Market Update for 16 - 27 Jan 2023
Market forecast from 1 - 6 Feb 2023
Past Events last Weeks:
➡️IMF Raises World Economic Outlook For The First Time In A Year (link) dated 31 Jan
➡️Singapore's 12-month treasury bills draw record demand on signs yields are peaking (link)
➡️Singapore’s inflation eases to 6.5% while MAS core inflation remains unchanged at 5.1% in December
➡️24 Jan: NYSE says certain trades to be cancelled after glitch at open (Business Times)
➡️US sues Google to break up ad unit in heated antitrust fight
➡️US earning announcement for Q4 2022 continue (link)
Market Forecast:
As reporting season began, STI had finally hit the record high level last Friday (27 Jan), revisit the peak of 3400 last April. In US, the Q4 earnings of many tech counters had surprised the market and making indexes to rebound.
For this week, there is one thing that all investors should watch out for, is the market reaction after FOMC meeting on Wednesday. Currently, the market is expecting 0.25% rate hike for Jan this month and the markets may already have priced in the quarter-point of increase. But many key data will be announced right after FOMC on the following 2 days, and data like Initial Jobless Claim, Unemployment Rate, Nonfarm Payrolls... are in fact matter more as they will show sign of whether the recession had really been avoided. Therefore I highly suggest investors to take chance reduce positions and wait till next week before buying into new long positions.
In the month of February, I'm more into the sell mode for all markets. Investors need to take note of the cashflow in the markets had been sucked up into fixed income assets like Treasury Bills and Bond as many investors take chance to lock up into high interest rate financial products before US slow down the interest rate hike in 2023. In addition, many property buyers also started to feel the stress of taking on the housing loans under the current high interest rate environment. As more and more housing projects are due to complete and TOP will require the purchasers to take on the home loans as it is considered as the biggest and lengthiest financial burden of all.
My latest Market View published in ZaoBao in the month of January 2023:
Market Summary dated on 30 Jan 23:
Market Summary dated on 21 Jan 23
🌀SG Earning Announcement🌀
Watch out for the Final Year Earning reporting season in Feb 2023...
FUTURE
🌀 Highlights of Economic Calendar: 30 Jan - 4 Feb 23 🌀
Mon, 30 Jan 23 SGD : Bank Lending
SGD : Unemployment Rate Q4
CNY : Chinese Composite PMI, Jan CNY : Manufacturing PMI, Jan
Tues, 31 Jan 23 SGD : Business Expectations Q4
USD : CB Consumer Confidence Jan
USD : API Weekly Crude Oil Stock
CNY : Caixin Manufacturing PMI, Jan
Wed, 1 Feb 23 HKD : GDP
GBP : Manufacturing PMI, Jan
USD : OPEC Meeting
USD : ADP Nonfarm Employment Change, Jan
USD : ISM Manufacturing PMI, Jan
USD : JOLTs Job Opening, Dec
USD : Crude Oil Inventories
USD : FOMC Statement
USD : Fed Interest Rate Decision
USD : FOMC Press Conference
Thu, 2 Feb 23 USD : Initial Jobless Claims
USD : Nonfarm Productivity Q4
HKD : Manufacturing PMI, Jan
CNY : Caixin Services PMI
Fri, 3 Feb 23 SGD : Retail Sales
GBP : Composite PMI, Services PMI Jan
USD : Nonfarm Payrolls, Jan
USD : Unemployment Rate, Jan
USD : S&P Global Composite PMI, Jan
USD : ISM Non-Manufacturing PMI, Jan
PAST
🌀 Things to note of past Economic Calendar: 16 -27 Jan 23 🌀
Mon, 16 Jan 23 SGD : Non-Oil Exports MoM : -9.20% to -3.30%
SGD : Non-Oil Exports YoY : -14.70% to -20.60%
SGD : Trade Balance : 3.344B to 5.367B
CNY : Chinese GDP YoY, Q4 : 3.9% to 2.9% CNY : Industrial Production : 2.2% to 1.3%
CNY : Chinese Unemployment Rate : 5.7% to 5.5%
Tues, 17 Jan 23 USD : OPEC Monthly Report [link]
USD : NY Empire State Manufacturing Index : -11.20 to -32.90
Wed, 18 Jan 23 JPY : BoJ Press Conference , BoJ Interest Rate Decision [link]
GBP : CPI YoY, Dec : 10.7% to 10.5%
USD : PPI MoM, Dec : 0.2% to -0.5%
USD : Core Retail Sales : -0.6% to -1.1%
USD : Industrial Production MoM Dec : -0.6% to -0.7%
USD : Business Inventories MoM Nov : 0.2% to 0.4%
USD : Retail Inventories Ex Auto : -0.6% to -0.3%
Thu, 19 Jan 23 USD : Building Permits Dec : 1.351M to 1.330M
USD : Housing Starts Dec : 1.401M to 1.382M
USD : Initial Jobless Claims : 205K to 190K
USD : Philadelphia Fed Manufacturing Index, Jan : -13.7 to -8.9
USD : Crude Oil Inventories : 18.962M to 8.408M
Fri, 20 Jan 23 USD : Existing Home Sales, Dec : 4.08M to 4.02M
Tue, 24 Jan 23 USD : S&P Global Composite PMI, Jan : 45.0 to 46.6
USD : API Weekly Crude Oil Stock : 7.615M to 3.378M
Wed, 25 Jan 23 SGD : CPI yoy Dec : 6.7% to 6.5%
USD : Crude Oil Inventories : 8.408M to 0.533M
Thu, 26 Jan 23 SGD : Industrial Production MoM : -1.6% to 3.2%
SGD : Industrial Production YoY : -3.8% to -3.1%
USD : Building Permits : 1.351M to 1.337M
USD : GDP QoQ Q4 : 3.2% to 2.9%
USD : Initial Jobless Claims : 192k to 186k
USD : New Home Sales Dec : 602k to 616k
Fri, 27 Jan 23 USD : Pending Home Sales Mo : -2.6% to 2.5%
📌
Other Focus (Highlights of Results / Corporate Actions):
Other extracted news:
Volare makes partial offer to Sabana REIT's unitholders
Temasek-backed Zilingo to liquidate after crisis at fashion startup
Metro Holdings and Boustead Projects announce joint acquisition of industrial property in Tai Seng for $98.8 mil
SGX gives approval-in-principle for Sembcorp Marine and Keppel Corp deal
CSE Global announces contract wins worth $87.3 mil
Chinese search giant Baidu to launch ChatGPT-style bot
F&B player YKGI to raise $16.6 mil in IPO at 20 cents per share
Yongnam Holdings make several moratorium applications under Insolvency, Restructuring and Dissolution Act
SingPost's 19.75% stake in Chinese logistics business to be diluted with potential disposal of interest
Crypto firm Genesis is preparing to file for bankruptcy
Sats shareholders approve WFS acquisition, projected to be completed by April 2023
US Market:
Intel tumbles after forecast suggests comeback is far off
SAP plans to sell Qualtrics stake, cut 3,000 jobs
US filed Microsoft-Activision suit to head off EU settlement
Spotify will cut about 6% of jobs in latest tech layoffs
Microsoft adds US$10 bil to investment in ChatGPT maker OpenAI
Earning Results
Cromwell European REIT’s portfolio falls to EUR2.49 bil in FY2022, gearing expected to remain below 40%
ESR-LOGOS REIT reports 2HFY2022 DPU of 1.54 cents, up by 7.5% y-o-y
OUE C-REIT reports higher net property income but lower DPU for 2HFY2022
GSS Energy guides for net loss in FY2022
Keppel Infra Trust sees 15.8% higher distributable income of $222.5 mil in FY2022
Sabana Industrial REIT reports 7.0% y-o-y drop in 2HFY2022 DPU of 1.46 cents
CDLHT reports 2HFY2022 DPS of 3.59 cents, up by 17.3% y-o-y
CapitaLand Ascott Trust reports 47% increase in 2HFY2022 DPS of 3.33 cents
ParkwayLife REIT reports 2.1% rise in FY2022 DPU
Starhill Global REIT report 2.2% rise in DPU in 1HFY2023
Keppel REIT reports 2HFY2022 DPU of 2.95 cents, up by 2.4% y-o-y
Mapletree Industrial Trust announces rare 0.7% decline in DPU for nine months to Dec 31, 2022
Frasers Centrepoint Trust reports improved committed occupancy in business update
Koh Brothers Eco Engineering reports 7% rise in net profit in FY2022
Koh Brothers reports 13% decline in net profit for FY2022
AIMS APAC REIT reports 10.2% higher 3QFY2023 DPU of 2.59 cents
Suntec REIT reports 9.7% drop in 2HFY2022 DPU of 4.074 cents
Mapletree Logistics Trust reports 3QFY2023 dpu of 2.227 cents, up 1.9%
Medtecs to incur "significant" loss for 2HFY2022 on inventory write down
GuocoLand reports 1HFY2023 earnings of $59 million
📌
SGX & Other Newsfeed
💡 SGX <Analyst Research>
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