Weekly Market Highlights
Transcription
Weekly Market Highlights
March 6, 2015 Global Markets Research Weekly Market Highlights Macroeconomics Weekly Performance US EU UK Japan Malaysia • Macro Currency Equity ↔ ↔ ↔ ↔ ↓ ↑ ↓ ↓ ↓ ↓ ↓ ↑ ↑ ↔ ↓ Hong Kong Singapore interest rates. RBA defied expectations for a quarter-point cut, holding its cash target rate steady at 2.25% but offered clear signals of a cut going forward. ↑ ↑ ↑ ↑ ↑ ↑ ↑ ↑ China and India unexpectedly cut interest rates by a further 25bps each. China ↓ ↓ ↓ ↓ ↓ ↑ China The economic calendar this week was packed with central banks calls on 10-y Govt Bond Yields ↓ ↓ ↓ deposit rate now stand at 2.5% and lending rate 5.35% while RBI’s repo rate stands at 7.5% to spur growth. Premier Li targets GDP to grow by about 7.0% in 2015, the slowest in 25 years as the world’s second largest economy braced itself for a structural shift toward a consumption based economy. Meanwhile, there were no major surprises from BNM, ECB and BOE who decided to keep interest rates unchanged. • Next week, China’s data dump will most likely steal the limelight amid a lighter calendar among advanced economies which included retail sales, PPI and Uni Michigan consumer confidence in the US. China exports will be reelased over the weekend followed by the CPI, PPI, retail sales, industrial production and fixed asset investment. As usual, we do not suggest reading too much into JanFeb numbers which are skewed by seasonal noises. • Malaysia’s industrial production is due Thursday but before that, we have BNM Annual Report to digest. We expect little change in macro assessment and projection given that the official growth forecast has just bee updated during the tabling of the revised budget in Jan. Weekly MYR Performance Forex MYR vs Major Counterparts (% WOW) -0.41 • CHF against USD, impacted by firm expectations of the Fed to soon raise interest rate as well as sell-off ahead of BNM meeting in aversion of downside surprises after 0.28 EUR recent dovish decisions from regional central banks. MYR performance next week 0.70 GBP MYR Appreciated will depend on USD strength premising on US job figures tonight. Much less 0.85 SGD downside forces on MYR from the macro front next week coupled with a steady 1.20 JPY OPR would at least slowdown current weakness. We caution on possible catalysts through the week in tandem with extended recovery in oil prices. 1.68 CNY HKD 1.79 1.81 USD -0.50 recovery to circa 3.6250 provided USD turns softer in the absence of positive 1.57 AUD -1.00 MYR slumped through most of the week and ended 1.8% WOW weaker at 3.6487 0.00 0.50 1.00 1.50 • USD ended the week higher against 8 G10s with the Dollar Index challenging fresh 11.5y highs before closing at 96.37, up 1.1% WOW following firm expectations that the Fed remains on track to raise interest rate amid a slew of more optimistic data. Direction for early next week will be determined by tonight’s 2.00 US employment data, but we expect USD to remain biased towards upside, supported by rate hike bets, though pace of gains may slow given a lack of major catalysts. Nonetheless, we would not rule out a mild correction after recent highs on prospective rebounds from EUR, GBP following recent sharp losses. Indicative Yields Fixed Income • Indicative Yields @ 6 March 2015 The UST curve steepened again, with the 2/10 spread widening by 9bps WOW to 148bps. Improved risk appetite and largely positive US economic data that 5.50 reinforced the Fed rate normalization path exerted a drag on UST, pushing yields up 4-9bps for the 5- and 10-year notes. 10-year UST yields rebounded from a low 5.00 of 1.99% to 2.12% as at yesterday’s close while 2-year note yields dipped 1bp 4.50 WOW to 0.64%. We continue to expect UST to be well supported by widening 4.00 yield differential as the US will remain the forerunner in raising rates vis-à-vis extended easing mode by other major central banks. • 3.50 At the local front, MYR govvies took cue from weaker MYR and fell. Yields were seen nudging higher gradually across the curve through the week amid lighter volume before heavier trading interests resumed yesterday. 10-year MGS yields 3.00 1 2 MGS 3 Cagamas (Old) 4 5 6 Cagamas (new) 7 8 IRS 9 AAA 10 rose 5bps WOW to 3.91% while the 3-year note yields climbed 2bps to 3.44% as AA at yesterday’s close. The yield curve steepened a little to 47bps from 44bps a week ago. Newly issued GII 08/20 attracted a lot of interests and so were other Please see important disclosure at the end of the report GII issuances amid bargain hunting. PBoC and RBI “surprised” rate cut this week somewhat dented MYR performance and local bond performance. With BNM striking a neutral policy tone, somewhat dampening speculation that BNM could join other central banks in cutting rates, we could expect to see some bids back to the local bond scene. 1 Fixed Income & Economic Research Weekly Market Highlights Contents 2 Macroeconomics Page 3 Forex Page 4 Trading Idea Page 5 FX Technicals Page 6 Fixed Income Page 7 Economic Calendar Page 8 Fixed Income & Economic Research Weekly Market Highlights Review Macroeconomics • 6-month Macro Outlook US EU UK Japan Australia China Malaysia Thailand Indonesia Singapore Economy Inflation Interest Rate Currency ↔ ↓ ↓ ↓ ↔ ↓ ↓ ↔ ↔ ↔ ↔ ↔ ↔ ↔ ↔ ↔ ↔ ↔ ↔ ↔ ↔ ↓ ↔ ↔ ↓ ↓ ↔ ↓ ↔ ↔ ↑ ↓ ↓ ↓ ↓ ↔ ↔ ↔ ↔ ↔ The economic calendar yesterday was packed with central banks calls on interest rates. RBA defied expectations for a quarter-point cut, holding its cash target rate steady at 2.25% but offered clear signals of a cut going forward. Meanwhile, there were no major surprises from BNM, ECB and BOE who decided to keep interest rates unchanged. Bank Negara maintained OPR at 3.25% as expected, and we noted no change in policy tone. We expect to see OPR at 3.25% for the rest of 2015 as the priority remains on sustaining growth. • • ECB held interest rate at 0.05% but it took center stage again as the central bank announced more details on government bonds purchases which would begin on March 9. Purchases will include bonds with negative yields as long as interest rates are greater than ECB’s deposit rate of -0.2%, potentially limiting bond yields from falling much below that level. Counterpart BOE’s decision to maintain its record low interest rate at 0.50% came as no surprise, even amid modest inflation forecast as the central bank viewed lower commodity prices as catalyst to boost consumption. In other parts of the world, China unexpectedly cut interest rates last weekend. Deposit rate now stand at 2.5% and lending rate 5.35%. Premier Li targets GDP to grow by about 7.0% in 2015, the slowest in 25 years as the world’s second largest economy braced itself for a structural shift toward a consumption based economy. Reserve Bank of India followed suit to deliver another surprised inter-meeting cut. Repo rate was lowered by 25bps to 7.5% to spur economic growth of Asia’s third largest economy. • Data was largely neutal this week. The slew of PMI manufacturing and servies readings were decent although it pointed to generally quicker expansion in manufacturing but slower gains in services. In the US, 320,000 Americans filed for unemployment benefits in the week ended Feb 28, the highest since May 2014 (prior week: 313,000). On the contrary, ADP data remained supportive of non farm payroll to stay above the 200,000 threshold, telltale of robust employment conditions. US GDP for 4Q was less upbeat, growing by 2.2% compared to 2.6% in 3Q. Fed’s beige book underscored continuous expansion in economic activities and consumer spending in almost all districts, with the exception of Richmond. Data out from the Eurozone were less downbeat. Retail sales in euro area unexpectedly jumped by 1.1% in Jan (+0.4% in Dec), the fastest growth since May 2013 whilejobless rate improved to 11.2%. The Week Ahead… • Next week, China’s data dump will most likely steal the limelight amid a lighter calendar among advanced economies which included retail sales, PPI and Uni Michigan consumer confidence in the US. China exports will be reelased over the weekend followed by the CPI, PPI, retail sales, industrial production and fixed asset investment. As usual, we do not suggest reading too much into Jan-Feb numbers which are skewed by seasonal noises. • • Other key economic indicator that could move markets include industrial production from the Eurozone and the UK, as well as some key Japanese data: 4Q GDP, BSI outlook, tertiary industry index and machine orders. Malaysia’s industrial production is due Thursday but before that, we have BNM Annual Report to digest. We expect little change in macro assessment and projection given that the official growth forecast has just bee updated during the tabling of the revised budget in Jan. 3 Fixed Income & Economic Research Weekly Market Highlights Review and Outlook Forex • MYR: MYR slumped through most of the week and ended 1.8% WOW weaker at 3.6487 against USD, impacted by firm expectations of the Fed to soon raise MYR vs Major Counterparts (% WOW) -0.41 CHF MYR Depreciated 0.28 EUR interest rate as well as sell-off ahead of BNM meeting in aversion of downside 0.70 GBP MYR Appreciated SGD absence of positive catalysts in tandem with extended recovery in oil prices. 1.20 1.57 1.68 CNY HKD 1.79 1.81 USD 0.00 0.50 tonight. Much less downside forces on MYR from the macro front next week caution on possible recovery to circa 3.6250 provided USD turns softer in the AUD -0.50 performance next week will depend on USD strength premising on US job figures coupled with a steady OPR would at least slowdown current weakness. We 0.85 JPY -1.00 surprises after recent dovish decisions from regional central banks. MYR 1.00 1.50 2.00 • USD: USD ended the week higher against 8 G10s with the Dollar Index challenging fresh 11.5y highs before closing at 96.37, up 1.1% WOW following firm expectations that the Fed remains on track to raise interest rate amid a slew of more optimistic data. Direction for early next week will be determined by tonight’s US employment data, but we expect USD to remain biased towards upside, supported by rate hike bets, though pace of gains may slow given a lack of major catalysts. Nonetheless, we would not rule out a mild correction after recent highs on prospective rebounds from EUR and GBP. Source: Bloomberg • EUR: EUR tumbled to new 11.5y low at 1.1030 against USD, falling 1.5% WOW while closing lower against 9 G10s after underperforming for 6 consecutive days. USD vs the G10s (% WOW) Broad EUR remains weighed down ahead of ECB’s QE, which has a tall task of CHF reviving inflation from current negative levels amid an apparent paucity of -2.18 -1.50 -1.39 -1.08 USD Appreciated EUR USD Depreciated DKK GBP -0.83 -0.70 -0.60 1.10 performance again next week, while a rebound will likely be capped by 1.11. NZD • GBP: GBP slipped 1.08% WOW to more than 3 week low at 1.5240 against USD JPY and retreated against 7 G10s following slight downsides from UK datafront as CAD 0.23 well as on renewed risk sentiment in the market. Early week trade is expectedly SEK -2.00 ECB’s plan coupled with prevailing policy divergence between the Fed and ECB is expected to continue pressuring EURUSD, though we would not rule out a technical rebound amid excessive losses. We believe there is scope for a sub- NOK -0.23 AUD -3.00 government bonds available for purchases. This lack of confidence over the -1.00 0.77 0.00 1.00 dictated by USD performance stemming from tonight’s US data while for the rest of the week we expect GBP to wrestle for control given more data flow from the UK. We currently remain slightly bearish on GBP in line with our expectation of a firm USD, but we would not rule upside surpsises in UK data that would lift GPBUSD higher. GBPUSD has scope to fall towards 1.5170 withrebounds Source: Bloomberg capped at 1.5275. • JPY: JPY strengthened against 6 G10s, cushioned only by weaker European USD vs Asian Curencies (% WOW) majors but weakened 0.6% WOW to 120.13 against a much firmer USD. Risk -1.81 -1.22 -0.94 -0.67 appetite has been switching on and off lately, contributing to a more supported IDR JPY but we reckon that in the absence of major data next week, markets may SGD edge higher and thereby dampening demand for refuge. We also caution that INR -0.41 USD Appreciated MYR TWD -0.33 -0.13 -1.50 -1.00 more monetary easing, pushing JPY lower. Technically, we note potential failure approaching firm resistance at 120.40, which could trigger a drop to circa 119.62. KRW THB • AUD: AUD that was initially boosted by signs of improvement in Chinese -0.12 CNY manufacturing sector and RBA’s refrain from reducing cash target rate fell to -0.12 PHP USD strength to close 0.23% WOW lower at 0.7782. However, AUD managed to -0.01 HKD -2.00 major downside revision in Japan 4Q GDP may spark speculation of the need for -0.50 0.00 strengthen agaisnt 7 G10s. AUD remains prone to downside bias in our view given a firm USD, and we expect the pair to likely shift lower leading up to Australian employment data. We note that sustained break below 0.7784 would trigger a move back towards 0.77 mark and possibly even below. Source: Bloomberg • SGD: SGD continue to be subjugated by a firm USD, slipping for 4 out of 5 trading days to end 0.94% WOW weaker at 1.3710, its weakest level in more than 4.5y. SGD ended lower against 7 G10s. However, we expect a better performance from SGD on expectation of recovery in risk appetite amid a lack of market moving events. Firmer Singapore data should add scope for SGD to recover from recent sharp losses though gains, if any, will likely be mild given an overall firm USD. 4 Fixed Income & Economic Research Weekly Market Highlights Technical Analysis: Currency Current price 14-day RSI Support - Resistance EURUSD 1.1023 27 1.1033 GBPUSD 1.5242 43 1.5187 USDJPY 119.9700 58 USDCNY 6.2662 62 USDSGD 1.3700 AUDUSD NZDUSD Moving Averages Call 30 Days 100 Days 200 Days 1.1528 1.1033 1.1528 1.1303 NEGATIVE 1.5534 1.5187 1.5534 1.5290 NEGATIVE 118.21 120.41 118.2100 120.4100 118.8300 POSITIVE 6.2351 6.2767 6.2351 6.2767 6.2536 POSITIVE 67 1.3494 1.3702 1.3494 1.3702 1.3562 POSITIVE 0.7793 44 0.7723 0.7870 0.7723 0.7870 0.7805 NEGATIVE 0.7493 48 0.7383 0.7615 0.7383 0.7615 0.7450 NEGATIVE USDMYR 3.6535 61 3.5576 3.6685 3.5576 3.6685 3.6094 POSITIVE EURMYR 4.0274 36 4.0098 4.1492 4.0098 4.1492 4.0821 NEGATIVE GBPMYR 5.5695 56 5.4414 5.6564 5.4414 5.6564 5.5154 NEUTRAL JPYMYR 3.0458 54 2.9837 3.0730 2.9837 3.0730 3.0375 POSITIVE CHFMYR 3.7550 39 3.7497 3.9030 3.7497 3.9030 3.8609 NEUTRAL SGDMYR 2.6685 53 2.6309 2.6846 2.6309 2.6846 2.6621 POSITIVE AUDMYR 2.8475 54 2.7602 2.8735 2.7602 2.8735 2.8188 POSITIVE NZDMYR 2.7366 56 2.6359 2.7807 2.6359 2.7807 2.6893 NEUTRAL Trader’s Comment: Is that time of the month again where all eyes on U.S Non-Farm Payrolls data coming out later tonight. It was a fairly muted week during Asia time zone where all the FX moves were done and dusted during London and New York time. The Euro looks incredibly weak this morning after breaking down through the January low overnight. The key catalyst is hard to pin down. But having said that sentiment is clearly against the Euro as the US economy looks set to continue to lift and the Fed seems on track to tighten. The Euro Dollar once fell below the 1.10 level – the lowest since September 2003. ECB held their benchmark interest rates unchanged in line with market expectation. President Draghi said in the press later, the bond purchase will start from 9th March and will continue if the inflation rate is still not satisfactory. The Euro once touched day highs of 1.11 during Draghi’s speech but quickly reversed all gains and refreshed the day low. The 1.1000 level may provide some support in the short term and next support below is September 2003’s low of 1.0760. Two U.S employment data this week have been softer-than-expected. ADP’s national employment report showed a gain of 212,000 private-sector jobs. Economists had expected 219,000 new jobs. Unemployment claims rose last week by 7,000, adding to a total of 320,000 higher than the forecast 295,000. The NFP does not correlate with both figures, but since they are employment indicators, it would not be a surprise if NFP underperforms versus expectations. 240k is expected for NFP tonight. On the Ringgit, its been a whipsaw week. Local traders were directionless and offshores as well. Corporate flows dominated most of the MYR moves. We traded to a high of 3.6115 and a low of 3.6620 against the USD. Agent banks were seen supporting the slide near the lows as market players pared risk going into BNM’s MPC meeting and NFP. As expected, BNM held rates at 3.25% and no change in policy tone. Have a great weekend. 5 Fixed Income & Economic Research Weekly Market Highlights FX Technical Charts USDMYR EURMYR Resistance: 3.6685 Support: 3.5576 Resistance: 4.1492 Support: 4.0098 Source: Bloomberg Source: Bloomberg GBPMYR JPYMYR Resistance: 5.6564 Resistance: 3.0730 Support: 5.4414 Support: 2.9837 Source: Bloomberg Source: Bloomberg AUDMYR SGDMYR Resistance: 2.6846 Support: 2.6309 Resistance: 2.8735 Support: 2.7602 Source: Bloomberg 6 Source: Bloomberg Fixed Income & Economic Research Weekly Market Highlights Review & Outlook Fixed Income % Benchmark MGS Yields 3Y MGS 5Y MGS 10Y MGS 5.2 4.7 9bps for the 5- and 10-year notes. 10-year UST yields rebounded from a low of 1.99% to 2.12% as at yesterday’s close while 2-year note yields fell 1bp WOW to 0.64%. This week, report showed the US economy moderated less than expected to 2.2% QOQ in 4Q while both manufacturing and services remained expansionary 4.2 3.7 3.2 2.7 bps MGS Yield Spread Jan-15 Jul-14 Jul-13 Jan-14 Jan-13 Jul-12 Jul-11 Jan-12 Jan-11 Jul-10 Jul-09 Jan-10 Jul-08 Jan-09 Jan-08 2.2 3/10Y 200 3/5Y 150 100 50 % Jan-15 Jul-14 Jan-14 Jul-13 Jan-13 Jul-12 Jan-12 Jul-11 Jan-11 Jul-10 Jul-09 Jan-10 Jan-09 Jul-08 Jan-08 0 -50 • The UST curve steepened again, with the 2/10 spread widening by 9bps WOW to 148bps . Improved risk appetite and largely positive US economic data that reinforced the Fed rate normalization path exerted a drag on UST, pushing yields up 4- MYR IRS Curve 6.0 3Y IRS 5.5 5Y IRS 5.0 7Y IRS 4.5 albeit at varying speed. ADP report also reported continuous job gains that reinforced the case of more solid recovery in the US job market. In line with this, surveys from the Fed Beige Book said economic activities continued to expand in all but one districts, and so was consumer spending. We continue to expect UST to be well supported by widening yield differential as the US will remain the forerunner in raising rates vis-à-vis extended easing mode by other major central banks. • At the local front, MYR govvies took cue from weaker MYR and fell. Yields were seen nudging higher gradually across the curve through the week amid lighter volume before heavier trading interests resumed yesterday. 10-year MGS yields rose 5bps WOW to 3.91% while the 3-year note yields climbed 2bps to 3.44% as at yesterday’s close. The yield curve steepened a little to 47bps from 44bps a week ago. Newly issued GII 08/20 attracted a lot of interests and so were other GII issuances amid bargain hunting. Trading in the MGS space paled in comparison although movement in yields differed little from those of GII. PBoC and RBI “surprised” rate cut this week somewhat dented MYR performance and local bond performance. With BNM striking a neutral policy tone, somewhat dampening speculation that BNM could join other central banks in cutting rates, we could expect to see some bids back to the local bond scene. 4.0 3.5 3.0 2.5 Jan-15 Jul-14 Jan-14 Jul-13 Jan-13 Jul-12 Jan-12 Jul-11 Jan-11 Jul-10 Jan-10 Jul-09 Jan-09 Jul-08 Jan-08 2.0 • On the PDS front, we continue to see rotational interests from the govvies space given attractive credit spreads in corporate papers. GG and AAA-rated papers continued to top interest with notable trades in DanaInfra, BPMB, PLUS, and Caga. We also see some trading interests in energy names. Expect bargain hunting to continue amid more appealing credit spreads. Rating Actions Issuer PDS Description Rating/Outlook Action Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) RM510 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) RM365 million Bank Guaranteed Serial Fixed Rate Bonds (BG bonds) A+ID/ Stable AA-(bg) /Stable Affirmed Source: MARC, RAM 7 Fixed Income & Economic Research Weekly Market Highlights Economic Calendar Release Date Date Country 03/12 MA 03/18 03/20 Reporting Period Survey Prior Revised Industrial Production YoY Jan -- 7.40% -- Manufacturing Sales Value YoY Jan -- 2.10% -- CPI YoY Feb -- 1.00% -- Event 13-Mar -- -- -- NFIB Small Business Optimism Feb 99 97.9 -- Wholesale Inventories MoM Jan -0.20% 0.10% -- 03/11 MBA Mortgage Applications 6-Mar -- 0.10% -- 03/12 Retail Sales Advance MoM Feb 0.50% -0.80% -- 7-Mar -- -- -- Feb 0.30% -0.80% -- U. of Mich. Sentiment Mar P 96 95.4 -- Empire Manufacturing Mar -- 7.78 -- Industrial Production MoM Feb -- 0.20% --- 03/10 Foreign Reserves US Initial Jobless Claims 03/13 PPI Final Demand MoM 03/16 03/17 NAHB Housing Market Index Mar -- 55 Housing Starts MoM Feb -- -2.00% -- Building Permits MoM Feb -- -0.70% 0.00% 03/18 MBA Mortgage Applications 13-Mar -- -- -- 03/19 FOMC Rate Decision (Upper Bound) 18-Mar 0.25% 0.25% --- Current Account Balance Initial Jobless Claims Philadelphia Fed Business Outlook 4Q -- -$100.3B 14-Mar -- -- -- Mar -- 5.2 -- Leading Index Feb -- 0.20% -- Sentix Investor Confidence Mar -- 12.4 -- 03/12 Industrial Production SA MoM Jan -- 0.00% -- 03/17 ZEW Survey Expectations Mar -- 52.7 -- Feb F -- -0.30% -0.60% 03/09 EU CPI YoY 03/18 03/19 Trade Balance SA Jan -- 23.3B -- Construction Output MoM Jan -- -0.80% -- ECB Publishes Economic Bulletin ECB Current Account SA Jan -- 17.8B -- Industrial Production MoM Jan -- -0.20% -- Manufacturing Production MoM Jan -- 0.10% -- NIESR GDP Estimate Feb -- 0.70% -- RICS House Price Balance Feb -- 7% -- Visible Trade Balance GBP/Mn Jan -- -10154 -- 03/13 Construction Output SA MoM Jan -- 0.40% -- 03/16 Rightmove House Prices MoM Mar -- 2.10% -- 03/18 Jobless Claims Change Feb -- -38.6K -- ILO Unemployment Rate 3Mths Jan -- 5.70% -- 03/11 UK 03/12 Bank of England Minutes 03/19-03/23 03/20 03/09 Mar -- 10 -- Feb -- -18.9B -- BoP Current Account Balance Jan ¥182.6B ¥187.2B -- GDP SA QoQ 4Q F 0.50% 0.60% -- Eco Watchers Survey Outlook Feb -- 50 -- Feb P -- 20.40% -- 03/10 Machine Tool Orders YoY 03/11 PPI YoY Feb 0.50% 0.30% -- Machine Orders MoM Jan -4.20% 8.30% -- Tertiary Industry Index MoM Jan 0.40% -0.30% -- BSI Large All Industry QoQ 1Q -- 5 -- 03/12 8 JP CBI Trends Total Orders Public Finances (PSNCR) Fixed Income & Economic Research Weekly Market Highlights BSI Large Manufacturing QoQ 1Q -- 8.1 -- Consumer Confidence Index Feb -- 39.1 -- 03/13 Industrial Production MoM Jan F -- 4.00% -- 03/17 Leading Index CI Jan F -- -- -- 17-Mar -- Â¥80T -- BOJ Annual Rise in Monetary Base Bank of Japan Monetary Policy Statement 03/18 Nationwide Dept Sales YoY Feb -- -2.80% -- Trade Balance Feb -- -¥1177.5B -¥1179.1B Feb -- 17 -- Feb F -- -- -- Exports YoY Machine Tool Orders YoY 03/19 All Industry Activity Index MoM Jan -- -0.30% -- 03/20 Supermarket Sales YoY Feb -- -1.70% -- Exports YOY Feb 13.8% -3.3% -3.2% CPI YoY Feb 1.00% 0.80% -- PPI YoY Feb -4.40% -4.30% -- Retail Sales YTD YoY Feb 11.60% -- -- Industrial Production YTD YoY Feb 7.70% -- -- Fixed Assets Ex Rural YTD YoY Feb 15.00% -- -- Foreign Direct Investment YoY Feb -- 29.40% -- Industrial Production YoY 4Q -- -1.80% -- PPI YoY 4Q -- 1.30% -- 03/17 Unemployment Rate SA Feb -- 3.30% -- 03/20 CPI Composite YoY Feb -- 4.10% -- Unemployment rate SA 4Q F -- 1.90% -- Retail Sales YoY Jan -- 2.60% -- Non-oil Domestic Exports YoY Feb -- 4.30% -- NAB Business Conditions Feb -- 2 -- NAB Business Confidence Feb -- 3 -- Westpac Consumer Conf Index Mar -- 100.7 -- Home Loans MoM Jan -1.50% 2.70% -- Consumer Inflation Expectation Mar -- 4.00% -- Employment Change Feb 11.0K -12.2K -- Unemployment Rate Feb 6.40% 6.40% -- 03/08 CH 03/10 03/11 03/14-03/18 03/13 03/13 HK SG 03/17 03/10 AU 03/11 03/12 03/17 RBA March Meeting Minutes 03/18 Westpac Leading Index MoM Feb -- 0.10% -- REINZ House Price Index MoM Feb -- -1.00% -- REINZ House Sales YoY Feb -- 2.60% -- 03/12 RBNZ Official Cash Rate 12-Mar 3.50% 3.50% -- 03/13 BusinessNZ Manufacturing PMI Feb -- 50.9 -- 03/16 Performance Services Index Feb -- 57.8 -- 03/19 GDP SA QoQ 4Q -- 1.00% -- 03/20 ANZ Consumer Confidence Index Mar -- 124 -- 03/10-03/13 NZ Source: Bloomberg 9 Fixed Income & Economic Research Weekly Market Highlights Hong Leong Bank Berhad Fixed Income & Economic Research, Global Markets Level 6, Wisma Hong Leong 18, Jalan Perak 50450 Kuala Lumpur Tel: 603-2773 0469 Fax: 603-2164 9305 Email: [email protected] DISCLAIMER This report is for information purposes only and does not take into account the investment objectives, financial situation or particular needs of any particular recipient. 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