US: Private payrolls decrease unexpectedly in Jan. Private payrolls dropped by 301,000 jobs last month. Data for Dec was revised lower to show 776,000 jobs added instead of the initially reported 807,000. Economists polled by Reuters had forecast private payrolls would increase by 207,000 jobs. The labor market recovery took a step back at the start of 2022 due to the effect of the Omicron variant and its significant, though likely temporary, impact to job growth. The ADP report is jointly developed with Moody’s Analytics and was published ahead of the Labor Department’s more comprehensive and closely watched employment report for Jan. It has, however, a poor record predicting the private payrolls count in the department’s Bureau of Labor Statistics employment report because of methodology differences. (Reuters)
EU: Inflation accelerates further in Jan. Eurozone inflation accelerated further in Jan on energy prices. Inflation rose to a record 5.1% in Jan from 5.0% in Dec. Economists had forecast the rate to ease to 4.4%. Meanwhile, core inflation that excludes energy, food, alcohol and tobacco, slowed to 2.3% from 2.6%. Nonetheless, this was above economists' forecast of 1.9%. On a monthly basis, overall consumer prices gained 0.3% in Jan, while core consumer prices dropped 0.8%. Among main components of inflation, energy prices posted the biggest annual growth of 28.6%.. (RTT)
EU: Italy inflation rises unexpectedly in Jan. Italy's consumer price inflation increased unexpectedly in Jan. Consumer prices increased 4.8% yearly in Jan, following a 3.9% rise in Dec. Economists had forecast a rise of 3.8%. On a MoM basis, consumer prices rose 1.6% in Jan. The monthly growth was mainly due to prices of regulated energy products that rose by 42.9%, and to those of non-regulated energy products, which grew by 3.2%. The core inflation remained unchanged at 1.5% in Jan. Inflation, based on the harmonized index of consumer prices, rose to 5.3% in Jan from 4.2% in the previous month. (RTT)
EU: Spain unemployment rises in Jan. Spain unemployment increased unexpectedly in Jan. The number of people out of work increased 17,173, or 0.55%, in Jan from the previous month. Economists had forecast a monthly decline of 50,700. However, this was the lowest growth recorded for the month of Jan over the last 25 years. On a yearly basis, unemployment logged a marked decline of 841,275 or 21.22% in Jan. The number of unemployed people totaled 3.12m in Jan. (RTT)
Australia: RBA to remain patient before rate hike. RBA Governor Philip Lowe said the bank is prepared to remain patient before it raises its key interest rate as policymakers monitor the evolution of various factors affecting inflation. The board will not increase the cash rate until inflation is sustainably within the 2 to 3% range and it is too early to conclude that inflation is sustainably in the target range. We will also be looking for further evidence that labour costs are growing at a rate consistent with inflation being sustained within the target range. (RTT)
Indonesia: Inflation rises in Jan. Indonesia's consumer price inflation accelerated in Jan. Consumer prices rose 2.18% YoY in Jan, following a 1.87% increase in Dec. Economists had expected a rate of 2.15%. Core inflation was 0.42% in Jan. Economists had expected 1.71%. On a monthly basis, consumer prices rose 0.56% in Jan, after a 0.57% increase in Dec. Economists had expected a 0.55% rise. Prices for food, beverages and tobacco rose 1.17% yearly in Jan and prices for clothing and footwear grew by 0.43%. (RTT)
Indonesia: Manufacturing sector accelerates in Jan. The manufacturing sector in Indonesia continued to expand in Jan, and at a faster pace with a manufacturing PMI score of 53.7. That's up from 53.5 in Dec, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction. This represented a fifth straight month of improving business conditions across the Indonesian manufacturing sector, with the rate of improvement the strongest since last Nov. (RTT)
Philippines: Manufacturing sector stalls in Jan. The manufacturing sector in the Philippines was stagnant in Jan with a manufacturing PMI score of 50.0. That's down from 51.8 in Dec and it now sits right on the boom-or-bust line that separates expansion from contraction.(RTT)
Top Glove (Neutral, TP: RM1.90): Makes it to S&P Global Sustainability Yearbook 2022. Top Glove Corporation has announced its first ever inclusion with an Industry Mover distinction in The Sustainability Yearbook 2022 by S&P Global. The company is one of 53 Industry Movers in the 2022 Yearbook. The annual yearbook is one of the world's most comprehensive publications providing in depth analysis on corporate sustainability. It is based on companies across various industries assessed in the S&P Global Corporate Sustainability Assessments, "CSA", which is the basis for the S&P Global ESG Score. (BTimes)
Damansara Holding: Proposes private placement to raise RM14.76m. Damansara Holdings has proposed to undertake a private placement of its shares to raise an estimated RM14.76m for working capital purposes. The proposed private placement entails the issuance of up to 31.84m new ordinary shares, representing up to 10% of the total shares in issue. The private placement shares are to be placed to independent third-party investors at an issue price, both of which will be determined later. (The Edge)
Toyo Ventures: Cancels dividend due to insufficient retained earnings. Toyo Ventures Holdings has withdrawn its proposed dividend of 1sen per share due to insufficient retained earnings. The dividend, proposed on Nov 30, 2021, will not be tabled at its forthcoming annual general meeting. In a separate filing, Toyo Ventures announced that its external auditor, KC Chia & Noor, has expressed a qualified opinion on the group's audited financial statements for the financial period ended Sept 30, 2021. Toyo Ventures posted a net loss of RM12.92m. (The Edge)
China Automobiles Parts: Targets to issue delayed annual reports by third week of Feb. China Automobiles Parts Holdings Ltd (CAP) is in the midst of finalising its annual reports for the financial years ended June 30, 2017 (FY17) to FY20. The company now target to issue the annual reports by third week of Feb 2022. The Practice Note 17 (PN17) company had in Dec last year submitted its audited financial statement for the four financial years. Subsequently, its external auditor, CAS Malaysia PLT, expressed a disclaimer of opinion in the financial statement for FY18 and FY17. (The Edge)
Theta Edge: First to announce appointment to develop tower structures under Jendela Phase 1. Theta Edge has been appointed by the Malaysian Communication and Multimedia Commission (MCMC) as the designated universal service provider for the provision and implementation of Phase 1 Jendela project. Theta Edge has received the notification for appointment on Jan 29. (The Edge)
Kejuruteraan Asastera: Makes first issuance of sukuk murabahah worth RM20m. Kejuruteraan Asastera made its first issuance of sukuk murabahah worth RM19.95m pursuant to its multi-currency sukuk programme of up to RM500m in nominal value. The Series 1 of Tranche 1 Sukuk Murabahah is secured against various assets of KAB, KABEP and its identified subsidiaries. (The Edge)
The FBM KLCI might open higher after US stocks extended a rally to a fourth day on Wednesday, as strong earnings reports from Alphabet and chipmaker AMD lifted the technology sector after a bruising start to the year. Wall Street’s benchmark S&P 500 index advanced 0.9%, with a handful of big-name tech stocks driving the gains. The index dropped more than 5% in January, its worst start to the year since the financial crisis, amid rising concerns about the effect of higher interest rates, slowing growth and geopolitical tensions. However, Wednesday marked the fourth consecutive day of gains and brought its increase since the start of trading on Friday to 6%. The Nasdaq Composite rose 0.5% on Wednesday. Alphabet followed fellow tech titans Microsoft and Apple to post forecast-beating quarterly results after the markets closed on Tuesday, sending shares of Google’s parent company up 8%. Meanwhile, data from payroll processor ADP on Wednesday showed US private sector jobs fell by an unexpected 301,000 in January. The ADP data have a mixed record of predicting the official monthly payrolls report that investors use as one barometer of the strength of the economy. Markets have priced in about five quarter-point rises in the fed funds rate by the end of the year, from close to zero at present. But the weak ADP report on Wednesday underlined hopes of the Fed moving more slowly. Europe’s regional Stoxx 600 share gauge added 0.5%. Most Asian bourses were closed for the lunar new year holiday, although Japan’s Nikkei 225 closed 1.7% higher.
Source: PublicInvest Research - 3 Feb 2022
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THETACreated by PublicInvest | Mar 21, 2024