Market Update for 28 Mar - 3 Apr 2023
Market forecast for 1st Week of April
Investor's Must-Know
Wind of Change
China's yuan replaces US dollar as most traded currency in Russia
OPEC+ makes surprise 1 million-barrel oil production cut
South Korea cuts chip production most since global financial crisis as demand cools
Past Economic Events to note last week:
➡️Singapore jumps to 9th spot in Kearney’s 2023 FDI Confidence Index
➡️MAS and Bank Negara Malaysia launch cross-border QR payment link
Future Events to note next Week:
➡️Manufacturing PMI (click here)
Week after Next*** :
(will report next week)
Market Forecast:
Due to the reason that I caught COVID few days ago, I would like to apologize for giving a very brief summary for the coming week instead of a detail write up
No change in opinion, buy into property counters for April. Other laggard sectors like chip makers, transportation... etc, buy on pull back
As I had always be bullish with oil & gas as well as agricultural sector for 2023 (previous Feng Shui Forcast) as mentioned early this year, you can take profit by trimmig 30% of your holding by selling some in April. But if you prefer to keep longer term, why not....
My latest Market View published in ZaoBao in the month of March 2023:
Interviewed for Morning Market Summary dated on 30 Mar 23 :
Interviewed for Market Summary dated on 31 Mar 23 :
🌀SG Earning Announcement🌀
Watch out for the First Quarter Earning reporting season in Apr-May 2023...
FUTURE
🌀 Highlights of Economic Calendar: 03 - 07 Apr 23 🌀
| Mon 03 Mar 23 | Tue 04 Mar 23 | Wed 05 Mar 23 | Thu 06 Mar 23 | Fri 07 Mar 23 |
|---|---|---|---|---|---|
Singapore | Manufacturing PMI | | Retail Sales | | Foreign Reserves USD |
United States | Manufacturing PMI | JOLTs Job Openings Feb | ISM Non-Manufacturing PMI | Initial Jobless Claim | Unemployment Rate Mar |
China | | | Caixin Manufacturing | Manufacturing PMI | |
Hong Kong | | | Manufacturing PMI | |
See below for more important data to be announced:
Sun, 2 Apr 23 SGD : URA Property Index (QoQ) : 0.40% to 3.20% 👍🏽
CNY : Caixin Manufacturing PMI : 51.6 to 50.0
Mon, 3 Apr 23 SGD : Manufacturing PMI Mar : 50.0 to 49.9
AUD : Commodity Prices yoy : 4.7% to -9.1%
USD : OPEC Meeting (Cut production)
USD : Manufacturing PMI Mar : 47.3 to 49.2
USD : ISM Manufacturing PMI Mar : 47.7 to 46.3
USD : ISM Manufacturing Prices Mar : 51.3 to 49.2
Tues, 4 Apr 23 AUD : RBA Interest Rate Decision Apr : 3.60% to 3.60%
USD : Factory Orders mom Feb : -1.6% to ?
USD : JOLTs Job Openings Feb : 10.824M to ?
USD : API Weekly Crude Oil Stock : -6.076M to ?
Wed, 5 Apr 23 SGD : Retail Sales mom Feb : -9.4% to ?
USD : ADP Nonfarm Employment Change Mar : 242K to ?
USD : Exports : 257.50B to ?
USD : Imports : 325.80B to ?
USD : Trade Balance feb : -68.30B to ?
USD : S&P Global Composite PMI Mar : 53.3 to ?
USD : ISM Non-Manufacturing PMI Mar : 55.1 to ?
USD : Crude Oil Inventories : -7.489M to ?
HKD : Manufacturing PMI Mar 53.9 to ?
CNY : Caixin Manufacturing PMI 51.6 to ?
Thu, 6 Apr 23 USD : Initial Jobless Claims : 198K to ?
USD : Reserve Balances with Federal Reserve Banks : 3.401T to ?
CNY : Chinese Composite PMI Mar : 56.4 to ?
CNY : Manufacturing PMI Mar : 52.6 to ?
CNY : Non-Manufacturing PMI Mar : 56.3 to ?
Fri, 31 Mar 23 Easter Holidays
SGD : Foreign Reserves USD (MoM) : 294.1B to ?
USD : Nonfarm Payrolls Mar : 311K to ?
USD : Unemployment Rate Mar : 3.6% to ?
CNY : FX Reserves USD Mar : 3.133T to ?
PAST
🌀 Things to note of past Economic Calendar: 27 - 31 Mar 23 🌀
Mon, 27 Mar 23 HKD : Exports mom Feb : -36.7% to -8.8%
HKD : Imports mom Feb : -30.2% to -4.1%
HKD : Trade Balance : -25.4B to -45.4B
AUD : Retail Sales mom Feb : 1.8% to 0.2%
Tues, 28 Mar 23 USD : Good Trade Balance Feb : -91.09B to -91.63B
USD : CB Consumer Confidence Mar : 103.4 to 104.2
USD : API Weekly Crude Oil Stock : 3.262M to -6.076M
AUD : CPI yoy : 7.4% to 6.8%
Wed, 29 Mar 23 USD : Pending Home Sales mom Feb : 8.1% to 0.8%
USD : Crude Oil Inventories : 1.117M to -7.489M
Thu, 30 Mar 23 SGD : Bank Lending : 807.1B to 803.8B
USD : GDP QoQ Q4 : 3.2% to 2.6%
USD : GDP Price Index QoQ Q4 : 4.4% to 3.9%
USD : Initial Jobless Claims : 191K to 198K
USD : Reserve Balances with Federal Reserve Banks : 3.370T to 3.401T
CNY : Chinese Composite PMI Mar : 56.4 to 57.0
CNY : Manufacturing PMI Mar : 52.6 to 51.9
CNY : Non-Manufacturing PMI Mar : 56.3 to 58.2
Fri, 31 Mar 23 GBP : GDP yoy Q4 : 0.2% to 0.6%
HKD : Retail Sales yoy Feb : 7.0% to 31.3%
USD : Core PCE Price Index mom Feb : 0.5% to 0.3%
USD : Personal Spending mom Feb : 2.0% to 0.2%
USD : Michigan Consumer Sentiment Mar : 63.4 to 62.0
📌
Other Focus (Highlights of Results / Corporate Actions):
Local news:
Sabana Industrial REIT obtains provisional permission for 1 Tuas Avenue 4 AEI
Mewah International acquires Indonesian palm oil facility operator for IDR102 bil
Singtel subsidiary Optus prices A$100 mil sustainability-linked bond due 2028
SembMarine proposes name change to Seatrium following merger
CapitaLand Investment to acquire six rental housing assets in Japan for $141.4 mil
ComfortDelGro to spend $6 billion to replace existing fleet with EVs
UBS may cut workforce by up to 36,000 jobs worldwide after Credit Suisse takeover
Tee International plans share consolidation and rights issue
Asiatic Group plans rights issue, mulls new energy-saving business as existing power generating ventures under strain
Bitcoin becomes best-performing asset class in first quarter after gaining 70%
SIA Engineering signs $120.8 mil services agreement with Scoot
Link REIT completes acquisition of Jurong Point, Swing By @ Thomson Plaza
MLT’s private placement 3.9 times subscribed at $1.649 per unit
Rex International's subsidiary gets approval for oil and gas exploration in Norway
MindChamps expands into the US with master franchisee JV
Sabana REIT partners Keppel EaaS to build EV charging, solar panels in its properties
SembMarine secures EUR6 bil offshore renewables project with consortium partner
Keppel sets AUM target of $200 bil by 2030, seeks to move away from businesses with 'lumpy earnings'
Wee family raises stake in UOL Group
Civil action against Keppel Land subsidiary for land plot in Jakarta ruled inadmissible
MLT to acquire properties in Japan, Australia and South Korea for $913.6 mil
MAS calls DBS disruption 'unacceptable' after 10-hour outage
Shipbuilder Yangzijiang acquires office building at 39 Robinson Road for $399 mil
SIA Engineering signs $1.14 bil services agreement with SIA
Keppel DC REIT prices $71 mil notes under $2 bil debt issuance programme
Earning Results:
SembMarine gives notice of three straight years of losses
Huawei posts first profit fall in decade as US spurs R&D splurge
Second Chance Properties doubles net profit in 1HFY2023 with sale of seven properties
Other News
China's yuan replaces US dollar as most traded currency in Russia
McDonald’s shuts corporate offices ahead of layoffs, WSJ reports
China urges Japan to refrain from joining US chip curbs
Huawei to help build industry ecosystems in Apac with OpenLab3.0
White House proposes tougher bank rules, new tests after crisis
📌
SGX & Other Newsfeed
💡 SGX <Analyst Research>
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