NEWS HIGHLIGHTS

• YTL Hospitality REIT acquires Syeun Hotel in Ipoh for RM55.0m cash

• Teo Seng Capital inks agreement with Shanghai-based firm for poultry farming tech JV in M'sia

• Econpile bags contract for RM30.0m substructure works in Shah Alam

• LFE's wholly owned subsidiary secures RM11.0m earthworks contract from PDSB

• PLB Engineering to sell vacant land in Penang to improve cash flow

MACRO BITS

• US set to overtake China as Germany's top trade partner

• Falls in December on weak manufacturing output; overall 2023 slowed sharply (See Economic Viewpoint: Malaysia Industrial Production)

• Manufacturing sales value down 4.2% y-o-y to RM149.9b in Dec 2023, says DOSM

• DOSM: Malaysia’s services producer price index up 1.0% y-o-y in 4Q2023

• M'sia to work with Egypt to expand palm oil exports to Africa, says Johari Ghani

• China to help NEV industry respond to foreign trade restrictions

• Thai central bank holds key rate as expected, PM disagrees

• Fed policymakers signal no rush to cut US interest rates

• New York Fed sees trouble in auto borrowing as overall debt level rises

• US tells China Yellen wants a 2024 visit as ties stabilise

• US trade deficit rises marginally in December; narrows sharply in 2023

• ECB must be patient with rate cuts, Schnabel tells FT

• BoE's Breeden grows less worried that rates will need to rise again

IDEAS OF THE DAY

• Results Note: KLCC

• Economic Viewpoint: MY IPI

Source: Kenanga Research - 8 Feb 2024