( My Recommendation đ )
Market forecast for 3rd Week of May :
Continue sell and reduce portfolio size whenever there's rebound
No change in strategy this week of reducing portfolio size even the indicator RSI had started to show sign of overselling. For STI, the market focus will be on the Non-Oil Export Data that will be announced this Tuesday.
In US, the debt ceiling is the most critical issue that both political parties need to come to an agreement before the government run out of cash. [What you need to know about the debt ceiling as the deadline looms]
And early this year, I had called for a buy on Oil and Gas as well as Agriculture-related sector in my 2023 market predictions, and to follow up... after May, investors did buy into the above 2 sectors, I suggested that you can start to sell or reduce holdings in Agriculture-related sector as the price of crops may start to stabilize.
Market Update for 02 - 08 May 2023
Investor's Must-Know
Past Economic Events to note last week:
Singapore
Hightlights
Economic Data (last week)
Foreign Reserves USD mom : 312.9B to 312.0B
United States
Hightlights
US presidential election will be held in Nov 2024,
Debt Ceiling Negotiations is in market focus. The U.S. government could exhaust its ability to borrow money as early as June 1, 2023, without a debt ceiling extension
US Earning this week : https://finance.yahoo.com/calendar/earnings/
Economic Data (last week)
CB Employment Trends Index Apr: 115.51 to 116.18
Core CPI*** Apr yoy: 5.6% to 5.5%; mom 0.4% to 0.4%
CPI** Apr yoy: 5.0% to 4.9%; mom 0.1% to 0.4%
Crude Oil Inventories -1.280M to 2.951M
Federal Budget Balance -378.0B to 176.0B OPEC Monthly Report [Reuters]
Initial Jobless Claims*** 242K to 264K
Core PPI Apr yoy: 3.4% to 3.2%; mom 0.0% to 0.2%
PPI Apr yoy: 2.7% to 2.3%; mom -0.4% to 0.2%
Reserve Balances with Federal Reserve Banks 3.166T to 3.225T
Export Price Index yoy: -4.8% to -5.9%
Import Price Index yoy: -4.6% to -4.8%
Other Countries
China, Hong Kong
HK : Northbound Trading of Swap Connect is officially launched today. It provides international investors a channel to trade interest rate swap products in the Mainland via a connection between infrastructure institutions in Hong Kong and the Mainland.
Swap Connect Initial Daily Trading Quota: CNY 20B
China's FX Reserves in USD from 3.184T to 3.205T
China's Exports, Apr yoy from 14.8% to 8.5%
China's Imports, Apr yoy from -1.4% to -7.9%
China's Trade Balance USD Apr from 88.19B to 90.21B
China's CPI, Apr yoy from 0.7% to 0.1% ; mom from -0.3% to -0.1%
China's PPI, Apr yoy from -2.5% to -3.6%
China's New Loan, Apr from 3,890.0B to 718.8B
HK's GDP, q1 qoq 0.0% to 5.3%; yoy -4.2% to 2.7%
Japan
Ahead of the G7 Hiroshima Summit, that will be held this coming Friday from May 19 to 21, Nikkei 225 has been moving in uptrend momentum and likely to rise higher for this week before the G7 summit kicks start in Hiroshima.
Public opinion sought on proposed Nikkei 225 rule changes [Nikkei Asia]
Europe and Others
FTSE 100, DAX, CAC 40 and EURO STOXX 50
Europe's economic outlook brightens a little after avoiding recession. But inflation still squeezes [NewsTimes]
Explained: Why the EU economy may be heading for a 'soft landing' [Euronews]
Coming Important Economic Data to take note:
âĄď¸Singapore
Tuesday, May 16, 2023 : Non-Oil Exports
: Trade Balance
âĄď¸United States
Monday, May 15, 2023 : NY Empire State Manufacturing Index
Tuesday, May 16, 2023 : IEA Monthly Report : Core Retail Sales / Retail Sales** : Industrial Production : Manufacturing Production
Wednesday, May 17, 2023 : Building Permits
: Housing Starts
: Crude Oil Inventories Thursday, May 18, 2023 : Initial Jobless Claims***
: Philadelphia Fed Manufacturing Index
: Existing Home Sales : Fed's Balance Sheet
: Reserve Balances with Federal Reserve Banks
Friday, May 19, 2023 : Fed Chair Powell Speaks***
âĄď¸China
Monday, May 15, 2023 : Industrial Production
: Retail Sales
âĄď¸Europe
Friday, May 15, 2023 : ECB President Lagarde Speaks
Market Focus that Matters
đ đHighlightsđ
Thai baht rallies after election results, shares fall [Reuters]
Local :
Japfa ships 23,000 live chickens from Bintan to Singapore
Keppel Corp terminates divestment of Flemmington Investments
Keppel Corp and Keppel Infra Trust jointly acquire 16.3% stake in Swedish wind farm for âŹ4.7 mil
Seatrium reveals net order book of over $20 bil in 1QFY2023 business update
SIA redeems half of aggregate MCBs issued in second tranche worth $3.1 bil
UOBâs acquisition of Citiâs consumer banking businesses in Malaysia, Thailand, Vietnam brings customers to over 7 mil
DBS is considering expansion in Dubai, CEO Piyush Gupta says
Others :
Elon Musk says he's stepping down as Twitter's CEO
Chinese ChatGPT rival Mobvoi picks banks for US$300 million Hong Kong IPO, sources say
đ đSG Earning Announcementđ
Watch out for the First Quarter Earning reporting season in Apr-May 2023...
Emperador reports earnings of $55.0 mil for 1QFY2023, 10% higher y-o-y
Cromwell European REIT reports indicative DPU of 4.12 Euro cents for 1QFY2023, 2.4% lower y-o-y, on finance costs
ST Engineering reports 1QFY2023 revenue of $2.3 bil, 13% higher y-o-y
Pan Hong expects loss after tax for FY2023 in profit guidance
APAC Realty reports 1QFY2023 earnings of $3.0 mil, 67% lower y-o-y
United Hampshire US REIT reports 7.6% increase in 1QFY2023 distributable income to US$8.8 mil
ASL Marine swings from $7 mil loss to earnings of $14 mil for 3QFY2023
Golden Agri's 1QFY2023 earnings down by half with palm oil prices 'normalised'
CSE Global reports 1QFY2023 revenue of $159.4 million
Genting Singapore triples earnings to $129.2 mil for 1QFY2023
Bumitama Agriâs 1QFY2023 earnings down by 51% to $38.7 mil from lower ASPs
First Resources reports 73.8% lower net profit of US$19.3 mil in 1QFY2023 on moderation of record high palm oil prices
ThaiBev reports 1.2% dip in 1HFY2023 earnings of $634.7 mil
Food Empire reports 50.9% earnings growth of US$13.8 mil for 1QFY2023
AEM Holdings announces net profit of $15.6 mil for 1QFY2023, down 61.8% y-o-y
StarHub reports 1QFY2023 earnings of $37.5 mil, 26% higher y-o-y
Marco Polo Marine announces 61% lower earnings to $4.2 million for 1HFY2022
Daiwa House Logistics Trust reports 2.5% higher distributable income of $9.1 mil
Frasers Property acquires Frasers Property Technology for $18.0 mil
Frasers Property reports 1HFY2023 earnings of $197.2 mil, 52.2% higher y-o-y
SingPost reports FY2023 earnings of $24.7 mil, 70.3% lower y-o-y despite record revenue
BRC Asia 1HFY2023 earnings down 34% y-o-y on lower sales and margin
UMS reports earnings of $17.4 mil despite slowing semicon industry
Civmec 3QFY2023 earnings of A$14.6 mil
Grand Venture Technology posts earnings of $1.5 mil for 1QFY2023, 58.3% drop y-o-y
Sasseur REIT reports 1QFY2023 DPU of 1.849 cents, 1.5% higher y-o-y
đ
đLatest Market View published in ZaoBao/Mediađ
(May 2023)
12 May 2023 on air @ FM 95.8
đ
đSGX & Other Newsfeedđ
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