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US Recovery Steady; Local Stocks Regain Shine
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By: Nicholas Tan
Articles (71) Profile

In the US, the recovery appears to be on track as manufacturing data expanded at a faster pace in March to end a winter depressed 1Q14. The Institute for Supply Management’s index rose to 53.7, less than projected, from 53.2 in February. Separately, data shows February factory goods orders rose 1.6 percent, beating an advance estimate of 1.2 percent.

A report from ADP Research Institute showed that US companies boosted payrolls by 191,000 in March, up from a revised 178,000 in February, but narrowly missing the median estimate for March of 195,000, based on a Bloomberg survey of economists.

At a policy meeting in Frankfurt on 3 Apr, the European Central Bank kept interest rate unchanged at a record low of 0.25 percent, even after inflation in the Eurozone weakened to the lowest level in more than four years. Economists are now expecting Draghi to take a dovish stance and move deeper into unchartered territory in the fight against deflation, after the influential Bundesbank President Jens Weidmann gave his tacit backing to asset purchases.

The local market was perked up slightly by OCBC Bank’s lower-than-expected conditional offer for Hong Kong’s Wing Hang Bank, with the Singapore lender offering HK$38.4 billion ($6.2 billion) or HK$125 per Wing Hang share in cash, against an estimate of $6.7 billion by the street. This led the counter to gain 0.5 percent and close trading on 1 Apr at $9.56.

Among the other top performers for the fortnight were Yangzijiang Shipbuilding which rose 7.5 percent to close trading on 4 Apr at $1.14, after the company announced it has secured 18 orders worth US$815 million in March, following the eight new orders announced on 27 Feb. Foreign worker dormitory operator Centurion Corporation rose 18.9 percent over the two weeks, as investors are buoyed by the story of a disparately supply-demand imbalance in the worker’s accommodation segment.

Well trained in aspects of finance and business, Nicholas oversees the finance and manufacturing sectors at Shares Investment.

Please click here for more information about this author.

Oversea-Chinese Banking Corp  11.100 +0.09 +0.82%   
Business: [FY18 Turnover] Global corporate/investment banking (35%), global consumer/private banking (34.8%), OCBC Wing Hang (11.5%), insurance (11%), global treasury & mkts (7.7%).

Insight: May-19, 1Q19 total income rose 14.7% driven by str... Read More
Yangzijiang Shipbuilding (Hldgs)  1.120 +0.010 +0.90%   
Business: Co is one of the largest non-state owned shipbuilders in China. [FY18 Turnover] Shipbuilding (58.1%), trading (32.8%), investments (6.7%), others (2.4%).

Insight: Apr-19, 1Q19 revenue jumped 26.8% to Rmb6.3b due t... Read More
Centurion Corp  0.405 -0.005 -1.22%   
Business: Co engages in the accommodation and optical storage media manufacturing businesses. [FY18 Turnover] Workers accommodation (67.1%), students accommodation (31.4%), optical (1.5%).

Insight: Feb-19, FY18 revenue fell 12% mainly due to the le... Read More

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