EU: M3 growth eases in April. Eurozone money supply grew at a slower pace in April and growth in credit to private sector eased, data published by the European Central Bank showed. The monetary aggregate M3 grew 9.2% YoY in April, but slower than the revised 10% rise seen in March and the expected growth of 9.5%. The annual growth in the narrow measure M1, eased to 12.3% from 13.6% a month ago. As regards the dynamics of credit, credit to euro area residents climbed at a slower pace of 7.7% in April. Credit to general government rose sharply by 18% and credit to the private sector gained to 4% compared to 4.6% in March. (RTT)
EU: German inflation pushes further above ECB target in May. Germany’s annual consumer price inflation accelerated in May, advancing further above the European Central Bank’s target of close to but below 2%, the Federal Statistics Office said. Consumer prices rose by 2.4% in May, up from 2.1% in April. A forecast had pointed to a May reading of 2.5%. Eurozone inflation is approaching 2%, its fastest rate in years, on the back of fiscal support and the unwinding of last year’s oil price crash, prompting some commentators to predict a new era of inflation. (Reuters)
EU: Greece retail sales fall further. Greece retail sales declined further in March, data released by the Hellenic Statistical Authority showed. Retail sales volume decreased 0.9% YoY in March, following a 2.8% fall in April. Excluding auto fuel, retail sales fell 2.6% annually in March, following 1.6% decrease in the previous month. On a monthly basis, retails sales volume grew 0.6% in March, after 1% fall in the preceding month. Data showed that retail turnover increased 3% annually in March and gained 0.2% from the previous month. (RTT)
China: Growth in services sector accelerates in May - official PMI. Activity in China’s services sector expanded at a faster pace in May as domestic consumption continue to grow at a modest pace. The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 55.2 from 54.9 in April, data from the National Bureau of Statistics (NBS) showed. Though slower than manufacturing, a gradual improvement in consumption has stimulated activity in China’s services sector, which includes many smaller and private companies. The official May composite PMI, which includes both manufacturing and services activity, rose to 54.2 from April’s 53.8. (Reuters)
India: Economy shrinks 7.3% in fiscal 2021. India's economy shrank 7.3% in the fiscal year ended March 31, preliminary estimates from the statistics ministry showed. The government had earlier forecast 8% decline in GDP for the year during which economic activity was severely hurt by the coronavirus pandemic. In the fiscal year 2019-20, the economy grew 4%. In the Jan to March quarter, the economy grew 1.6% YoY, which was faster than the 1% expansion that economists had forecast. The Dec quarter growth was revised to 0.5% from 0.4%. Earlier, government data showed that the country's fiscal deficit for the financial year 2020-21 was 9.3% of GDP. (RTT)
Japan: April factory output rises on capital goods demand. Japan’s industrial output extended gains in April as manufacturers benefited from a recovery in appetite for capital goods, especially in key overseas markets. The world’s third-largest economy is expected to grow in the current quarter at a much slower pace than previously thought after the government extended coronavirus emergency measures in Tokyo and other major areas. Official data released showed factory output grew 2.5% from the previous month in April, as higher production of general-purpose and electrical machinery offset a contraction in cars and transportation equipment output. (Reuters)
Japan: Housing starts rise; consumer confidence weakens. Japan's housing starts increased in April and consumer confidence weakened in May, data showed. Housing starts increased 7.1% YoY in April, following a 1.5% rise in March, data from the Ministry of Land, Infrastructure, Transport and Tourism revealed. Economists had forecast an annual 3.5% rise. Annualized housing starts decreased to 883,000 in April from 880,000 in the previous month. (RTT)
Malaysia: Producer prices increase in April. Malaysia's producer prices increased in April, figures from the Department of Statistics showed. The producer price index rose 10.6% YoY in April, following a 6.7% increase in March. Among sectors, prices of mining increased the most by 92.4% annually in April and prices for agriculture, forestry and fishing grew 49.8%. Prices for water supply and manufacturing increased by 1.2% and 3.5%, respectively. Meanwhile, prices for electricity and gas supply fell 0.8%. On a MoM basis, producer prices rose 0.8% in April, following a 0.7% increase in the preceding month. (RTT)
Thailand: April factory output posts biggest rise in more than 8 years. Thailand’s manufacturing production index (MPI) in April rose for a second straight month and at the fastest pace in more than eight years, partially due to coming off a low base last year, the industry ministry said. The MPI jumped 18.46% from a year earlier, beating a forecast in a poll for a 14.6% increase and against March’s revised 5.89% increase. (Reuters)
Vitrox: Buys land worth RM49m from Penang Development Corporation. Vitrox Corp said it is buying land worth RM48.33m in Penang to execute its 10-year expansion master plan, which will be fully completed by 2030. It had entered into a sale and purchase agreement today with Penang Development Corporation. The land measures 21.04 acres and is marked as Plots 323b and 323c in Batu Kawan Industrial Park. “With the acquisition, Vitrox envisages that it will further strengthen its technology, product research and development, global business expansion, worldwide service and support and etc,” it said. (The Edge)
Supermax: Says abiding by labour laws after report on US probe. Supermax Corp said it adhered to labour laws on treatment of migrant workers, after a report that the US was investigating a unit over forced labour allegations. Supermax is committed to combatting forced labour and adhere to labour law regulations, the company said. It added that it followed laws on recruitment of migrant workers. "Existing policies and procedures, guided by local and international policies, are constantly being reviewed for gaps if any, for further improvements," it said. (The Edge)
BAT: 1Q net profit soars to RM63m, declares 21sen dividend. British American Tobacco’s (BAT) net profit grew 24.32% YoY to RM63.11m in 1QFY21, supported by growth in the group’s domestic volume. Revenue increased 17.75% YoY to RM566.55m as the group’s total market share rose to 52.3%, underpinned by the strength of its strategic brands such as Dunhill, Rothmans and KYO. The group declared a first interim dividend of 21 sen per share.
Mah Sing: 1Q net profit surges to RM40.28m on higher contribution from property development segment. Mah Sing Group saw its net profit surged by 40.30% YoY to RM40.28m for 1QFY21 due to higher contribution from its property development segment. The group, however, did not declare any dividends for the quarter. On its outlook, the property developer said it is on track to meet its 2021 sales target of RM1.6bn and highlighted that it achieved new property sales of approximately RM650.5m in the first five months of the year. (The Edge)
MyEG: Net profit in 1Q climbs on new concession, services. MyEG posted a higher net profit of RM76.29m for 1QFY21, compared with RM58.84m a year ago, mainly due to its new concession and commercial services. “This is primarily attributable to contribution from our new concession and commercial services, as well as an overall increase in online transaction volumes for our existing concession and commercial services,” MYEG said. (StarBiz)
Sedania: Returns to black in 1Q with RM4.2m net profit. Sedania Innovator returned to the black, with a net profit of RM4.21m in 1QFY21, from a net loss of RM1.82m a year ago. “Despite a slow start last year, we kicked off 2021 with a very strong first quarter, delivering robust revenue growth of over RM17m which is over 6 times higher than 1Q20,” founder and MD Datuk Azrin Mohd Noor said. The increase primarily reflected significant proliferation in the operating verticals essentially through GreenTech and HealthTech segments. (StarBiz)
The FBM KLCI might recover some of the losses yesterday after European stocks recorded their fourth consecutive month of gains, as confidence in the region’s economic recovery grows and its vaccination programme accelerates. MSCI’s broad measure of equities across Europe has risen almost 4% since the end of April, bringing its year-to-date gains to 12% in US dollar terms. Bourses in Frankfurt, Paris, Madrid, Milan and London have all climbed this month. While the vaccination programme in the EU lagged significantly behind other regions, efforts by major countries to accelerate the rollout has bolstered traders’ confidence. At the same time, economists are forecasting a strong economic uptick this year. Trading on Monday was subdued, with the UK and US both closed for public holidays. In Europe, Germany’s DAX index slid 0.6%, dragged down by Deutsche Bank shares, which fell 1.3%. In Spain, where inflation also rose to 2.4% in May, the IBEX index fell 0.8%. The pan-Continental Europe Stoxx 600 index closed down 0.5%.
Back home, the FBM KLCI finished the trading day 0.68% or 10.89 points lower at 1,583.55, with glove makers leading the decline among the index’s component companies. In the region, Japan’s Nikkei 225 fell 1%. Hong Kong’s local benchmark Hang Seng Index closed up 0.1%. In mainland China, the benchmark CSI 300 also closed up 0.2%. An official purchasing managers index for the manufacturing sector came in at 51.0 for May—down slightly from a reading of 51.1 a month earlier, but still above the 50-mark that separates expansion from contraction.
Source: PublicInvest Research - 1 Jun 2021
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Created by PublicInvest | Mar 21, 2024