economists. While the public and investors were cheered by news that an experimental Covid-19 vaccine was more than 90% effective in trials, the ONS data showed hard months lie ahead for many Britons. (Reuters)
  • UK: Retail sales increase in October – BRC. UK retail sales increased notably in October as customers resorted to stockpiling ahead of the nationwide lockdown, data from the British Retail Consortium showed.Total retail sales grew 4.9% YoY in October and the like-for-like sales advanced 5.2%. "There was a clear uptick in sales at end of October with retailers benefiting from Halloween falling on a Saturday and shoppers reacting to the impending national lockdown with more than half of shoppers (55%) claiming to have stockpiled over the Halloween weekend," Food & Drink sector performance, Susan Barratt, CEO of IGD said. The closure of many out-of-home channels will almost certainly drive additional sales in retail in November, Barratt added. Helen Dickinson, chief executive at BRC said an estimated GBP2bn of sales per week will be lost this month due to the lockdown. (RTT)
  • China: Inflation fails to perk up, defies broader recovery. China's factory-gate prices fell at a sharper-than-expected pace in October, weighed by soft demand for fuel even as the country's trade and manufacturing sectors staged impressive recoveries from their Covid-19 slump. Consumer inflation was also soft, easing to an 11-year low as pork prices snapped a year-and-a-half of steep increases, fuelled by critical shortages. While the weaker price gauges largely reflect swings in volatile items, they also show upstream demand for industrial goods remains tepid overall in China, despite signs of modest improvement in recent months. The PPI fell 2.1% YoY, the National Bureau of Statistics (NBS) said, the same pace as in September and slightly more than a 2.0% decline tipped by the median forecast from a Reuters survey. (Reuters)
  • Australia: Business confidence strongest since mid-2019. Australia's business confidence improved to its highest level since mid-2019 driven by the fall in Covid-19 cases and looming end of lockdown, survey results from the National Bank of Australia showed.The business sentiment index advanced to +5 in October from -4 in the previous month. The improvement in confidence was encouraging but remained fragile, and it would likely remain that way until a vaccine is available, NAB said. Forward orders and capacity utilization improved in October, but the former remained negative and the latter was still below pre-Covid levels. Nonetheless, the survey continued to signal a rebound in the economy from the sharp fall in activity in the 1H2020 and to continue to recover as the economy reopens. (RTT)

Markets

  • Sarawak Energy: Seal MoU with Petronas on hydrogen collaboration. Sarawak Energy and Petroliam Nasional (Petronas) signed a Memorandum of Understanding (MoU) to collaborate on green hydrogen commercial production and its value supply chain exploration in Asia. (The Edge)
  • 7-Eleven Malaysia: File suit against Dego Malaysia and its founder. 7-Eleven Malaysia Holdings and Qinetics Solutions SB have collectively filed a writ of summons and statement of claim against Nabil Feisal Bamadhaj and Dego Malaysia SB for respective claims arising from a subscription agreement (SA) dated Dec 27, 2019 made between 7-Eleven, Nabil and Dego and a share sale agreement dated Sept 11, 2019. (SunBiz)
  • Careplus: Suspends ops at affected facilities as employees test positive for Covid-19. Careplus Group said some workers in its factory at the Senawang Industrial Estate in Negeri Sembilan have tested positive for Covid-19. They are now under the care of a government hospital. Tthe operations at all its factories have been halted for two days, as they are all located at the same place. (The Edge)
  • Tropicana: Buys 308 acres of land in Pahang for RM400m. Tropicana Corp is buying two pieces of contiguous freehold land next to its Tropicana Grandhill development in Bentong, Pahang, for RM402.49m to expand its landbank and enhance its property development profile in the Genting Highlands. It is buying the plots from YTL Land and Development, Satria Sewira SB and Emerald Hectares SB. (The Edge)
  • Focus Dynamics: Acquires 16.67% stake in Hong Kong’s Top Standard. Focus Dynamics Group has completed the subscription of 192m new shares or 16.67% shareholdings in Top Standard Corporation (Top Standard), a Hong Kong-based restaurants operator. The move was in line with its expansion plans with Oversea Enterprise to bring the Oversea brand onto the international stage. (SunBiz)
  • Minetech: Bags RM15m job to supply, instal traffic signs for Pan Borneo Highway project. Minetech Resources’ associate has bagged a subcontract worth RM15.04m from KH Communication SB to supply and instal traffic signs and overhead signboards for Phase 1 of the Pan Borneo Highway project in Sarawak. (The Edge)
  • GDex: MIDA approves second round of tax incentive. GD Express Carrier (GDEX) has received an approval letter from the Malaysian Investment Development Authority (MIDA) for a second round of integrated logistics services (ILS) tax incentive. (The Edge)
  • TH Heavy: FPSO Layang subject to several ongoing litigations. TH Heavy Engineering has clarified regarding the matters related to several ongoing litigation proceedings in respect of FPSO Layang, the group is not at liberty to comment on the matters. The suit relates to the shareholders’ disputes between THHE and GMOS in respect of Floatech (L) Ltd holding the floating production storage offshore (FPSO) vessel. (The Edge)

MARKET UPDATE

  • The FBM KLCI might open lower today after a global shift away from highly priced technology stocks continued on Tuesday as investors adjusted their portfolios following a breakthrough in the hunt for a Covid-19 vaccine. The technology-heavy Nasdaq Composite closed 1.4% lower in New York, compared with a fall of 0.1% for the blue-chip S&P 500 share index. Tech was also the worst-performing sector in Europe’s Stoxx 600 index, as other segments such as financials pushed ahead. Meanwhile, the Russell 2000 grouping of small-cap stocks, seen as a barometer of the US economy, rose 1.9%. Upbeat data released on Monday about the Covid-19 vaccine being developed by Pfizer and Germany’s BioNTech raised hopes that the shot could start to be distributed this year. But analysts warned that there were uncertainties regarding the rollout. Cases have continued to surge in the US — where investor jitters had already been stoked by President Donald Trump’s efforts to challenge Joe Biden’s election victory. The continent-wide Stoxx Europe 600 equity benchmark, meanwhile, closed 0.9% higher.
  • Back home, the FBM KLCI surged 3.33% or 50.75 points to an over two-month high of 1,575.07 — the biggest single-day gain since March 20 when the benchmark rocketed 6.85%. On the broader market, share prices were mixed. There were 747 gainers versus 609 losers, while 331 counters were unchanged. The vaccine news also drove stocks higher in the region with Tokyo’s Topix and Hong Kong’s Hang Seng both up 1.1%. But China’s CSI 300 index of Shanghai and Shenzhen-listed stocks slipped 0.6% after data showing consumer prices rose at their slowest pace in more than a decade in October — with non-food inflation ceasing altogether. The figures suggested weakness in the world’s secondlargest economy, which has broadly led the global recovery from the pandemic.

Source: PublicInvest Research - 11 Nov 2020

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