Economic
Research
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27 August 2015
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Singapore
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Economic
Highlights
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Singapore’s industrial
production index (IPI) slumped 6.1% y-o-y in July, deteriorating from
a 4.0% drop in June. This was on account of a decline in electronics and biomedical
manufacturing output. The fall was cushioned by a slower decline in transport
engineering activities, while production of chemicals stagnated. Excluding
the volatile biomedical manufacturing sector, the IPI would have contracted
at 4.1% y-o-y in July, compared to -4.8% in June.
Economist: Ng Kee Chou
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To
access our recent reports please click on the links below:
25 August 2015:Consumer
Prices Slip, Uneven Global Demand Outlook Increases Pressure For Further
Easing
18 August 2015: Singapore
NODX Recovery Unable To Gain Traction, As Global Recovery Remains Slow And
Uneven
02 August 2015: Broad
Money Slows While Loan Growth Turn Positive
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Friday, August 28, 2015
RHB | Singapore | Industrial Production Starts 2H On The Back-Foot As Its Two Largest Sectors Struggle
CIMB Daily Fixed Income Commentary - 28 Aug 2015
Market Roundup
- US Treasury yields only managed to inch higher, despite the improved risk-on sentiment following the gains in stock market, decent economic releases and sharp rebound in crude oil prices on Thursday. Crude oil recovered substantially and settled higher at $47.56/bbl, compared to $43.14/bbl a day ago.
- Malaysian sovereign bonds suffered losses, despite the MYR recovered some on the heels of higher crude oil prices. Highlight was on theRM3 billion 10-year MGS reopening auction, which ended with decent bid-cover ratio of 2.03 times, while average yield stopped at 4.453%, near to the prior day close at 4.44%.
- Thai govvies posted gains, on the back of weak economic releases. July customs exports fell by a smaller margin of 3.56% (vs 7.87% in Jun), while customs imports shrank substantially by 12.73% (vs 0.21% in Jun). Aside, daily volume declined drastically from Bt23.6 billion to Bt16.8 billion on Thursday.
- Indonesia government bond market rallied on positive sentiment driven by government announcement to launch economic stimulus plan. Both local & foreign names were seen buying today, with FR70 (10-year) benchmark series dominated the market today. Government decides to give tax holidays to new companies investing at least IDR 1 trillion, this tax holidays plan is seen as an 'appetizer' part of a big stimulus plan. We think market will digest the stimulus package as it is too early to conclude the effectiveness of the stimulus plan. Volume improved to IDR 14.4 trillion.
- Asian credits ended tighter amid choppy trading, guided by improved bidding interest and short-covering following the gains in stock markets. Oil-related papers such as Petronas and PTTEP were quoted tighter, driven by the recovery in crude oil prices. Notably, regional CDS spreads tightened by 6-16bps on Thursday.
Daily FX Update, 28 August 2015
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v US Q2 GDP growth is revised up to a
3.7% annualized rate against the advance estimate of 2.3%
v Euro area M3 in July picks up to 5.3%
y/y and above the 3-month average of 5.1%
v Moody’s: Outlook for the Malaysian
banking sector remains stable as its exposure to foreign currency loans is
minimal
v Thailand records another trade surplus
in July despite the fall in exports and imports
v Philippines' GDP growth in 2Q 2015
reaches 5.6% y/y
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