Affin Hwang Capital Research Highlights

Author: kltrader   |   Latest post: Tue, 2 Mar 2021, 5:43 PM


Global News 18 January 2021

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Stocks Drop the Most in a Week; Dollar Strengthens

US stocks fell by the most in more than a week after Wells Fargo & Co. dragged down the banking sector in the wake of disappointing fourth-quarter results. Crude oil declined from a 10-month high as the dollar strengthened. The S&P 500 fell by 0.72% to 3,768.25 while Dow Jones was down 177.26 points (0.57%) to 30,814.26.

US Retail Sales Post Surprise Monthly Drop to Cap Dismal Year

US retail sales declined at the close of the holiday-shopping season, wrapping up a painful year for the nation’s merchants as the pandemic forced store closures and kept consumers at home. Total retail receipts decreased 0.7% in December from the prior month after a downwardly revised 1.4% drop in November, Commerce Department figures showed.

Trump Halts Huawei Suppliers in Last Blow to China’s 5G

Some Huawei suppliers found their licenses revoked during the final days of Donald Trump’s presidency. The Commerce Department indicated its intent to deny “a significant number of license requests for exports to Huawei. Trump has further escalated its campaign against China as his term comes to a close. The move is probably the Trump administration’s last strike to weaken Huawei, the Chinese telecommunications giant.

UK Recession Risk Eases as GDP Declines Less Than Forecast

The UK economy shrank less than expected during the lockdown in November, making it possible the nation will avoid a double-dip recession. The 2.6% contraction was 2 percentage points less severe than analysts had forecast. It means the economy will grow in the fourth quarter unless December, when restrictions eased, records a decline of 1%.

France Calls on Biden to Ease ‘poisonous’ Trade Tensions With EU

French Foreign Minister Jean-Yves Le Drian is calling for a moratorium on trade tariffs between the European Union and the US to allow time for the “poisonous” issue to be resolved with the incoming Biden administration. US levies on goods such as steel, airplanes and wine are harming relations with the EU and the dispute needs to be resolved quickly, the minister said.

Hong Kong Finance Chief Expects Jobless Rate to Top 16-year High

Hong Kong’s unemployment rate for the three months ended December is likely to exceed the highest level in 16 years because of the impact of tightened coronavirus restrictions, Financial Secretary Paul Chan said. Unemployment stood at a high of 6.4% for the three months ended October, matching a high from January 2005.

Singapore Home Sales Jump Signals Resilient Property Market

Singapore home sales closed on a positive note last year as sales rose the most in six months in December, signaling a resilient market that has weathered the city’s worst recession. Sales of new private apartments jumped 57% last month to 1,217, from 774 in November, according to Urban Redevelopment Authority data released. That’s the highest number since September, when 1,329 units were sold. The percentage increase is the biggest since June, when purchases doubled.

Oil Slumps on Dollar Strength and Cooling Consumer Sentiment

Oil slid by the most in three weeks as a stronger dollar and weak US economic data stoked concerns over an economic rebound. Brent crude for March settlement lost US$1.32 to US$55.10 per barrel.

Source: Affin Hwang Research - 18 Jan 2021

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