US: labour market very tight, job openings near record high in Jan. US job openings fell in Jan, but remained near record highs as worker shortages persisted, pointing to a tight labour market that will continue to generate strong wage gains and contribute to keeping inflation high. Job openings, a measure of labour demand, dropped 185,000 to 11.263m on the last day of Jan, the Labour Department said in its monthly Job Openings and Labour Turnover Survey, or JOLTS report. Data for Dec was revised higher to show record 11.448m job openings instead of the previously reported 10.925m. The government revised the 2021 data. The Fed is expected to raise interest rates next Wed to quell inflation. (Reuters)
EU: Euro zone government bond yields jump ahead of ECB policy meeting. Euro zone government bond yields jumped after a recent sharp fall, with investors focusing on a potential wind-up of the pandemic monetary stimulus by the ECB amid a rebound in risky assets. The ECB’s plans to dial back stimulus have been upended by the Russian invasion of Ukraine, but analysts still think the central bank will have to take action at some point this year to tame surging inflation. European stock markets rose as investors paused after three days of selling. (Reuters)
EU: Italy Industrial Production Falls Most Since Late 2020. Italy's industrial production declined the most since late 2020, the statistical office Istat reported. Industrial output fell 3.4% MoM, but bigger than Dec's 1.1% decrease. This was the biggest fall since Sept 2020, when output was down 4.8%. All major sectors declined from the previous month. Energy production shrank 5.2% and consumer goods by 3.6%. Production of intermediate goods and capital goods fell 3.4% and 1.6%, respectively. On a yearly basis, industrial output decreased by calendar adjusted 2.6%, in contrast to the 4.8% increase in Dec. Production dropped for the first time since Feb 2021. (RTT)
China: Feb factory inflation eases, spotlight on global commodities. China's factory inflation in Feb eased to the slowest annual pace in eight months, but analysts expect a pick-up in the coming months from surging prices of global commodities including oil, challenging policy-making to support the economy. The producer price index (PPI) increased 8.8% on year, the National Bureau of Statistics (NBS) said in a statement, easing from 9.1% growth in Jan but just higher than an 8.7% rise in a Reuters poll. Many Chinese factories closed in the first half of February due to Lunar New Year festivities. (Reuters)
Australia: RBA chief sees rate hike later this year. RBA Governor Philip Lowe said an interest rate hike is plausible later this year as waiting too long could lift risks to inflation. "In this uncertain environment - and with the starting points for wages growth and underlying inflation in Australia - we can take the time to assess the incoming information and review how the uncertainties are resolved," Lowe said at the Australian Financial Review Business Summit. Given the outlook, though, it is plausible that the cash rate will be increased later this year, said Lowe. (RTT)
Indonesia: Consumer confidence at 5-month low. Indonesia's consumer confidence weakened in Feb to a five-month low, but households remained optimistic, survey data from the Bank Indonesia showed on Wed. The consumer confidence index fell to 113.1 in Feb from 119.6 in Jan. In the same month last year, the reading was 85.8. The latest reading was the lowest since September. The expectations index dropped to 130.8 and the current conditions index fell to 95.5. Both readings were also the lowest since Sept. (RTT)
Philippines: Manufacturing output growth remains strong in Jan. The Philippines' manufacturing production continued to growth at a strong, albeit slower than the previous month, pace in Jan, data from the Philippine Statistics Authority showed. The production index value for manufacturing increased 21.3% yearly in Jan, after a revised 22.1% growth in Dec. Manufacture of tobacco was the leading contributor among industry divisions, up 88.1% yearly in January, while manufacture of wearing apparels decreased the most, down 22.4%. The production index volume rose 16.5% annually in January. (RTT)
TNB (Outperform, TP: RM12.42): Sets aside RM11.8bn for FY22 capex, maintains dividend payout policy. Tenaga Nasional (TNB) has set aside a capital expenditure (capex) of RM11.8bn for FY22. The total capex, RM6.9bn will be for regulated recurring expenditure, while RM4.9bn will be for others. It projected electricity demand to grow 1.7% to 115,835GWh, in line with an expected gross domestic product growth of 5.5% to 6.5% this year. According to TNB, regulated businesses continued to make up over 70% of the group's earnings. (The Edge)
Petronas Dagangan: Signs deal to divest 51% of LPG business in Sarawak to PETROS. Petronas Dagangan’s proposed divestment of a 51% stake in its liquified petroleum gas (LPG) business in Sarawak to Petroleum Sarawak (PETROS) moved a step closer, with the signing of an agreement. It signed the agreement with PETROS and the latter’s wholly-owned subsidiary, PETROSNiaga (PNIAGA), as a follow-up to the heads of agreement signed by the three parties on 12 Dec last year. The deal also involves the subscription of a 49% equity stake in PNIAGA by PDB. (The Edge)
CTOS: Raises stake in Thai firm to nearly 25%. CTOS Digital has bought an additional 17.8m shares or a 2.17% stake in Thailand-based Business Online Public Company (BOL) for THB205.2m (about RM26.2m). The acquisition was part of its regional expansion strategy and raised its associate stake in BOL to 24.825% from 22.650% previously. The increase in shareholding comes after earlier acquisitions of 2.650% shareholding back in Aug 2021, as well as the company's initial 20.000% stake acquisition in Oct 2020. The acquisition will be fully funded by proceeds raised from the recently completed private placement. (BTimes)
WZ Satu: Proposes name change to Citaglobal. WZ Satu has proposed to change its name to Citaglobal for a better representation of its nature of business moving forward. The civil engineering and construction specialist said an extraordinary general meeting (EGM) to obtain shareholders’ approval for the proposed agenda would be held at a date to be announced later. The group intends to transform into a conglomerate that is involved in facilities management, telecommunications, energy, infrastructure and technology sectors. (StarBiz)
Comfort Gloves: Buys land in Muar, sees potential capital appreciation. Comfort Gloves is buying a firm that owns 6.142 hectares of agriculture land in Muar for RM25.75m in a related party transaction. The land belonging to Goldhill Melody (GMSB) has a market value of RM27.1m. (The Edge)
Nexgram: To provide Covid-19 screening, quarantine management services for foreign workers. Medical device provider Nexgram Holdings will offer services such as Covid-19 screening and sample processing to all registered members of the Malaysian Association of Employment Agencies (PAPA). The group, through its subsidiary Associate Partners Laboratories (APLSB) — which provides medical laboratory testing and analytical services, as well as biotechnology research and experimental development — has signed a memorandum of understanding (MoU) with PAPA. (The Edge)
The FBM KLCI might open higher today after US and European stocks snapped their recent losing streak with a strong rebound on Wednesday, as energy prices eased and traders bet that EU leaders would take action to limit the economic impact of Russia’s invasion of Ukraine. Renewed risk appetite drove the US’s broad based S&P 500 to its largest one-day gain since June 2020, rising 2.6%. The tech-heavy Nasdaq Composite jumped 3.6%. The optimism followed a similarly strong day of trading in Europe, where the continent-wide Stoxx 600 index rose 4.7% — its best single-day gain since March 2020. Germany’s Dax and France’s Cac 40 each climbed more than 7%. Worries about the potential fallout from the war in Ukraine had hit markets in recent days, leading to four consecutive sessions of declines as escalating sanctions raised fears that spiralling commodity prices would spark recessions in Europe. However, investor sentiment has shifted ahead of an EU summit on Thursday when leaders will discuss a new growth and investment model and ways to reduce dependence on Russian energy.
Back home, Bursa Malaysia snapped a three-day losing streak to end higher on Wednesday as bargain hunting emerged in selected heavyweights led by Hong Leong Bank Bhd, Petronas Chemicals Group Bhd, and Sime Darby Plantation Bhd. At closing, the FBM KLCI expanded 1%, or 15.46 points, to 1,562.33 from 1,546.87 at Tuesday's close. Regional equity markets mostly ended Wednesday lower. Hong Kong’s Hang Seng index dropped 0.7% and the Nikkei 225 in Tokyo fell 0.3%.
Source: PublicInvest Research - 10 Mar 2022
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TENAGACreated by PublicInvest | Mar 21, 2024