( My Recommendation 🉐 )
STI Market forecast for 1st half of July :
Bank shares led the US markets rallied before Independence day, after banks had passed the Fed's stress test last week. And tech sector was the winners in the first half of 2023 with Apple (+49%), Alphabet (+36%), Amazon (+55%), Meta (+138%), Microsoft (+42%), Nvidia (+189%). So the market concerns go back to when the interest rate hike can be really come to a stop.
From now on, buy slowly whenever there's any drastic pull back...
Market Update for past 2 weeks
Investor's Must-Know
Past Economic Events to note last week:
Singapore
Hightlights
Singapore 'not closed' to options for moderating rent hikes [URL]
SIA shares fall 4.67% after report of Temasek selling 1.85% stake in airline [URL]
Beside Singapore's NODX is sliding, Taiwan electronic component export orders also continue slide in the month of April [URL]
Singapore technical recession fears grow after output plunge [URL]
Singapore manufacturing output for May down 10.8%, prompting economist to warn of technical recession
Economic Data (last weeks)
Core CPI : May yoy 5.0% to 4.7%
CPI : May yoy 5.7% to 5.1%; mom 0.1% to 0.3%
Industrial Production : May yoy -6.5% to -10.8%; mom -1.6% to -3.9%
Bank Lending : 792.5B to 798.8B
United States
US presidential election will be held in Nov 2024
US Earning this week : https://finance.yahoo.com/calendar/earnings/
Hightlights
Winners in first half of 2023: Tech Stocks
Powell says likely need two or more hikes to cool inflation
US economy 'quite resilient,' Fed Chair Jerome Powell says [URL]
Powell: There is “a long way to go” to get inflation, currently at 4%, down to 2%, the central bank's price stability target
Biden unveils election battle plan: 'Bidenomics'
US considering new restrictions on AI chip exports to China, Wall Street Journal reports
All major US banks pass Fed's annual stress test [URL] [URL]
Economic Data (last week)
Core Durable Goods Orders : May mom -0.6% to 0.6%
New Home Sales : May 680K to 763K
CB Consumer Confidence : Jun 102.5 to 109.7
GDP : qoq Q1 2.6% to 2.0%
Initial Jobless Claims : 265K to 239K
Pending Home Sales : May mom -0.4% to -2.7%
Core PCE Price Index : May yoy 4.7% to 4.6% mom 0.4% to 0.3%
Michigan Consumer Expectations : Jun 55.4 to 61.5
Michigan Consumer Sentiment : Jun 59.2 to 64.4
Other Countries
China, Hong Kong
Yellen's visit to China this Thurs. IF the meetings end on a positive note, and in addition China is willing to buy more US tresaury bills... Long the market.
Chinese Industrial Profit : Jun yoy: From -6.5% to -12.60% [URL]
Chinese Composite PMI : Jun From 52.9 to 52.3
Manufacturing PMI : Jun From 48.8 to 49.0
Non-Manufacturing PMI : Jun From 54.5 to 53.2
# (4 Jul) Caixin Manufacturing PMI : 50.5 vs 50.2 reuters poll; 50.9 Prior
# China hits back in the chip war, imposing export curbs on crucial raw materials [URL]
# China Kicks Off World Economic Forum's Summer Davos
# China's economy is set to grow faster in the second quarter, Premier Li Qiang says [URL]
Japan
# Tokyo Inflation Speeds Up Again as Japan's Output Sputters [URL]
Europe and Others
FTSE 100, DAX, CAC 40 and EURO STOXX 50
# Australia's central bank holds rates, signals more hikes might be required (Keep rates steady for July, at 4.1 per cent)
# Microsoft president goes to Europe to shape AI regulation debate
Coming Important Economic Data to take note:
➡️Singapore
Sunday, July 2, 2023 : URA Property Index (QoQ)
Monday, July 3, 2023 : Manufacturing PMI
Wednesday, July 5, 2023 : Retail Sales
Friday, July 7, 2023 : Foreign Reserves USD
➡️United States
Monday, July 3, 2023 : United States - Independence Day - Early close at 13:00
: ISM Manufacturing PMI
Tuesday, July 4, 2023 : United States - Independence Day Wednesday, July 5, 2023 : Factory Orders
: FOMC Meeting Minutes
Thursday, July 6, 2023 : ADP Nonfarm Employment Change
: Initial Jobless Claims
: S&P Global Composite PMI
: Services PMI
: ISM Non-Manufacturing PMI
: JOLTs Job Openings
: Crude Oil Inventories
Friday, July 7, 2023 : Average Hourly Earnings
: Nonfarm Payrolls
: Unemployment Rate
➡️China, HK
Sunday, July 2, 2023 : Caixin Manufacturing PMI
Tuesday, July 4, 2023 : Caixin Services PMI
: Chinese Composite PMI
Other Market Focus that Matters
📌 🌀Highlights🌀
Tesla smashed it last quarter but China’s BYD did even better [URL]
Apple scales back Vision Pro production plans on design challenges - FT [URL]
AI ETF [URL]
The United Arab Emirates plans to invest as much as $54 billion on renewables over the next seven years as part of efforts to reach net zero emissions by 2050
2-year Treasury yield rises as investors assess interest rate and economic outlook
Nike's earning miss market expectation
Microsoft : New regulation pressure
Nvidia board member cashes out, selling $51 million worth of stock [URL]
Others
# ChatGPT creator OpenAI sued for theft of private data in ‘AI arms race’
# Biden says he thinks US economy will avoid potential recession
# Xi vows to protect foreign investors in charm offensive
# Goldman Sachs is in talks to exit Apple partnership, WSJ says
# Apple hits historic US$3 trillion milestone
# Ant Group developing large language model technology
# P&G to invest over $100 mil to set up new manufacturing facility in Singapore
# Southeast Asian GMV may grow 15% a year in 2022 – 2030 to exceed US$400 bil, says Bloomberg Intelligence
# Abu Dhabi unit plans to acquire 7% of Nio
Singapore :
Lawrence Wong to be new MAS chairman, Gan Kim Yong to be deputy chairman
'Substantial risk' of Singapore entering technical recession in 1H2023: UOB
MAS grants IPA to crypto giant Ripple
MAS launches public consultations on coal phase-out, voluntary code of conduct for ESG rating agencies
MAS and SGX partner CDSC to strengthen global access to climate transition-related data
MAS-led consortium releases version 2.0 of open-source framework on responsible use of AI in finance
MAS penalises Citibank, DBS and OCBC for breaches of anti-money laundering requirements
Singapore buys record amount of biofuel feedstock from China
GIC to increase exposure to US-focused funds, says FT
GIC-backed US$2 billion fintech Nium targets US IPO in two years
*****************************
OCBC to invest more than $50 mil into banking Greater China, targets $3 bil incremental revenue by 2025
SATS and SingPost sign MOU for potential JV of e-commerce transhipment hub in Singapore
ComfortDelGro wins New South Wales outer metropolitan bus tender worth over A$200 mil
Healthway Medical shares up 39.4% after OUE Healthcare’s exit offer of 4.8 cents
Singapore Paincare Holdings acquires Boon Lay clinic for $1 mil
Polaris plans $393.6 million capital reduction
Olam Group appoints new directors to Olam Agri's board
Alpina secured contracts worth about $216.9 mil in 1H2023
Lian Beng loses free float, Ong family to compulsory acquire remaining shares
CDL acquires Nine Tree Premier Hotel Myeongdong II
ARA US Hospitality Trust proposes to sell Hyatt Place Oklahoma City Airport for US$8.0 mil
CapitaLand's $1.37 bil 'Geneo' redevelopment to help rejuvenate 40-year-old Singapore Science Park
Franklin Templeton launches new China A-Shares fund for Singapore retail investors
Sembcorp Industries files $134.1 million in arbitration claim over wind power project in India
Singapore Airlines drops most in over a year after block sale
ASML hit with new limits on chip gear exports to China
GuocoLand secures $974 mil green facility to refinance Guoco Tower, launches green finance framework
ISOTeam aims to raise $10.3 mil via 1-for-1 rights issue priced at 3 cents
Yangzijiang Shipbuilding clinches new orders worth US$5.6 bil ytd, bringing total to US$14.6 bill; Yangzijiang Shipbuilding wins order for three combination carriers from repeat customer
StarHub to establish $50 mil share buyback programme
Keppel expands energy-as-a-service offerings in China through Guangzhou Knowledge City
Alliance Healthcare to provide healthcare services to MBS
Beng Kuang Marine sells 31% of its Batam's shipyard property for $9.9 million
Trading of Challenger Technologies’ shares to be suspended after losing free float
ESR-LOGOS to divest seven non-core assets for $337.0 mil
SIA Engineering announces contract with Hawaiian Airlines
Penguin extends cash offer closing date to July 6
Q&M disposes stake in Shanghai Chuangyi Investment & Management for RMB500,000
Grab cuts 1,000 jobs, maintains on track to meet earnings target
Keppel announces new project that will generate $950 million for the group
📌 🌀SG Earning Announcement🌀
Watch out for the Second Quarter Earning reporting season in July 2023...
Nordic Group reports 1QFY2023 earnings of $5.8 million, up 11% y-o-y
XMH Holdings swings back into the black with 2HFY2023 earnings of $3.14 mil
📌
🌀Latest Market View published in ZaoBao/Media🌀
(June 2023)
Interview at ZaoBao on 29 June
📌
🌀SGX & Other Newsfeed🌀
CASH PLUS Promotion:
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