•Last week, SRT (+2.56% in SGD) and SHD (+0.10% in SGD) gained, while the rest LCU (-4.25% in USD), SQU (-1.47% in USD) and SCY (-4.23% in SGD) fell.
•In LCU, losses were led by IT, consumer discretionary and industrials by sector. By geography, losses are attributable to Japan, Taiwan and South Korea. By individual firms, losses were led by TSMC, Samsung Electronics and Tokyo Electron Ltd. TSMC, Samsung Electronics and Tokyo Electron are amongst the ...
•In LCU, losses were led by IT, consumer discretionary and industrials by sector. By geography, losses are attributable to Japan, Taiwan and South Korea. By individual firms, losses were led by TSMC, Samsung Electronics and Tokyo Electron Ltd. TSMC, Samsung Electronics and Tokyo Electron are amongst the ...
9
• Last week, saw a mix of data. The manufacturing PMI and ISM surveys for August continued to show weak results at 47.9 and 47.2 respectively, indicating a slower-than-normal economic growth.
• The July JOLTS report indicated a 3.0% m/m decrease in job openings to 7.673mn, significantly below expectations.
• Furthermore, the ratio of openings to unemployed dropped from 1.16 to 1.07, which is slightly below the pre-pandemic level, and ought to ease concer...
• The July JOLTS report indicated a 3.0% m/m decrease in job openings to 7.673mn, significantly below expectations.
• Furthermore, the ratio of openings to unemployed dropped from 1.16 to 1.07, which is slightly below the pre-pandemic level, and ought to ease concer...
1
• Last week, data released were mixed.
• Conference Board Consumer Index exceeded expectations, reaching 103.3 in August (vs consensus 100.7).
• While labor market conditions worsened as July’s labor market differential revised down to 17.1% and further declining to 16.4% in August, jobless claims remained steady, indicating no sudden worsening in job market conditions.
• Additionally, US real GDP growth for the second quarter was adjusted upwards by 0.2 per...
• Conference Board Consumer Index exceeded expectations, reaching 103.3 in August (vs consensus 100.7).
• While labor market conditions worsened as July’s labor market differential revised down to 17.1% and further declining to 16.4% in August, jobless claims remained steady, indicating no sudden worsening in job market conditions.
• Additionally, US real GDP growth for the second quarter was adjusted upwards by 0.2 per...
16
Market News
【The US】
Fed's Powell says 'time has come' to cut interest rates
Federal Reserve Chair Jerome Powell on Friday offered an explicit endorsement of an imminent policy easing, saying further cooling in the job market would be unwelcome and expressing confidence that inflation was within reach of the U.S. central bank's 2% target. "The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts wil...
【The US】
Fed's Powell says 'time has come' to cut interest rates
Federal Reserve Chair Jerome Powell on Friday offered an explicit endorsement of an imminent policy easing, saying further cooling in the job market would be unwelcome and expressing confidence that inflation was within reach of the U.S. central bank's 2% target. "The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts wil...
3
Market News
USA
Fed Chairman Powell said the time to cut interest rates has come.
Fed Chairman Powell explicitly supports the upcoming accommodative policy and states that further cooling of the labor market would be unwelcome. He expressed confidence that inflation can reach the 2% target. 'The time for policy adjustments has come. The direction forward is clear, and the timing and pace of rate cuts will depend on the upcoming data releases, evolving outlook, and balance of risks,' Powell said during a speech at the Kansas City Fed's annual conference held in Jackson Hole, Wyoming.
[Pan Southeast Asia]
As the high interest rate policy to curb inflation is relaxed, investors are turning to the ASEAN market.
With the expectation of a US rate cut strengthening, investors are starting to turn to high-growth Southeast Asia, seeking markets that can benefit from moderate inflation.
Southeast Asian stock markets have surged to new highs since mid-August, with Indonesia's Jakarta Composite Index reaching a historic high last Wednesday. Malaysia's Kuala Lumpur Composite Index touched its highest level since December 2020 on Tuesday.
The yield spread between the United States and Southeast Asian countries has narrowed, leading to a strengthening of the region's currencies against the US dollar. Earlier this month, the Malaysian Ringgit to US dollar exchange rate hit a 16-month high.
The Southeast Asia's efforts to stimulate electric vehicle penetration and local manufacturing are beginning to see successful results.According to Bloomberg, the sales of electric vehicles in China's passenger car market will more than double in 2023, with many major Chinese electric...
USA
Fed Chairman Powell said the time to cut interest rates has come.
Fed Chairman Powell explicitly supports the upcoming accommodative policy and states that further cooling of the labor market would be unwelcome. He expressed confidence that inflation can reach the 2% target. 'The time for policy adjustments has come. The direction forward is clear, and the timing and pace of rate cuts will depend on the upcoming data releases, evolving outlook, and balance of risks,' Powell said during a speech at the Kansas City Fed's annual conference held in Jackson Hole, Wyoming.
[Pan Southeast Asia]
As the high interest rate policy to curb inflation is relaxed, investors are turning to the ASEAN market.
With the expectation of a US rate cut strengthening, investors are starting to turn to high-growth Southeast Asia, seeking markets that can benefit from moderate inflation.
Southeast Asian stock markets have surged to new highs since mid-August, with Indonesia's Jakarta Composite Index reaching a historic high last Wednesday. Malaysia's Kuala Lumpur Composite Index touched its highest level since December 2020 on Tuesday.
The yield spread between the United States and Southeast Asian countries has narrowed, leading to a strengthening of the region's currencies against the US dollar. Earlier this month, the Malaysian Ringgit to US dollar exchange rate hit a 16-month high.
The Southeast Asia's efforts to stimulate electric vehicle penetration and local manufacturing are beginning to see successful results.According to Bloomberg, the sales of electric vehicles in China's passenger car market will more than double in 2023, with many major Chinese electric...
Translated
1
•Last week, BLS revisions showed nonfarm payrolls were revised lower by 818k (greater than the 360k downward revision JPMorgan had expected) for period April 2023 to March 2024, implying a ~68k downward revision monthly.
•Meanwhile, the FOMC minutes revealed increased confidence in inflation returning to 2% and concerns about potential labor market deterioration. The minutes also indicated that if data trends continue, a policy easing at the next meeting ...
•Meanwhile, the FOMC minutes revealed increased confidence in inflation returning to 2% and concerns about potential labor market deterioration. The minutes also indicated that if data trends continue, a policy easing at the next meeting ...
13
•Last week, LCU (+1.52% in USD), SQU (+1.63% in USD), and SRT (+3.50% in SGD) gained while $CSOP DIV ETF S$ (SHD.SG)$ (-1.48% in SGD) and $CSOP STAR&CHINEXT50 SGD (SCY.SG)$ (-2.64% in SGD) fell.
• $CSOP LOW CARBON US$ (LCU.SG)$ gains were driven by communication services, healthcare, and financials by sector and Japan, Australia and China by geography. By individual firms, the rise was propelled by Keyence Corp, Seven & I Holdings, and Xiaomi Corp. $Keyence (6861.JP)$ rose afte...
• $CSOP LOW CARBON US$ (LCU.SG)$ gains were driven by communication services, healthcare, and financials by sector and Japan, Australia and China by geography. By individual firms, the rise was propelled by Keyence Corp, Seven & I Holdings, and Xiaomi Corp. $Keyence (6861.JP)$ rose afte...
2
Market News
【United States】
Data from the U.S. Census Bureau shows that in July, new housing starts in the United States fell by 6.8% month-over-month, with an annualized rate dropping to 1.238 million units. This figure is lower than the market expectation of 1.33 million units and marks the largest decline since March. This contrasts with the revised 1.1% increase from the previous month.
US Jobless Claims, Business Activity Keep Economy On Gradual...
【United States】
Data from the U.S. Census Bureau shows that in July, new housing starts in the United States fell by 6.8% month-over-month, with an annualized rate dropping to 1.238 million units. This figure is lower than the market expectation of 1.33 million units and marks the largest decline since March. This contrasts with the revised 1.1% increase from the previous month.
US Jobless Claims, Business Activity Keep Economy On Gradual...
4
Market news
【United States】
According to data from the US Census Bureau, the number of new housing starts in the US fell 6.8% month-on-month in July this year, falling to 1.238 million units per annualized, lower than market expectations of 1.33 million units, the biggest drop since March, in contrast to the 1.1% increase after the renovation last month.
US initial jobless claims and business activity data show that the economy is still gradually cooling
The number of jobless claims in the US first rose last week, but it seems to have stabilized at a level consistent with the gradual cooling of the labor market. This should create conditions for the US Federal Reserve to start cutting interest rates next month.
The US Department of Labor said that in the week ending August 17, the number of first-time jobless claims increased by 4,000, to 232,000 after seasonal adjustments. Economists surveyed by Reuters had previously estimated 230,000 people.
[China]
Tencent $TENCENT (00700.HK)$ The support for “Goku” reached a record level of popularity on the first day of its launch
“Black Myths: Goku” is an action-adventure game based on the famous mythical novel “Journey to the West”. Shortly after its global launch on Tuesday, more than 1.3 million people went live on Steam at the same time.
The launch of “Goku” attracted a great deal of attention, partly because unlike many blockbusters supported by Tencent, it was entirely developed by a local studio game science. Tencent invests in the Hangzhou-based developer and is responsible for domestic distribution of games on the WeGame platform.
[Asia Pacific]
19 IT companies in Taiwan increased revenue in July...
【United States】
According to data from the US Census Bureau, the number of new housing starts in the US fell 6.8% month-on-month in July this year, falling to 1.238 million units per annualized, lower than market expectations of 1.33 million units, the biggest drop since March, in contrast to the 1.1% increase after the renovation last month.
US initial jobless claims and business activity data show that the economy is still gradually cooling
The number of jobless claims in the US first rose last week, but it seems to have stabilized at a level consistent with the gradual cooling of the labor market. This should create conditions for the US Federal Reserve to start cutting interest rates next month.
The US Department of Labor said that in the week ending August 17, the number of first-time jobless claims increased by 4,000, to 232,000 after seasonal adjustments. Economists surveyed by Reuters had previously estimated 230,000 people.
[China]
Tencent $TENCENT (00700.HK)$ The support for “Goku” reached a record level of popularity on the first day of its launch
“Black Myths: Goku” is an action-adventure game based on the famous mythical novel “Journey to the West”. Shortly after its global launch on Tuesday, more than 1.3 million people went live on Steam at the same time.
The launch of “Goku” attracted a great deal of attention, partly because unlike many blockbusters supported by Tencent, it was entirely developed by a local studio game science. Tencent invests in the Hangzhou-based developer and is responsible for domestic distribution of games on the WeGame platform.
[Asia Pacific]
19 IT companies in Taiwan increased revenue in July...
Translated
1
Last week, July’s PPI report came out milder-than-anticipated as the headline final demand measure increased by 0.1% monthly, below the expected 0.2%, and the core index remained steady, dropping to 2.4% year-on-year from June's 3.0%.
Additionally, we also saw mild CPI reading, with the headline CPI and core index rising 0.2% and 0.165% respectively, meeting expectations, thereby contributing towards Fed’s 2% target.
We saw better-than-anticipated domest...
Additionally, we also saw mild CPI reading, with the headline CPI and core index rising 0.2% and 0.165% respectively, meeting expectations, thereby contributing towards Fed’s 2% target.
We saw better-than-anticipated domest...
2
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