( My Recommendation đ )
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
US Earning this week : https://finance.yahoo.com/calendar/earnings/
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:
âĄď¸Singapore
Tuesday, May 23, 2023 : CPI
Thursday, May 25, 2023 : GDP
Friday, May 26, 2023 : Industrial Production
âĄď¸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
âĄď¸China, HK
Monday, May 22, 2023 : CPI
Market Focus that Matters
đ đHighlightsđ
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
đ đSG Earning Announcementđ
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
Frenckenâs 1QFY2023 earnings down by 59.5% y-o-y to $5.2 mil
Jardine Matheson Holdings achieves âstrong overall performanceâ in 1QFY2023 although challenges remain
Netlink NBN Trust reports FY2023 DPU of 5.24 cents, 2.1% higher y-o-y
Southeast Asiaâs 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
đ
đLatest Market View published in ZaoBao/Mediađ
(May 2023)
Interview at ZaoBao on 19 May, click HERE to access if you are their subscriber.
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đSGX & Other Newsfeedđ
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