NEWS HIGHLIGHTS

• Spritzer inks JV agreement to develop housing project in Perak

• Perdana Petroleum bags contracts worth a total of RM14.3m from ROC Oil and T7 Marine

• KKB unit signs MOU with Samsung Engineering for potential O&G equipment projects

• Southern Acids to buy out Firstview Development for RM23.5m

• MGB secures two purchase orders worth RM119.6m from Saudi Arabia-based Sany Alameriah Industrial

MACRO BITS

• Putin and Xi reject US 'interference', praise their own ties and trade – Kremlin

• Sales growth slowed in December, but value hit record high (See Economic Viewpoint: Malaysia Distributive Trade)

• Growth persists in January despite strong dollar and rising outflows (See Economic Viewpoint: BNM International Reserves)

• January domestic bond market rattled by Fed’s hawkish shift, triggering bigger net outflow. (See Economic Viewpoint: Malaysia Bond Flows)

• Global effort needed for transition from fossil fuels, says Nik Nazmi

• Services sector revenue hit RM2.3t in 2023, says DOSM

• China's central bank to keep policy support for economy

• China's consumer prices suffer steepest fall since 2009 as deflation risks stalk economy

• Singapore's budget to focus on jobs, cost of living relief

• Fed has time to be patient on cutting interest rates, Barkin says

• US weekly jobless claims stay low despite high-profile layoff announcements

• ECB needs more certainty that prices set for 2.0%, Lane says

• ECB should wait to cut rates, then take a bet – Wunsch

IDEAS OF THE DAY

• Company Update: NATGATE, SIME

• Rating Summary

• Economic Viewpoint: BNM International Reserves, MY Bonds Flow, MY Distributive Trade, Ringgit Weekly Outlook

Source: Kenanga Research - 9 Feb 2024