PublicInvest Research

Author: PublicInvest   |   Latest post: Thu, 24 Jun 2021, 9:56 AM


PublicInvest Research Headlines - 17 Nov 2020

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  • US: New York manufacturing index unexpectedly drops to 6.3 in Nov. New York manufacturing activity unexpectedly expanded at a slower rate in the month of Nov, according to a report released by the Federal Reserve Bank of New York on Monday. The New York Fed said its general business conditions index fell to 6.3 in Nov from 10.5 in Oct. While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to rise to 13.5. Looking ahead, the index for future business conditions held steady at 33.9, suggesting that firms remained optimistic about future conditions. (RTT)

  • EU: German economy stagnating or shrinking amid second wave of virus - Bundesbank. The German economy is likely stagnating or contracting as measures taken at home and abroad to contain the second wave of the coronavirus pandemic hit leisure activities as well as exports, the Bundesbank said on Monday. “Overall economic performance could stagnate or even decline after very vigorous growth in the summer,” the Bundesbank said. But the German central bank said an economic slump like the one seen in the spring was unlikely and progress on the development of a vaccine against Covid-19 boosted hopes of finding a balance “soon” between containing the virus and keeping the economy open. (Reuters)

  • UK: House prices dip as sellers eye end of tax break - Rightmove. Asking prices for British houses edged down in Nov as sellers sought to offload their properties ahead of the expiry in March of a tax break, according to a survey published on Monday by property website Rightmove. Prices fell by 0.5% in Nov from Oct when they jumped by the most in more than four years, Rightmove said. “Given the ongoing mini-boom, prices might have been expected to rise again this month,” Tim Bannister, Rightmove’s director of property data, said. “But instead we have a slight dip which could be a result of some new sellers pricing more realistically to have a better chance of agreeing a sale in time to benefit from the stamp duty savings on their onward purchase.” (Reuters)

  • China: 4Q economic growth will accelerate from 3Q - stats bureau. China’s 4Q economic growth will accelerate from the 3Q, Fu Linghui, spokesman of the National Statistics Bureau said on Monday. Consumption prospects are improving, with the services industry showing good recovery momentum, Fu said. The latest data showed on Monday that China’s industrial output rose at a faster-than-expected pace in Oct, while the recovery in retail sales came in slower than expected. (Reuters)

  • China: Oct industrial output rises 6.9% YoY, retail sales up 4.3%. China’s industrial output rose by a faster-than-expected 6.9% in Oct from a year earlier, expanding for the seventh straight month as the economy quickly recovers from the coronavirus slump and global demand picks up. Analysts polled by Reuters had expected industrial output growth to have slowed to 6.5% in Oct YoY from 6.9% in Sept. China’s retail sales rose 4.3% last month from a year earlier, data showed on Monday, missing analysts’ forecast for 4.9% growth, compared with 3.3% in Sept. Fixed asset investment increased 1.8% in the first 10 months of the year from the same period in 2019, compared with a forecast 1.6% increase and 0.8% growth in the first nine months of the year. (Reuters)

  • Japan: Economy expands annualised 21.4% in July-Sept, rebounds from Covid-19 slump. Japan’s economy grew an annualised 21.4% in July-Sept, data showed on Monday, rebounding sharply from the previous quarter’s record postwar slump in a sign the country is emerging from the damage caused by the Covid-19 pandemic. The preliminary reading for 3Q GDP beat economists’ median estimate of a 18.9% gain. (Reuters)

  • India: Wholesale prices rise faster in Oct. India's wholesale prices increased at a slightly faster pace in Oct, data from the Ministry of Commerce & Industry showed on Monday. The wholesale price index rose 1.48% YoY in Oct, following a 1.3% increase in Sept. The primary articles price index rose 4.7% annually in Oct, after a 5.1% increase in the previous month. Food price inflation eased to 5.8% in Oct from 6.9% in the previous month. Fuel and power prices declined 10.9% in Oct, following a 9.5% fall in the prior month. Prices of manufactured products grew 2.1% in Oct, following a 1.6% gain in the previous month. The wholesale prices rose 0.4% in Aug. (RTT)


  • Ho Wah Genting: Inks new agreement for Phase IV vaccine trials. Ho Wah Genting (HWGB) announced that its wholly owned subsidiary HWGB Biotech SB's (HWGB Biotech) JV partner, US-based E-MO Biology Inc (EBI), entered into a new clinical trial agreement (CTA) with US-based Roderick A. Comunale II MD Inc and America Diagnostics & GeneScan Diagnostics Inc (ADGD). The new CTA is to appoint Roderick A. Comunale II MD Inc as the principal investigator to commence Phase IV clinical research study on the effectiveness of poliomyelitis virus vaccine (PVV) for prevention of COVID-19 using ADGD as the laboratory. (New Straits Times)
  • MMAG: To acquire 80% shares in MJETS for RM21.36m. MMAG Holdings has proposed to acquire 5.69m shares in M Jets International SB (MJETS) from JT Aerotech Solutions SB (JTAS) for RM21.36m. The shares represent 80% of equity interest in MJETS. MMAG said the proposed acquisition was in line with the group’s initiatives to grow and expand its supply chain management and courier and logistics business. (Bernama)
  • MISC: MISC, JV partners become the region's first LBV operator. MISC and Avenir LNG Ltd's JV company Future Horizon (L) Pte Ltd (FHPL), together with Eaglestar Shipmanagement (L) Pte Ltd (ESPL) marked their maiden foray as the commercial operator and ship manager of Avenir Advantage, the region's first dual-purpose liquefied natural gas bunker vessel (LBV). The LBV with a cargo capacity of 7,500 cubic meter is chartered by Petronas LNG SB (PLSB) for a period of three years. (New Straits Times)
  • FGV: FGV, Dalian Commodity Exchange drop collaboration for palm oil futures internationalisation project. After exactly two years, FGV Holdings's plan to collaborate with Dalian Commodity Exchange (DCE) via a MoU on the palm oil futures internationalisation project has fallen through. The board of directors of FGV announced that the MoU expired on Nov 14, 2020 and it is not necessary to extend the MoU at this stage. "The purpose of the MoU was to express our intention to collaborate on the palm oil futures internationalisation project, as DCE's objective is to expand the palm oil futures delivery location regionally, including to Malaysia," said FGV. (The Edge)
  • Revenue: Bags tokenisation platform job from Paynet. Revenue Group's subsidiary Revenue Secure SB has secured a contract to develop and implement the MyDebit tokenisation platform (TSP) for Payments Network Malaysia SB (PayNet), the national payments network and central infrastructure for Malaysia's financial markets. Revenue’s MD and group CEO Datuk Eddie Ng Chee Siong said the platform will be integrated with and used by more than 30 banks throughout Malaysia upon completion. (The Edge)
  • Bursa Malaysia: Advise caution on GETS global shares. Bursa Malaysia Securities has highlighted the recent sharp rise in the price of GETS Global shares and the company’s responses to the latest two UMA queries issued by the exchange. "Bursa Malaysia Securities would like to advise investors to exercise caution and to make informed decisions in trading of GETS shares. "Bursa Malaysia Securities will not hesitate to take appropriate regulatory action to ensure fair and orderly trading of GETS shares," Bursa said. (Bernama)


The FBM KLCI might open higher today as US stocks set a record close on Monday after biotech group Moderna lifted global markets with trial data that showed its coronavirus vaccine was highly effective. Wall Street’s benchmark S&P 500 index ended the day up 1.2% while the Russell 2000 of US small-cap stocks — seen as a barometer of the domestic economy — also closed at a record. The tech-heavy US Nasdaq Composite advanced a more modest 0.8%. Hopes that a successful vaccine could be deployed to slow the spread of coronavirus in as little as a few months triggered a powerful rotation into economically sensitive sectors that began last week, as investors moved away from groups perceived as beneficiaries of the pandemic. The announcement that Moderna’s vaccine was 94.5% effective in preventing the disease for participants in a late-stage trial followed a similar result for a similar product from Pfizer and BioNTech a week earlier. In Europe, the Stoxx 600 index closed 1.2% higher, while London’s FTSE 100 rose 1.7%.

Back home, the FBM KLCI ended 0.63% or 9.97 points higher at 1,599.66 higher on strong bargain hunting on blue chips as investors continued shifting to recovery play, stemming from the expected deployment of the COVID-19 vaccines. Meanwhile, the local bourse was moved in tandem with an uptrend in regional bourse thanks to positive momentum following Asia-Pacific nations signing the Regional Comprehensive Economic Partnership (RCEP). Elsewhere in Asia, Tokyo's Nikkei 225 surged 2.05% while Seoul's Kospi jumped 1.97%. Hong Kong’s Hang Seng Index rose 0.86% while the Shanghai Stock Exchange Composite Index gained 1.11%.

Source: PublicInvest Research - 17 Nov 2020

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