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25 Aug 2015 11:19 CST DJ Singapore
|25 Aug 2015 11:19 CST DJ Singapore Core Inflation to Remain Soft for Rest of 2015 -- Market Talk 0319 GMT [Dow Jones] Singapore's core inflation, that strips out private road transport and accommodation costs, will remain soft for the rest of the year despite a more than expected rise in July, says HSBC in a note. It says that core inflation in July was mostly lifted by an increase in electricity tarrifs that took effect that month. "The rise in electricity tariffs will likely be reversed in October given the renewed fall in energy prices, while demand-pull inflation remains tempered. We forecast core Consumer Price Index at 0.5% year-on-year in 2015, at the very bottom end of the Monetary Authority of Singapore's 0.5%-1.5% forecast range," says HSBC.
25 Aug 2015 11:02 CST DJ USD/SGD
|25 Aug 2015 11:02 CST DJ USD/SGD on Verge of Losing Bullish Bias as Asia Stocks Recoup -- Market Talk 0302 GMT [Dow Jones] The Singapore dollar is recouping from its 5-year low against the U.S. dollar recorded Monday, as risk appetite makes a tentative comeback. USD/SGD is now 1.4057 from its Monday close of 1.4099, representing a 0.3% appreciation of the Singapore dollar. If USD/SGD ends Tuesday below 1.4058 the bullish signal of the Bollinger uptrend channel will be nullified and the pair might slide further toward 1.3924 where the 20-day Bollinger mid support awaits. Stocks on the benchmark Straits Times Index are up 2.8% after yesterday's 4.3% slump, mirroring the rebound seen in other Asian stock markets. The growing likelihood that the U.S. Federal Reserve may delay raising interest rates - so as not to worsen financial market turmoil - is acting against the U.S. dollar and luring bottom-pickers in stocks.
25 Aug 2015 10:45 CST DJ Chinese Marke
|25 Aug 2015 10:45 CST DJ Chinese Market Crash Not Responsible for World Equity Selloff -- Market Talk 0245 GMT [Dow Jones] China's stock market crash isn't directly responsible for the recent plunge in global equities, but China's flabby economy sure is. "Investors seemed to believe that the shellacking of oil and other materials' prices as China's equity bubble burst signaled that the problem of over-supply, excess capacity, and producer price deflation was worse than perceived," writes Principal Global Investors' chief global economist, Bob Baur, in a note. But a bigger problem is that China's economy has driven global growth for decades, he says, and no alternative is emerging as it slows. "Following through on those market-oriented reforms already on the agenda would help China's gradual transition from an export-led industrial economy to one driven by household spending," Baur adds. "That could also provide a stronger basis for its long-term growth as well as spark improvement around the world."
25 Aug 2015 10:01 CST DJ Singapore'
|25 Aug 2015 10:01 CST DJ Singapore's STI Rebounds in Volatile Asian Trade -- Market Talk 0201 GMT [Dow Jones] In a volatile session across Asia, Singapore's FTSE Straits Times Index recovers by 1.4%, last at 2882.96, as investors buy into counters that were heavily sold down a day earlier. The STI lost the most in one day since the global financial crisis, on Monday. Noble Group (N21.SG) leads Tuesday's gainers, up 6.1%. Global Logistic Properties (MC0.SG) rises 3.9% and Keppel Corp (BN4.SG) gains 3.7%. Company news is minimal, with investors focusing mostly on regional and global developments. Among losers is Hutchison Port Holdings Trust (NS8U.SG) down 2.8%, and Thai Beverage (Y92.SG), which is also 2.8% lower.
25 Aug 2015 09:45 CST DJ Midas Holdings
|25 Aug 2015 09:45 CST DJ Midas Holdings Up on Contract Wins -- Market Talk 0143 GMT [Dow Jones] Shares of Midas Holdings Ltd. (5EN.SG) are outperforming the broader Singapore equities market after company announced that it has won three railway supply contracts in Singapore and China. Despite the volatile stock markets investors remain enthused for infrastructure related companies given government push to build railway networks. Midas, an aluminium parts market for the railway industry, said late Monday that these contracts are expected to contribute positively to the company's financial performance for the year 2015 and 2016. The stock is up 4.4% at S$0.235, while the FTSE Straits Times Index is up 0.3%.
25 August 2015 Midas up 6.7% on contract wins
|25 August 2015 Midas up 6.7% on contract wins
SINGAPORE (Aug 25): Shares of Midas Holdings are outperforming the broader Singapore equities market after the company announced that it has won three railway supply contracts in Singapore and China.
Despite the volatile stock markets, investors remain enthusiastic about China's infrastructure-related companies given the government's push to build railway networks.
Midas, an aluminium parts market for the railway industry, said late Monday that these contracts are expected to contribute positively to the company's financial performance for the year 2015 and 2016.
At 10.56am, the stock is up 6.7% at 24 cents, while the Straits Times Index is up 1.9%.
|25 Aug 2015 09:41 CST DJ Prospect of US Rate Hike One Factor Depressing Markets -- Market Talk 0141 GMT [Dow Jones] An expected interest rate increase by the U.S. Federal Reserve--the first in 10 years-- is one cause of the global sell-off, says BNP Paribas Investment Partners. Volatility is to be expected ahead of the September policy meeting held by Fed officials that could either lead to a rate hike, or at least offer significant clues about the timing. "The prospect of rate hikes in the US has led to jittery emerging equity markets, as a strong dollar and higher rates would render debt sustainability tougher," it says. Economic data about emerging markets have also been disappointing, and not just China. Manufacturing activity was weak in several emerging economies, including Brazil, Russia, India, South Korea and Taiwan. Buying stocks now in the global rout is still too early and too risky, but "we have decided to take profit on our underweight emerging market debt in U.S. dollars," it says. The Hang Seng Index opened 0.4% down Tuesday after a 5% sell-off Monday.
25 August 2015 Banks bear brunt of market bloodbath
|25 August 2015 Banks bear brunt of market bloodbath They have declined by over 10% since RMB woes began.
Singapore’s three largest banks have suffered painful losses since the RMB’s devaluation on August 11. In the space of two weeks, the banks have lost over 10% of their value, wiping out over $14b off their combined market capitalisations.
Data from Bloomberg show that OCBC has declined the most since the sell-off began, losing 13.7% of its value since the second week of August. OCBC declined 4.4% yesterday, extending over a week of continuous losses.
UOB, meanwhile, has seen its share price decline by 11.07% since the bloodbath began. UOB lost 2.09% yesterday, and now has a one-year return of -14.64%.
DBS has declined 10.5% since the start of the selldown, slipping from $19.73 per share on August 11 to $17.65 per share on August 24.
Analysts note that banks suffered the worst sell-offs because the RMB devaluation has triggered fund outflows.
“[Banks] have been sold down most after Rmb devaluation concerns stoked fears of currency wars,” said Kenneth Ng, analyst at CIMB. “These moves are more due to global investment flows, as worries of Asian currencies devaluation, in line with Rmb, are causing a flight to safety back to US assets.”
“The current environment is fragile for risk assets, and Singapore’s poor corporate reporting season does little to improve matters. For investors who need to choose between Singapore stocks in a portfolio, our preference would be the large-cap stocks, after the sell-down in banks and property,” Ng said.
25 August 2015 Hi-P International starts USD126m lawsuit against delinquent customer Yota Yota failed to pay for all its orders.
Hi-P International has started arbitration proceedings against Yota Devices, the makers of Yotaphone 2.
The group’s subsidiary Hi-P Electronics previously inked a deal with Yota to develop, manufacture and supply the Yotaphone 2 dual-screen smartphone, and was their main design, manufacturer and supplier.
Now, Hi-P is claiming a total of US$126m because Yota allegedly failed to take delivery of and make payment for the full minimum order quantity and firm forecast committed by Yota for the Yotaphone 2.
According to RHB Research, the proceedings have a potentially substantial negative impact against Hi-P.
“With the bulk of the goods now parked partially under account receivables and inventory on its balance sheet, failure to win the arbitration or claim the full amount of USD126m will likely result in a substantial negative impact in terms of write-offs on its balance sheet and P&L. Hi-P might also lose a customer in Yota if its relationship continues to turn sour with this arbitration, despite entering into a ramp-up phase not too long ago for this product,” RHB said.
25 August 2015 Telcos troubled by increasingly anemic income growth
|25 August 2015 Telcos troubled by increasingly anemic income growth Weak voice and roaming revenue are to blame.
Lacklustre revenue growth was a key theme in the second-quarter results of Singapore’s three telcos.
A report by Barclays highlighted that underwhelming revenue trends persisted in Q2, despite rising wireless data usage on 4G and price hikes that went effective in the fourth quarter of 2014.
The sub-par growth can be blamed mainly on shrinking voice usage, coupled with weakening roaming trends.
“We believe that (still rapidly) declining voice revenue is the main reason for this lacklustre service revenue trend. At the industry level, voice revenue is still declining by a high single-digit rate y/y every passing quarter, and voice still remains a significant part of overall service revenue (c50% as of 2Q15),” Barclays said.
25 August 2015 Escalating oil rout might push MAS to ease policy stance: HSBC
|25 August 2015 Escalating oil rout might push MAS to ease policy stance: HSBC Prices have fallen below its original forecast.
Unexpectedly weak oil prices might push Singapore’s central bank to ease policy again in October, according to a report by HSBC.
The Monetary Authority of Singapore uses a USD40-70 WTI crude oil assumption for its current 2015 inflation forecasts. With WTI price dropping below this range in recent days, HSBC noted that there are increased downside risks to the central bank's core CPI forecast of 0.5-1.5%.
“Recent comments suggest that the MAS still expects this pass-through to materialize in 2016. However, the strong downward revision of most Singapore GDP growth forecasts in recent weeks could cause the MAS to re-think its assumptions prior to the October MPS,” HSBC said.
Although HSBC still expects the MAS to keep its policy unchanged in October, rising downside risks to inflationand deteriorating domestic and external conditions increases the chances of easing.
“We believe that the drop in WTI below USD40 has implications for monetary policy. However, the 2016 inflation outlook is what matters most for the MAS; in particular the assumptions concerning wage pass-through,” the report said.