Outside Malaysia

US stocks little changed after jobs data; utility shares gain

US stocks ended the session little changed as filings for US unemployment benefits fell for a third week in the last four and a rally in utility shares offset losses in financial companies. The S&P 500 Index was little changed at 2,249.26. The Dow slipped 13.9 points (0.1%) to 19,819.78.

Jobless claims in US decline for a third week in last four

Filings for US unemployment benefits fell for a third week in the last four, showing a resilient labor market. Jobless claims declined by 10,000 to 265,000 in the week ended Dec. 24 from a six-month high in the prior period, a Labor Department report showed. The number of applications matched the Bloomberg survey’s median forecast.

Advance report on US trade, inventories paints mixed picture

The US last month posted its largest merchandise trade gap since March 2015 at the same time inventories piled up at the nation’s wholesalers and retailers, painting a mixed picture for fourth-quarter gross domestic product, according to an advance report from the Commerce Department. The gap in the trade of goods widened 5.5% in November to US$65.3bn, exceeding all estimates in a Bloomberg survey of economists and showing America’s net export position will subtract from quarterly GDP.

China vows more proactive fiscal policy in 2017, to limit debt

China pledged more proactive fiscal policy in 2017 while vowing to enhance control over local government debt, as policy makers in China seek to sustain steady growth while defusing risks. Fiscal policy will be more proactive and effective next year, and more tax cuts will be rolled out, according to a statement released. China will "reasonably" expand expenditures and improve efficacy, while strengthening management of local government debt, it said.

India’s RBI approved cash ban just hours before Modi’s speech

The board of India’s central bank approved the move to ban highdenomination notes less than three hours before Prime Minister Narendra Modi announced the decision in a televised address to the nation. Information on how many members favored or opposed the move isn’t “on record,” the Reserve Bank of India said. The decision to withdraw the legal tender character of the 500 (US$7.3) and 1000 rupee notes to the central government was taken on Nov. 8 at a board meeting, the RBI said.

Brazil’s Temer vows to push ahead with further reforms in 2017

Brazil’s President Michel Temer pledged to broaden his administration’s reform efforts next year as part of plans to boost Brazil’s economy. Administration officials will work to simplify the tax system and implement changes to the country’s political system, Temer said.

Brazil sheds more jobs than forecast as economy fails to recover

Brazil lost more jobs in November than forecast by all 20 economists in a Bloomberg survey as its economy fails to emerge from the worst recession on record. Brazil shed a net 116,747 positions last month, more than the 72,000 median number of job losses estimated by economists.

WTI falls first time in nine days as US crude supplies climb

WTI fell for the first time in nine sessions after a government report showed US crude stockpiles increased for a second week. Brent for February settlement also slipped US$0.08 to US$56.14 a barrel.

Source: Affin Hwang Research - 30 Dec 2016