US: Housing starts unexpectedly rise to highest rate since June 2006. New residential construction in the US expectedly saw modest growth in March. The report showed housing starts rose by 0.3% to an annual rate of 1.793m in March after spiking by 6.5% to an upwardly revised rate of 1.788m in Feb. With the unexpected growth, housing starts once again reached their highest annual rate since hitting 1.802m in June of 2006. The modest increase in housing starts came as multi-family starts soared by 4.65% to a rate of 593,000, more than offsetting a 1.7% drop in single-family starts to a rate of 1.200m. Housing starts in the Northeast skyrocketed by 110.8% to a rate of 293,000, while starts in the West spiked by 7.7% to a rate of 434,000. (RTT)
US: Homebuilder confidence drops to seven-month low in April. Reflecting rapidly rising interest rates combined with on-going home price increases and higher construction costs, showing a continued deterioration in US homebuilder confidence in April. The NAHB/Wells Fargo Housing Market Index fell to 77 in April from 79 in March. The housing market index declined for the fourth consecutive month, sliding to its lowest level since hitting 76 last September. The continued decrease by the housing market index came as the component charting traffic of prospective buyers tumbled to 60 in April from 66 in March. The index gauging current sales conditions also fell to 85 in April from 87 in March, while the gauge measuring sales expectations in the next six months rose to 73 from 70. (RTT)
EU: Denmark producer price inflation accelerates in March. Denmark's producer price inflation increased further in March to set a new record. The producer price index grew 35.1% YoY in March after a 31.0% increase in the previous month. Prices in energy supply surged 291.9% annually in March and those in mining and quarrying gained 159.7%. Meanwhile, prices for water supply fell 0.6%. Domestic market prices gained 62.0% annually in March and foreign market prices rose 14.5%. On a monthly basis, producer prices rose 3.8% in March. Import prices increased a record 20.3% yearly in March after a 17.4% climb in the previous month. Prices rose 3.0% from a month ago. (RTT)
China: Unveils support measures as lockdowns batter economy. China’s central bank unveiled measures to support the economy after official data highlighted the worsening impact of a wave of lockdowns on consumer activity. The 23 measures, which were published on April 18, encouraged financial institutions to support local government infrastructure projects and the country’s struggling property sector, as well as provide financial services to industries hit by the pandemic. China’s monetary policy has come under growing pressure from a property slowdown and wider loss of economic momentum, which has been exacerbated in recent weeks by a spate of lockdowns that aim to curb the country’s worst Covid- 19 outbreak in two years. (Financial Times)
Japan: Industrial production rises more than estimated. Japan's industrial production rose more than estimated in Feb. Industrial production grew a seasonally adjusted 2.0% monthly in Feb. In the initial estimate, output rose 0.1%. Shipments remained unchanged monthly in Feb. In the initial estimate, shipments fell 1.3%. Inventories increased 2.1% in Feb versus a 1.9% growth in the initial estimate. The inventory ratio rose 2.0% in Dec. According to the initial estimate, the inventory ratio gained 3.0%. On a yearly basis, industrial production rose 0.5% in Feb. (RTT)
Chin Hin (Neutral, TP: RM2.12): Pares down stake in Solarvest, books RM19m gain from disposal . Chin Hin Group has sold a total of 25.95m shares that are equivalent to a 3.88% stake in Solarvest Holdings between March 3 and April 18. This leaves the property and building materials group with a 20.39% stake in the solar system service provider. Chin Hin said it had disposed of Solarvest shares in four blocks during the period on the open market. (The Edge)
Hock Seng Lee (Neutral, TP: RM1.35): Further extends privatisation offer deadline to May 9 . Hong Seng Lee Enterprise SB (HSLE), which is taking Hock Seng Lee private at RM1.35 per share, has further extended the closing date of its takeover offer by over two weeks to May 9, from April 21. (The Edge)
Bumi Armada (Outperform, TP: RM0.64): Make first court appearance in New Delhi for alleged Aircel-Maxis bribery scandal. Bumi Armada announced that the group and its subsidiary Bumi Armada Navigation SB have been named in prosecutions initiated by the Indian Central Bureau of Investigation (CBI) and the Indian Enforcement Directorate (ED) with the Trial Court at Rouse Avenue in New Delhi, India. Bumi Armada said the group and Bumi Armada Navigation entered appearance in the proceedings to demonstrate their willingness to fully cooperate with the CBI and the ED and to aid and assist them and the Court in these ongoing proceedings.(TheEdge)
EcoWorld (Neutral, TP: RM0.98): Unit sues partners over breach of representations, warranties in MYSJ venture . Eco World Development Group's (EcoWorld) wholly-owned subsidiary Hasrat Budi SB has launched a lawsuit against Revolusi Asia SB, Entomo Malaysia SB and Raveenderen Ramamoothie, seeking to recover, among others, costs incurred totalling RM524,787 and general damages to be assessed by the court. (The Edge)
Sarawak Cable: Teams up with local firm to revitalise steel fabricating arm . Sarawak Cable (SCable) has teamed up with privately-held Hercules Engineering (Sea) SB to jointly revitalise the business of SCable's wholly-owned steel fabricating subsidiary Sarwaja Timur SB, and to develop synergies between SCable and Hercules in order to bring Sarwaja Timur to the next level of success for the mutual benefit of both groups. (The Edge)
Dynaciate: To buy land in Seremban for RM13m. Dynaciate Group has proposed to acquire a 4.913-acre plot of vacant freehold commercial land in Seremban, Negri Sembilan, for a total consideration of RM13m for future venture into warehouses and hubs for the logistics business. The company said its wholly owned subsidiary Magnitude Resources SB entered into a sale and purchase agreement with Grand Century Construction SB yesterday for the proposed acquisition. (StarBiz)
Rohas: Bags RM66m job in Nepal. Rohas Tecnic’s unit has been awarded a contract worth USD14.56m (RM65.65m) for works for a power project in Nepal. The company said its subsidiary, HG Power Transmission SB (HGPT), was awarded the job by the Nepal Electricity Authority for the design, supply, installation, testing and commissioning of 132 kilovolts transmission lines conductor upgrading. (StarBiz)
US markets rallied overnight, with gains very much broad-based as ten out of eleven sectors ended the day in positive territory. This is despite the US 10-year Treasury yield hitting above 2.94%, its highest level since December 2018, and oil prices slumping 5% after the International Monetary Fund cut its economic growth forecasts and warned of risks from higher inflation. The Dow Jones Industrial Average and S&P 500 gained 1.5% and 1.6% while the Nasdaq Composite jumped 2.2% higher. European markets were mostly lower however as investors kept a wary on developments in Ukraine. With the conflict showing no signs of ending soon, the World Bank has also cut its global growth forecast for 2022 by nearly a full percentage point, from 4.1% to 3.2%. France’s CAC 40 underperformed amongst is major peers, down 0.8% on the day. UK’s FTSE 100 and Germany’s DAX slipped 0.2% and 0.1% respectively. Earlier in the day, Asian markets were mixed as investors monitored reaction to China’s central bank announcing financial support for COVID-hit sectors. The Hang Seng Index led losses among the region’s major markets, dropping 2.3% in its return to trade following holidays on Friday and Monday. Mainland Chinese stocks struggled for gains, with the Shanghai Composite Index closing fractionally lower at 3,194.03pts. Japan’s Nikkei 225 gained 0.7% however.
Source: PublicInvest Research - 20 Apr 2022
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ECOWLDCreated by PublicInvest | Mar 21, 2024