Highlights

Affin Hwang Capital Research Highlights

Author: kltrader   |   Latest post: Wed, 19 May 2021, 5:27 PM

 

Global News 21 May 2021

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Techs Lead US Equity Rebound After Jobs Report

Technology companies led a rebound in US equities after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery. The S&P 500 rose by 1.06% to 4,159.12 while Dow Jones was up 188.11 points (0.55%) to 34,084.15.

Initial Jobless Claims in US Decline to Fresh Pandemic Low

Applications for US state unemployment insurance fell last week to a fresh pandemic low, signaling steady improvement in the job market as remaining business restrictions are lifted. Initial claims in regular state programs decreased by 34,000 to 444,000 in the week ended May 15. The drop in jobless applications shows the labor market continues to thaw as more Americans get vaccinated and return to work.

White House says Republican governors are pulling jobless benefits too soon

The White House pushed back against Republican governors curbing the extra jobless benefits for out-of-work Americans extended in President Joe Biden’s March pandemic-relief package. Cecilia Rouse, Chair of the Council of Economic Advisers noted that there will come a day when they do not need these additional supports. There’s no question, these were designed to get us to the end of the pandemic.

Bank of Canada Warns Home Buyers Rates Will Eventually Rise

Bank of Canada Governor Tiff Macklem said recent gains in home prices aren’t sustainable and warned households against taking on too much mortgage debt because interest rates will eventually rise. Macklem said some households have taken on “significantly” more debt, with many carrying very large mortgages relative to income.

UK City Apartments Back in Demand After Departures in Pandemic

Britain’s city-center apartments and smaller properties are selling again after a loosening of lockdowns that sent buyers fleeing for the suburbs. The online property site Rightmove said demand for homes in inner London rose 30% since January, while Norwich gained 62% and York by 76%. The findings suggest city living retains appeal as the government allows restaurants, bars and entertainment to reopen.

Australian Employment Dropped in April as Wage Subsidy Ended

Australian employers cut jobs in April, coinciding with the first full month after the government’s JobKeeper wage subsidy concluded, while the unemployment rate also declined as fewer people sought work. The economy shed 30,600 positions, led by a 64,400 drop in part-time roles. The jobless rate fell to 5.5% from an upwardly revised 5.7% in March, as the participation rate edged back to 66% from 66.3%.

Hong Kong Jobless Rate Drops for Second Month on Better Economy

Hong Kong’s unemployment rate fell for a second straight month in April as the city slowly emerges from an extended slump fueled by the pandemic and social unrest. The jobless rate fell to 6.4% in the February-to-April period from 6.8% previously. Hong Kong is showing increasing signs of rebounding from its unprecedented two-year recession, posting its fastest growth since 2010 in the first quarter with a revised 7.9% year-on-year jump.

Oil Slips With Potential Sanctions Relief on Iran Looming

Oil slumped to the lowest in nearly a month as traders focused on the likelihood of a renewed nuclear deal with Iran and the potential removal of sanctions on the country’s crude exports. Brent crude for July settlement dropped US$1.55 to US$65.11 per barrel.

Source: Affin Hwang Research - 21 May 2021

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