Outside Malaysia

US stocks advance after holiday as tech, consumer shares rally

US stocks climbed in slow post-holiday trading as technology companies advanced and consumer shares rallied following the release of economic data on consumer confidence. The S&P 500 Index rose 0.2% to 2,268.88. The Dow added 11.23 points (0.1%) to 19,945.04.

US consumer confidence jumps to highest level since 2001

Consumer confidence climbed in December to the highest level since August 2001 as Americans were more upbeat about the outlook than at any time in the last 13 years, according to a report from the Conference Board. Confidence index increased to 113.7 from a revised 109.4 in November. This was compared to the median forecast of 109 in a Bloomberg survey. Measure of consumer expectations for the next six months rose to 105.5, the highest since December 2003, from 94.4.

Home prices in 20 US cities increased 5.1% in October

Home prices in 20 US cities maintained a steady pace of increases in October while a gauge of nationwide property values rose by the most since mid-2014, according to S&P CoreLogic Case-Shiller data. 20-city property values index rose 5.1% yoy after a 5% yoy gain in September. The median forecast in a Bloomberg survey was 5%. National home-price gauge increased 5.6% yoy, the biggest gain since July 2014.

Japan November consumer prices fall for ninth straight month

Japan’s consumer prices dropped for a ninth straight month in November, while household spending fell, underscoring the challenge the Bank of Japan faces in stoking inflation. Consumer prices excluding fresh food, the Bank of Japan’s primary gauge of inflation, fell 0.4% yoy in November. The median forecast surveyed by Bloomberg called for a 0.3% decline.

China industrial profits climb 14.5%, led by coal and metals

Profits at industrial firms in China accelerated in November, with raw material producers leading gains, as prices of products such as coal and metals continued to advance. Industrial profits rose 14.5% yoy to 774.6bn yuan (US$111bn), the National Bureau of Statistics (NBS) said. That compared with the 9.8% gain in October. Earnings in the first 11 months rose 9.4% to 6.03trn yuan. Raw material producers contributed 68% of the industrial profit gains in the first 11 months from a year earlier, NBS said.

China promotes Yin Yong to deputy governor of central bank

China promoted Yin Yong to deputy governor of the central bank from assistant governor and named Liu Guoqiang as an assistant governor of the monetary authority. People’s Bank of China Deputy Governor Guo Qingping and assistant governor Yang Ziqiang will step down, according to a statement on the State Council’s website. Yin worked for nearly two decades at the State Administration of Foreign Exchange, which executes currency policy, before becoming an assistant governor last year, according to the central bank’s website.

Oil caps longest winning streak since August ahead of OPEC cuts

WTI climbed, capping the longest winning run in more than four months amid optimism that production cuts by major producers will help eliminate a supply glut. Brent for February settlement increased US$0.93 to US$56.09 a barrel.

Source: Affin Hwang Research - 28 Dec 2016