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Writer's pictureAda Tam Ying Ying

Market Update: Singapore GDP this coming Thurs (25/5)

( My Recommendation 🉐 )

Market forecast for 4th Week of May :


All eyes on US Debt Ceiling and Tech Stocks still gotten the traders' interest


I will summarize the replies of some questions asked by investors for the month of May:

  • STI was showing sign of rebound last week and my buy calls will still fall in the month of July - August. And many investors had been standing by to buy into banks and I will stick to the above time frame fot buying in. Ref link: DBS [DBS sees annual profit exceeding $10 billion in medium term]

  • SIA is giving out 28 cents of dividends and ex-date on 1 Aug, and there will be 2 months times before ex-date, investors can hold and buy in July.

  • Trading short term positions are still favourable for 2 weeks from now till 4 June






Market Update for 15-20 May 2023

Investor's Must-Know


Past Economic Events to note last week:

Singapore


Hightlights

  • Singapore's Non-Oil Domestic Exports Fall for Seventh Straight Month [Wall Street Journal] : Non-oil domestic exports drop 9.8% YoY in April

  • Singapore Balance of Trade [Trade Economics] dropped from 6.207B to 4.713B

  • Singapore and South Africa sign two agreements, deepen ties : Expand cooperation in the information and communications technology (ICT) space, and also work more closely in human capital development.


Economic Data (last week)

Non-Oil Exports Apr mom 18.4% to 2.70%, yoy -8.3% to -9.8%

Trade Balance 6.207B to 4.713B


United States

US presidential election will be held in Nov 2024


Hightlights

Market focus on China-Central Asia summit Vs G7 summit;

G7 tightens Russia sanctions, looks to cut China trade reliance [Reuters]


Powell Speech yesterday : Fed Chair Powell signals a potential rate pause in panel speech [CNBC]


Debt Ceiling Negotiations continue to stress market with uncertainty, and the deadline is on the 1 June 23


Economic Data (last week)

NY Empire State Manufacturing Index 10.8 to -31.80

Core Retail Sales Apr mom: -0.5% to 0.4%

Retail Sales Apr mom: -0.7% to 0.4% Industrial Production Apr yoy: 0.07% to 0.24%, mom: 0.0% to 0.5% Manufacturing Production Apr mom: -0.8% to 1.0%

Building Permits Apr: 1.437M to 1.416M; mom: -3.0% to -1.5%

Housing Starts Apr: 1.371M to 1.401M; mom: -4.5% to 2.2%

Crude Oil Inventories 2.951M to 5.040M Initial Jobless Claims 264K to 242K

Philadelphia Fed Manufacturing Index May: -31.3 to -10.4

Existing Home Sales Apr: 4.43M to 4.28M; mom: -2.6% to -3.4% Fed's Balance Sheet 8,503B to 8,457B

Reserve Balances with Federal Reserve Banks 3.225T to 3.280T

Fed Chair Powell Speaks [Youtube]


Other Countries

China, Hong Kong

China bans major chip maker Micron from key infrastructure projects


UBS Turns Positive on Macau Casinos:

Observations: Can consider to buy in 2nd part of June or July


China's Industrial Production, Apr yoy: 3.9% to 5.6%

China's Retail Sales YTD, Apr yoy: 5.76% to 8.46%


Japan

Nikkei closes at 33-year high on hopes for U.S. debt ceiling deal [Japan Today]


Europe and Others

FTSE 100, DAX, CAC 40 and EURO STOXX 50

Friday, May 19, 2023 : ECB President Lagarde Speaks The European Central Bank is at a key juncture because it needs to keep persevering with its monetary policy just as consumer-price growth shows signs of slowing, President Christine Lagarde said. [Yahoo]

 

Coming Important Economic Data to take note:


➡️Singapore

Tuesday, May 23, 2023 : CPI

Thursday, May 25, 2023 : GDP

Friday, May 26, 2023 : Industrial Production


➡️United States

(Next FOMC : June 13-14)

Tuesday, May 23, 2023 : Building Permits

: New Home Sales : Manufacturing PMI

: S&P Global Composite PMI : Service PMI

Wednesday, May 24, 2023 : Treasury Secretary Yellen Speaks***

: Crude Oil Inventories : FOMC Meeting Minutes Thursday, May 25, 2023 : Initial Jobless Claims***

: GDP

: Pending Home Sales

: Reserve Balances with Federal Reserve Banks

Friday, May 26, 2023 : Core PCE Price Index

: Personal Spending : Michigan Consumer Sentiment


➡️China, HK

Monday, May 22, 2023 : CPI



 

Market Focus that Matters


📌 🌀Highlights🌀


T


Local :

  • MAS and NY Fed reach new milestones in cross-border payments and settlement

  • ST Engineering sets up China-based aerospace JV

  • Aztech Global chairman Mun sees stake rise; AEM Holdings' lead ID pares stake again

  • ST Engineering issues US$500 mil worth of notes with 4.125% coupon; net proceeds to be used by STE TransCore

  • OUE Healthcare shares surge over 34% after JV opens first hospital in Changshu, China

Others :

  • Alibaba breakup begins with spinoff of US$12 billion cloud arm

  • Amazon to invest US$12.7 bil in India cloud services by 2030

  • Huawei and its partners to build 100 intelligent campuses across Apac in 2023

  • Tencent's sales grow most in over a year after China reopens


📌 🌀SG Earning Announcement🌀

Watch out for the First Quarter Earning reporting season in Apr-May 2023...


  • Bukit Sembawang's 2HFY2023 earnings down by 26% y-o-y to $29.6 mil

  • AusGroup says it is unable to pay debts, applies to wind up

  • CDL says all business segments were 'resilient' in 1QFY2023

  • Frencken’s 1QFY2023 earnings down by 59.5% y-o-y to $5.2 mil

  • Jardine Matheson Holdings achieves ‘strong overall performance’ in 1QFY2023 although challenges remain

  • Netlink NBN Trust reports FY2023 DPU of 5.24 cents, 2.1% higher y-o-y

  • Southeast Asia’s ride-hailing app Grab sees users pulling back

  • Hongkong Land says underlying profit for 1QFY2023 lower y-o-y

  • DFI Retail Group saw 'significant' y-o-y improvement in 1QFY2023 business update

  • Mandarin Oriental reports underlying profit of US$3 mil for 1QFY2023, reversing from its loss the year before

  • Golden Agri's 1QFY2023 earnings 'decent', RHB maintains 'buy' with lower TP of 31 cents

  • After three painful years, SIA soars again with 76-year record-high earnings

  • SIA Group proposes final dividend of 28 cents per share after reporting record net profit in FY2022/2023

  • Delfi reports 24.5% y-o-y growth in 1QFY2023 ebitda of US$25.5 mil

  • StarHub 1QFY2023 results meets analysts' expectations, but Maybank lowers TP amid DARE+ funding concerns

  • Sea Limited reports total net income of US$87.3 mil in 1QFY2023, total adjusted ebitda of US$507.2 mil



📌

🌀Latest Market View published in ZaoBao/Media🌀

(May 2023)


Interview at ZaoBao on 19 May, click HERE to access if you are their subscriber.




📌

🌀SGX & Other Newsfeed🌀



 

CASH PLUS Promotion:

Low-commission trading account is available... and check out for Promotion Details

(Waived for US and HK Foreign Custody fee until 31 December 2022.)




 

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