Global: IMF raises global growth forecast for next year. The International Monetary Fund raised the global growth forecast for next year and the growth is projected to be driven largely by the expansion in the advanced economies, while their emerging and developing peers are set to have modest gains. The global growth forecast for 2022 was raised to 4.9% from 4.4%. The 0.5 percentage-point upgrade for 2022 derives largely from the forecast upgrade for advanced economies, particularly the US, reflecting the anticipated legislation of additional fiscal support in the second half of 2021 and improved health metrics more broadly across the group. The growth projection for this year was retained at 6%. (RTT)
US: Durable goods orders climb 0.8% in June, much less than expected. New orders for US manufactured durable goods saw continued growth in the month of June, the increase came in well below expectations. The orders climbed by 0.8% in June after spiking by an upwardly revised 3.2% in May. Economists had been expecting orders to surge up by 2.1% compared to the 2.3% jump that had been reported for the previous month. (RTT)
US: Consumer confidence at 17-month high, business spending on equipment strong. US consumer confidence inched up to a 17- month high in July, with households' spending plans rising even as concerns about higher inflation lingered, suggesting the economy maintained its strong growth clip early in the 3Q. The reports could ease worries about a sharp slowdown in growth in the second half of the year as the boost from massive fiscal stimulus fades. (Reuters)
US: Home prices rose in May at fastest pace in nearly 17 years - S&P/Case-Shiller. US single-family home prices in 20 key urban markets rose in May from a year earlier at the fastest pace in nearly 17 years, a closely watched survey said. The S&P/Case Shiller composite index of 20 metropolitan areas gained 17% through the 12 months ended in May, the largest annual price increase since Aug 2004. Economists had forecast a 16.4% increase. (Reuters)
EU: M3 growth slows in June. The euro area money supply grew at a slower pace in June and the credit to the private sector logged a steady expansion, data from the European Central Bank revealed. The M3 money supply rose 8.3% on a yearly basis in June, which was slower than the revised 8.5% growth posted in May. Economists had forecast M3 to grow at a slower pace of 8.2%. At the same time, annual growth in the narrow measure M1 increased marginally to 11.7% from 11.6% in the previous month. (RTT)
UK: Retail sales dip slightly in July after post-lockdown jump - CBI. British retailers reported only a slight slowdown in July after sales growth hit its highest in almost three years in June, the first full month after non-essential shops reopened from a coronavirus shutdown, industry data showed. The Confederation of British Industry’s measure of the volume of sales compared with a year earlier dipped to +23 from June’s +25, which was the highest since August 2018. (Reuters)
China: Industrial profit growth slows in June on high raw material prices. Profit growth at China’s industrial firms slowed for the fourth straight month in June, as high raw material prices weighed on factories’ margins, pointing to some weakness in the recovery of the world’s second-biggest economy. Industrial firms’ profits rose 20% YoY in June to CNY791.8bn (USD122.27bn), data from the National Bureau of Statistics showed, after a 36.4% increase in May. (Reuters)
Japan: Services PPI growth slows in June. Japan's services producer prices grew at a slower pace in June, the Bank of Japan reported. The services producer price index rose 1.4% YoY in June, slightly slower than the 1.5% increase seen in May. On a monthly basis, the services PPI edged up 0.1%, offsetting a 0.1% drop in the previous month. (RTT)
Japan: BOJ's 2% inflation target has resulted in economy no longer in deflation, Kuroda says. The Bank of Japan's 2% inflation target has pulled Japan's economy out of deflation, Governor Haruhiko Kuroda said, adding that this was not a mistaken policy. "As a result of the Bank of Japan's policy of seeking to achieve its 2% price target, we are no longer in a deflationary situation," Kuroda said, answering questions after a speech on climate change policy. (Reuters)
PUC: Partnered Sabah, Pahang state government and a conglomerate for digital bank license application. PUC has partnered with Sabah and Pahang state governments and a conglomerate to apply for a digital bank licence. CEO Cheong Chia Chou said with the three parties participation, the company have a sizable ready customer base as Sabah and Pahang collectively accounts for approximately 20% of Malaysia's population. (NST)
VSTECS: Appointed by Alibaba Cloud as distributor in Malaysia. VSTECS has been appointed by Alibaba Cloud as the latter's distributor to provide high performance public cloud services in Malaysia. VSTECS said it aims to leverage on the company's leading market position and extensive network of enterprise partners to accelerate cloud adoption in key industries across both the public and private sectors. (The Edge)
Kanger: Gets shareholders nod to acquire 51% stake in Sun Master. Kanger International has received shareholders approval for the 51% acquisition of Sung Master Holdings SB (SMSB). Kanger ED Steven Kuah said the acquisition of SMSB represents a significant step in the company's strategic plans to develop new income streams complementary to its recent diversification into the property-related and construction business segments. (NST)
Nexgram: Unit gets government nod to operate SafeTravelPass Malaysia. Nexgram’s 51%-owned subsidiary, Tri-G Technologies SB (Tri-G), has received an operation notification letter from the government for the implementation of the Covid-19 quarantine process using the TracAPM digital system. (Bernama)
TH Heavy Engineering: Gets arbitration notice over alleged failureto fund JV firm. TH Heavy Engineering (THHE) has received an arbitration notice from Coral Intoil SB (CISB) over alleged failure to provide funding to a firm established by the two companies to bid for hook-up and commissioning (HUC) jobs. The JV firm, THHE Offshore Services SB, was set up in 2013 with THHE holding a 70% stake and CISB owning the remaining 30%. (The Edge)
Brahim’s: Seeks MHC Trading’s support to help turn around warehousing, logistics business. Brahim's has engaged MHC Trading (M) SB to manage and operate its subsidiary Tamadam Industries SB’s business in warehouse rental, bonded warehousing, freight forwarding and transportation services for a period of up to three years. "The proposed outsourcing will allow for a business turnaround of Tamadam, which is presently operating below its optimal level," said Brahim's. (The Edge)
Globetronics: Makes RM6.2m net profit in 2Q. Globetronics reported a higher net profit in 2QFY20 on better product mix, whereby its net profit rose to RM6.2m from RM5m a year ago. "The higher net profit achieved in the current quarter was mainly due to higher volume loadings from certain of the Group's customers and better products' mix achieved," it said. Globetronics, however, warned that its financial performance may continue to be impacted by the Covid-19 outbreak and disruption of economic activities. (StarBiz)
The FBM KLCI might open lower today after Wall Street’s techheavy benchmark had its worst day in two-and-a-half months on Tuesday as worries about a regulatory clampdown by Beijing swept into US markets. The Nasdaq Composite index fell 1.2%, ahead of earnings announcements from big technology companies including Apple, Microsoft, and Alphabet, Google’s parent company. The slide marks the index’s biggest daily fall since midMay. The broader S&P 500 index gave up 0.5%, having joined the Nasdaq a day earlier at a record high. The retreat sent investors in search of haven assets, such as government debt, leading to a rally in US Treasuries. The yield on the 10-year note, which moves inversely to its price, dropped 0.05 percentage points to 1.24%. The moves came after Beijing ruled that private education businesses could no longer make profits or raise capital, feeding fears of a broader regulatory crackdown. In Europe, the continentwide Stoxx Europe 600 index closed down 0.5%, with tech again the worst-performing sector.
Back home, the FBM KLCI rebounded, bucking the trend seen among its regional peers, amid China’s crackdown on certain sectors and the cautiousness ahead of the upcoming US Federal Open Market Committee meeting. At its close, the benchmark index was up 2.07 points or 0.14% at 1,514.60, a slight rebound after two straight days of decline. The rebound in the KLCI was despite the decline among regional stocks, which included the Shanghai Composite Index (down 2.49%), the Hang Seng Index (down 4.22%) and the TAIEX Index (down 0.77%). On the other hand, Japan’s Nikkei 225 rose 0.6%, while South Korea’s Kospi gained 0.23%.
Source: PublicInvest Research - 28 Jul 2021
Chart | Stock Name | Last | Change | Volume |
---|
Created by PublicInvest | Mar 21, 2024