MARKET OUTLOOK January 2018

Size: px
Start display at page:

Download "MARKET OUTLOOK January 2018"

Transcription

1 MARKET OUTLOOK January Fixed Income Fixed Income Outlook & Investment Strategy Given that it was the start of the new trading year, trading volume in the MGS market rebounded sharply in January 2018 to MYR 60.0b from MYR 27.6b in the previous month. There was a bear flattening on the MGS yield curve as the short end of the curve rose by 5-8 bps whilst the long end of the curve was broadly unchanged, the short end yields are more affected by OPR increases. There was no significant post OPR hike movement in bond yields as the increase was widely expected by the market. The MGS market was also supported by the appreciation of the Ringgit which breached the USDMYR barrier of 4.0 for the first time since August We expect that the direction of the domestic bond market will continue to be impacted by developments in the US bond market. The official guidance from the Fed is for 3 rate hikes in 2018, with the market widely expecting (93% probability) a 25 bps increase in March However, should inflation expectations increase in the US, there would be a risk that the Fed would decide on more rate hikes which in turn would result in higher US treasury (UST) yields. In January, the market started pricing in higher inflation expectation with the UST 10-year yield increasing from 2.46% to 2.72%. Inflation is expected to be bolstered by the low unemployment rate, the newly implemented tax cuts and a long-awaited raise in wages. The winding down of quantitative easing and increased inflationary expectations should result higher yields along the long end of the curve, preventing an inverted yield curve and thus allowing the Fed to continue its rate hike cycle. In Malaysia, following its rate hike in January there is little pressure on BNM on another rate hike for Core inflation, BNM s preferred gauge of inflation, has remained stable and within expectation at 2.2%. Whilst growth has been robust, there are no significant signs of overheating within the economy and growth should soften slightly in 2018 from 2017 s expected growth of 5.8%. As such, local investors will likely continue to be guided by external economic developments in the medium term whilst the perceived undervalued nature of the Ringgit will likely continue to attract fund flows in the near future. Page 1 of 6

2 MGS Market Whilst foreign interest in the MYR may persist, any downwards pressure on MGS yields may be hampered by rising UST yields. The yield differential between the UST 10 year and MGS 10 year has been well over 150 bps over the last 5 years, with the recent spike in UST yields the yield is only around 120 bps. A further increase in UST yields will reduce the attractiveness of mid to long end MGS vs US Treasuries, despite any perceived undervaluation of the MYR. The MGS 10 year yield may come under some pressure given that the last time OPR was at 3.25%, the MGS 10 year yield averaged 3.99% whilst UST 10 year averaged on 2.10% during that time period. With a higher UST yield and a similar OPR rate, the yield on the MGS 10 year could potentially move higher. We expect the long end of the MGS curve to have some support given the significant yield differential of 46 bps between the MGS 10 year and MGS 15 year. Corporate Bonds Market Corporate bond spreads continue to be wide with the spread between MGS 10 year and 10-year GG at around 60 bps. In 2017, we saw MGS yields decline broadly over the year whilst yields of highly rated corporate bonds of a comparable tenure actually increased slightly. Given the currently wide spreads, corporate bonds should be supported in the event of any increase in MGS yields. In the near future, the rising interest rate environment and impending general election are factors that could influence the direction of the market in 1H2018. Nevertheless, a slew of high profile rail projects such as the MRT2, MRT3, LRT3, ECRL and HSR are expected to invigorate capex especially from the construction/infrastructure sector. As such, the bulk of the corporate issuances will still be heavily weighted towards government-related entities that are tasked to finance these infrastructure projects. Investment Strategy Portfolio Duration Portfolio Duration For duration strategy, we remain structurally neutral on portfolio duration as Bank Negara has not signalled any further move in the near future. Despite the recent OPR hike, MGS yields remain supported on the back of the strengthening MYR. Duration strategy will however change if there is a shift in our expectations of the sustainability of the MYR appreciation thereby raising the risk of an MGS selloff if there is any change in the pace and quantum of US interest rate hikes. Page 2 of 6

3 Security Selection Focus on valuation play to take advantage of the volatile market to enhance portfolio return, which currently favors corporate bonds over government bonds in view of the wide corporate credit spreads. Participate in high quality lower rated corporate bonds in the primary market which offer higher yield pick-up relative to the secondary market as and when price discovery takes place for the new issuances. Page 3 of 6

4 2.0 EQUITY Global market review and strategy Dow Jones started the New Year with a solid performance, fuelled by strong macroeconomics data which suggest that momentum likely carried over into U.S. economy continued to expand at a healthy pace in the fourth quarter of last year at 2.6% on the back of solid consumer spending and resilient business capital expenditure growth, with employment growth remained resilient. In addition, stronger than expected earnings reports and guidance of a positive earnings outlook for 2018, benefitting from synchronized global economic growth and tax reform drove equity prices higher. This was despite a shallow market pullback on concerns over the government shutdown. For January, Dow Jones Industrial Index was upped by 5.79%. Meanwhile, as expected, the Federal Reserve left its benchmark interest rate range unchanged between 1.25 percent and 1.5 percent, as the economy continues to grow at a solid rate and the job market continues to gain strength. The Euro Stoxx 50 also ended the first month of the year on a positive note, registering a 3.01% monthly gain on optimism over economic growth and earnings. Positive data continues to flow in for the Eurozone, indicating 2018 economic outlook remains bright. Eurozone Gross Domestic Product ( GDP ) rose 2.5 percent in 2017, the fastest growth rate since a 3.0 percent rise in 2007, with consumer confidence index remained strong, indicating that the outlook for domestic demand remains very favourable. Current positive economic momentum and stock price growth is likely to continue for the ASIAN markets in We remain positive in China and Korea while neutral on Taiwan. China economic growth is forecasted to moderate slightly as policymaker focus on quality of growth. However, supply side reforms should improve efficiency and elevate corporate earnings in the longer term. Household consumer consumption remains resilient on buoyant job creation and rising incomes. For Korea, better corporate governance and potential improvement in shareholders return, coupled with normalization of South Korea China relations are catalyst to market. Taiwanese technology sector will continue to be supported by the global growth pick up as well as semiconductor restocking while staying selective on non-tech. India has seen earnings disappointment the past few years. Expectation started off the year high and dwindles down towards the end of the year. This time around, earnings should meet expectations given synchronized global growth, economic reforms (GST, Insolvency Banking code), and better monsoon. We maintain Neutral on India. ASEAN markets remained in tandem with the global markets momentum. The fundamental outlook for ASEAN has not changed significantly, though we should remain cognizant of the risk of inflation, accelerated rate hikes and any subsequent currency impact. Exports and tourism are still growing. Farming income, private consumption and investment remains subdued in Thailand and Indonesia, but bright in the Philippines and Vietnam. Consumer confidence is slowly improving across the region, and may tick up strongest in Indonesia if the rupiah is stable. The weaker sentiment and lower prices for ASEAN equity assets make it a more opportune time to find value, considering the improved outlook for growth vs a few quarters ago. Locally in Malaysia, external trade continued to perform favorably in Nov 2017, with exports up 14.4% y.o.y (expectation: 14.5% y.o.y, revised Oct 2017: 18.7%, YTD: 20.4% y.o.y) while imports also continued to register strong double-digit growth at 15.2% y.o.y (expectation: 14.8% y.o.y, Oct 2017: 15.2% y.o.y, YTD: 21.2% y.o.y). Page 4 of 6

5 Exports continued to be driven by the electrical and electronics ( E&E ) segment that expanded strongly by 21.0% y.o.y in November from 16.9% y.o.y in Oct This segment is envisaged to perform robustly, benefitting from the cyclical growth underpinned by a healthy external demand. Meanwhile, imports composition remains roughly the same with intermediate goods contributing the bulk at 54.9% (Oct 2017: 54.1%), capital goods at 14.0% (Oct 2017: 12.8%) and consumer goods at 8.9% (Oct 2017: 8.9%). Trade balance was sustained at RM9.95 bil (Oct 2017: RM10.44 bil), with year to date ( YTD ) balance at RM89.98 bil or 10.81% higher than the same 11 months the year before (Net exports contributed about 8.35% of 2016 GDP), suggesting a 1.0% growth contribution to GDP. IPI for Nov 2018 surprised on the upside at 5.0% y.o.y (expectation: 4.6% y.o.y, Oct 2018: 3.4% y.o.y) along with a buoyant manufacturing sales reading of 10.9% y.o.y (Oct 2018: 11.0% y.o.y), continuing to be supported by robust export demand. However, there is some expectations of a slower export demand in 2018, although mitigated by the extension of the E&E cycle as China hand phone brands delay the launch of flagships into Following BNM's guidance in November that the Monetary Policy Committee ( MPC ) "may consider reviewing the current degree of monetary accommodation," the central bank s MPC has decided to raise the overnight policy rate ( OPR ) by 25bps to 3.25% at its 25 Jan 2018 meeting. The stated rationale for the policy move is that the current growth momentum of the Malaysian economy as well as a pre-emptive move to prevent a build-up of financial imbalances that could occur from a prolonged period of low interest rates. The accompanying statement to the MPC appears neutral but the committee has kept the door open if incoming data should require further tightening. Over in the FX space, the Ringgit benefited from the greenback s weakness and expectations of the rate hike to trade down to towards the end of January. The Ringgit has strengthened 3.66% YTD and is one of the biggest gainers in the region, third behind the Thai Baht and Chinese Yuan. Global markets started 2018 with a positive note, continuing the strong run last year. This applies to the Malaysia market which has done well in the first month of the year. We maintain our positive view on the local market as the continuous robust global economic and still-benign inflation still point towards a risk on market. Other than the external tailwind, specifics drivers for local equities include 1) its laggard performance against regional peers with the possibility of catching up in the near term; 2) oil price recovery to boost local economy and improves sentiment; 3) Ringgit recovery is driving further foreign inflow; and 4) historically general election is a booster and positive driver for local market. Although we are positive on the local market but we are watchful on the near-term key risks such as 1) higher inflation expectation in the US which potentially lead to more rate hikes and higher treasury yields; and 2) potential revival of USD strength leading to weaknesses in EM assets. Locally we continue to favour sectors such as financial, oil & gas, consumer staples, externally driven small and mid-cap stocks and thematic play for the upcoming GE14. Page 5 of 6

6 Disclaimer In preparing this material, AmFunds Management Berhad has relied upon the accuracy and completeness of relevant information available from public sources. AmFunds Management Berhad does not warrant the accuracy, adequacy, timeliness or completeness of the information obtained from the public sources for any particular purpose, and expressly disclaims liability for any error, inaccuracy or omission. AmFunds Management Berhad and its employees shall not be held liable to you for any damages, losses / profits or for any investment decision that you have made by relying on the content or information in this material. You shall assume full responsibility for your use of any content or information in this material and waive all your rights (if any) against AmFunds Management Berhad. The information contained in this material is for general information only and does not take into account your individual objectives, financial situations or needs. You should seek your own financial advice from a licensed adviser before investing. You should be aware that investments in the unit trust fund carry risks. This update has been prepared for general information only and is not to be taken as containing any advice or recommendation. Wherever possible, care has been taken to ensure accuracy, and all facts and figures are correct at the time of publication. AmFunds Management Berhad shall not be held liable, for any loss or damage of whatsoever nature and howsoever caused, directly or indirectly, for readers decisions made on their finances, investments or anything whatsoever. The information contained in this update is general information only and does not take into account your individual objectives, financial situations or needs. You should seek your own financial advice from an appropriately licensed adviser before investing. PRIVACY NOTICE: AmFunds Management Berhad issued its Privacy Notice as required by Personal Data Protection Act 2010, which details the use and processing of your personal information by AmFunds Management Berhad. The Privacy Notice can be accessed via and is also available at our head office. If you have any queries in relation to the Privacy Notice of AmFunds Management Berhad, please feel free to contact our Client Service Officers at Tel: OR enquiries@aminvest.com. Page 6 of 6

MARKET REVIEW & OUTLOOK February 2018

MARKET REVIEW & OUTLOOK February 2018 MARKET REVIEW & OUTLOOK February 2018 1.0 Fixed Income Economics During the month, Malaysia s 4Q2017 GDP was released. Real Gross Domestic Product ( GDP ) grew 5.9% YoY, slightly slower than the 6.2% recorded

More information

Fund Performance Average Total Return for the Following Years Ended 28 February 2018

Fund Performance Average Total Return for the Following Years Ended 28 February 2018 Fund Information Fund Name PB Asia Emerging Growth Fund () Fund Category Equity Fund Investment Objective To achieve capital growth over the medium to long-term period by primarily investing in the securities

More information

Breakdown of Unitholdings of PGF as at 31 January 2018

Breakdown of Unitholdings of PGF as at 31 January 2018 Fund Information Fund Name Public Growth Fund () Fund Category Equity Fund Investment Objective To achieve long-term capital appreciation with income considered incidental. Fund Performance Benchmark The

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name PB Asia Pacific Dividend Fund () Fund Category Equity Fund Investment Objective To provide income by investing in a portfolio of stocks in domestic and regional markets which

More information

Monthly Outlook. June Summary

Monthly Outlook. June Summary Monthly Outlook June 2015 Summary Yields of US Treasuries (USTs) rallied in May, with the 2-year and 10-year yields up 4 and 9 basis points (bps) respectively as compared to end-april levels. During the

More information

ASEAN Insights: Regional trends

ASEAN Insights: Regional trends ASEAN Insights: Regional trends March 2018 1. Global trends BUSINESS AND CONSUMER CONFIDENCE ROBUST; US FED HIKES RATES; EQUITY MARKETS FALL The global economic environment remained positive this month.

More information

Monthly Outlook SEPTEMBER 2013

Monthly Outlook SEPTEMBER 2013 Monthly Outlook SEPTEMBER 2013 In August, the yield curve of US Treasuries continued to steepen as the likelihood of the US Fed tapering to start before year-end became stronger. Asian Local Currency fund

More information

Market Review & Outlook

Market Review & Outlook Market Review & Outlook as at 30 June 2018 Overview US It was an event-filled month, with drama at the G7 Summit, a historic landmark meeting between North Korea and the US as well as a slew of G3 central

More information

Public Islamic Asia Leaders Equity Fund (PIALEF)

Public Islamic Asia Leaders Equity Fund (PIALEF) Fund Information Fund Name (PIALEF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long term period by investing mainly in stocks of companies

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PFECTF) Fund Category Equity Fund Investment Objective To achieve long term capital appreciation by investing in securities, mainly equities, in the consumer sector in the domestic

More information

Market Review & Outlook

Market Review & Outlook Market Review & Outlook As at March 2019 Overview US US Treasuries (UST) rallied in March, suppressing bond yields to a 15-month low after a more dovish than expected policy update from the Federal Reserve,

More information

Public Islamic Asia Tactical Allocation Fund (PIATAF) Breakdown of Unitholdings of PIATAF as at 30 April 2018

Public Islamic Asia Tactical Allocation Fund (PIATAF) Breakdown of Unitholdings of PIATAF as at 30 April 2018 Fund Information Fund Name Public Islamic Asia Tactical Allocation Fund () Fund Category Mixed Asset (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PRSEC) Fund Category Equity Fund Investment Objective To seek long-term capital appreciation by investing in selected market sectors. Fund Performance Benchmark The benchmarks

More information

Breakdown of Unitholdings of PGF as at 31 July 2018

Breakdown of Unitholdings of PGF as at 31 July 2018 Fund Information Fund Name (PGF) Fund Category Equity Fund Investment Objective To achieve long-term capital appreciation with income considered incidental. Fund Performance Benchmark The benchmark of

More information

BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook

BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook 7 March 2018 ECONOMIC REVIEW March 2018 BNM MPC BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook Overnight Policy Rate maintained at 3.25%. In line with our expectation, overnight policy rate,

More information

Public Select Mixed Asset Growth Fund (PSMAGF) Breakdown of Unitholdings of PSMAGF as at 30 April 2018

Public Select Mixed Asset Growth Fund (PSMAGF) Breakdown of Unitholdings of PSMAGF as at 30 April 2018 Fund Information Fund Name (PSMAGF) Fund Category Mixed Asset Fund Investment Objective To achieve capital growth over the medium to long-term period primarily through a portfolio allocation across equities

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PIOEF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a diversified portfolio

More information

Market volatility to continue

Market volatility to continue How much more? Renewed speculation that financial institutions may report increased US subprime-related losses has sent equity markets tumbling. How much more bad news can investors expect going forward?

More information

Eurozone Economic Watch Higher growth forecasts for January 2018

Eurozone Economic Watch Higher growth forecasts for January 2018 Eurozone Economic Watch Higher growth forecasts for 2018-19 January 2018 Eurozone Economic Watch January 2018 Eurozone: Higher growth forecasts for 2018-19 Our MICA-BBVA model estimates a broadly stable

More information

GDP Forecast Revised Due to Weak Global Outlook

GDP Forecast Revised Due to Weak Global Outlook 5 July 2016 MONTHLY ECONOMIC REVIEW Jun 2016 GDP Forecast Revised Due to Weak Global Outlook Exports were down by 0.9%yoy in May, while trade balance moderated to RM3.2 billion. This was largely due to

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PBFI) Fund Category Bond Fund Investment Objective To provide a steady stream of annual income through its investment in private debt securities (bonds) and money market instruments.

More information

Improved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year

Improved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year ECONOMIC REPORT Business & Consumer Confidence 17 April 2018 Improved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year MIER s CSI rebounded to 3.5-year high. Underpin by

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name Public Asia Ittikal Fund () Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long term period by investing in a

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name Public Growth Balanced Fund () Fund Category Balanced Fund Investment Objective To achieve capital growth over the medium to long-term period through a balanced asset allocation

More information

ASEAN Insights: Regional trends

ASEAN Insights: Regional trends ASEAN Insights: Regional trends December 2017 1. Global trends CONSUMER AND BUSINESS CONFIDENCE ROBUST; UNEMPLOYMENT RATE FALLS WHILE INFLATION EDGES UP The global economic environment continued on its

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PISGIF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To seek capital growth and income by investing in a portfolio of Shariahcompliant growth and dividend

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PRS-GRF) Fund Category Core (Growth) Fund Investment Objective The Fund seeks long-term capital growth and to a lesser extent income. Fund Performance Benchmark The benchmarks

More information

Economic ProjEctions for

Economic ProjEctions for Economic Projections for 2016-2018 ECONOMIC PROJECTIONS FOR 2016-2018 Outlook for the Maltese economy 1 Economic growth is expected to ease Following three years of strong expansion, the Bank s latest

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PAIF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long term period by investing in a portfolio of investments

More information

B-GUIDE: Market Outlook

B-GUIDE: Market Outlook Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name Public Islamic Global Equity Fund () Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the long term period by investing in a

More information

B-GUIDE: Economic Outlook

B-GUIDE: Economic Outlook Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy

More information

Growth and Inflation Prospects and Monetary Policy

Growth and Inflation Prospects and Monetary Policy Growth and Inflation Prospects and Monetary Policy 1. Growth and Inflation Prospects and Monetary Policy The Thai economy expanded by slightly less than the previous projection due to weaker-than-anticipated

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name Public Select Treasures Equity Fund () Fund Category Equity Fund Investment Objective To achieve capital growth over the medium long-term period by investing in a portfolio of

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PBASF) Fund Category Sukuk Fund Investment Objective To provide annual income to investors through investments in sukuk and Islamic money market instruments. Fund Performance

More information

Global Equites declined from Concern over Trade War

Global Equites declined from Concern over Trade War Quarterly Market Outlook: Quarter 2 2018 on 3 April 2018 Global Equites declined from Concern over Trade War Investment Outlook for 2 nd Quarter 2018 Equity Thailand U.S. Europe Japan Asia Bond Thailand

More information

Malaysia- GDP & BOP 1Q17

Malaysia- GDP & BOP 1Q17 Real GDP growth surprised on the upside in 1Q17 Real GDP growth rose by 5.6% in 1Q17, exceeding market expectations Malaysia s real GDP growth rose by 5.6% yoy in 1Q17 (4.5% in 4Q16), significantly higher

More information

Monetary Policy Report, June 2017

Monetary Policy Report, June 2017 No. 32/2017 Monetary Policy Report, June 2017 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the June 2017 issue

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name Public China Access Equity Fund (PCASEF) Fund Category Equity Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PCIF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of Shariah-compliant

More information

Economics. Market Insight Tuesday, 6 June, Malaysia Economy. Exports and Imports slowed down in April. Chart 1: Malaysia: External Trade

Economics. Market Insight Tuesday, 6 June, Malaysia Economy. Exports and Imports slowed down in April. Chart 1: Malaysia: External Trade Market Insight Tuesday, 6 June, 2017 RM'bn Jan'10 Jan'11 Jan'12 Jan'13 Jan'14 Jan'15 Jan'16 Jan'17 % y-o-y Imran Nurginias Ibrahim imran@bimbsec.com.my PP16795/03/2013(031743) 03-26131733 www.bisonline.com

More information

Asia Watch. The US giveth, the US taketh away. Group Economics Emerging Markets Research. Group Economics: Enabling smart decisions.

Asia Watch. The US giveth, the US taketh away. Group Economics Emerging Markets Research. Group Economics: Enabling smart decisions. Asia Watch Group Economics Emerging Markets Research 1 June 18 Arjen van Dijkhuizen Senior Economist Tel: +31 68 85 arjen.van.dijkhuizen@nl.abnamro.com The US giveth, the US taketh away Growth momentum

More information

Minutes of the Monetary Policy Council decision-making meeting held on 2 September 2015

Minutes of the Monetary Policy Council decision-making meeting held on 2 September 2015 Minutes of the Monetary Policy Council decision-making meeting held on 2 September 2015 Members of the Monetary Policy Council discussed monetary policy against the background of the current and expected

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy. Foreign Exchange Rate

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy. Foreign Exchange Rate Fund Information Fund Name (PCIF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of Shariah-compliant

More information

June 2013 Equities Rally Drive Global Re-rating

June 2013 Equities Rally Drive Global Re-rating June 2013 Equities Rally Drive Global Re-rating Since the lows of 2011, global equities have rallied 30% while Earnings per Share remained flat. This has been the biggest mid-cycle re-rating of global

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PeFAF) Fund Category Mixed Asset Fund Investment Objective To achieve capital growth over the medium to long-term period through a portfolio allocation across equities and fixed

More information

ASEAN Insights: Regional trends

ASEAN Insights: Regional trends ASEAN Insights: Regional trends January 2017 1. Global trends GLOBAL ECONOMY AND EQUITY MARKETS ENTER 2017 ON A STRONG NOTE DESPITE GEOPOLITICAL UNCERTAINTIES The global economy entered 2017 on a strong

More information

BNM Annual Report 2016: Moderate outlook amid higher inflation

BNM Annual Report 2016: Moderate outlook amid higher inflation Global Markets Research Economics - Malaysia BNM Annual Report 2016: Moderate outlook amid higher inflation The Malaysian economy is expected to expand at a faster pace for the first time in three years,

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PIADF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To provide income by investing in a portfolio of stocks in domestic and regional markets that complies

More information

EconWatch. Qualms of forex volatility; strong USD prior to policy tightening in the US. 21 August 2015

EconWatch. Qualms of forex volatility; strong USD prior to policy tightening in the US. 21 August 2015 EconWatch 21 August 2015 Patricia Oh Swee Ling patricia-oh@ambankgroup.com 603-2036 2240 Qualms of forex volatility; strong USD prior to policy tightening in the US Investment Highlights Qualms of currency

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PINDGF) Fund Category Equity Fund Investment Objective To achieve a high level of capital appreciation over the medium to long term period through investments in growth industries.

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PIEMOF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth through investments in Shariah-compliant companies with mid and small market

More information

Notes: Loaded units are units which have incurred a sales charge of 3% or more. 1%-load units are units which have incurred a sales charge of 1.0%.

Notes: Loaded units are units which have incurred a sales charge of 3% or more. 1%-load units are units which have incurred a sales charge of 1.0%. Fund Information Fund Name (PEBF) Fund Category Bond Fund Investment Objective Seeks provide a combination of annual income and modest capital growth primarily through a portfolio allocation across quality

More information

4Q2013 GDP better than expected

4Q2013 GDP better than expected Mohd Afzanizam Abdul Rashid Chief Economist 03-2088 8075 afzanizam@bankislam.com.my 4Q2013 GDP better than expected GDP above expectation Malaysia s GDP scorecard for 4Q2013 released on Wednesday saw the

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Public China Access Equity Fund

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Public China Access Equity Fund Fund Information Fund Name (PCASEF) Fund Category Equity Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in the China

More information

Monetary Policy Report, September 2017

Monetary Policy Report, September 2017 No. 52/2017 Monetary Policy Report, September 2017 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the September

More information

SIP Aggressive Portfolio

SIP Aggressive Portfolio SIP LIFESTYLE PORTFOLIOS FACT SHEET (NOV 2015) SIP Aggressive Portfolio SIP Aggressive Portfolio is a unitized fund, which is designed to provide long term capital growth. It is designed for those who

More information

2011 Ringgit Bond Market Outlook

2011 Ringgit Bond Market Outlook 211 Ringgit Bond Market Outlook Wan Murezani Wan Mohamad Head Fixed Income Research 211 Investor Briefing 22 March 211 MALAYSIAN RATING CORPORATION BERHAD Clarity and Integrity www.marc.com.my Disclaimer

More information

Indonesia chart book Consumption trumps weak trade

Indonesia chart book Consumption trumps weak trade Economics Indonesia chart book Consumption trumps weak trade Group Research 7 August 2018 Radhika Rao Economist Please direct distribution queries to Violet Lee +65 68785281 violetleeyh@dbs.com 2Q GDP

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PIDF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To provide income by investing in a portfolio of stocks that complies with Shariah requirements and

More information

Asia Bond Monitor June 2018

Asia Bond Monitor June 2018 September 8 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Japan s industrial production fell.% on a month-on-month (m-o-m) basis but rose.% on a year-on-year (y-o-y) basis in

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name PB Indonesia Balanced Fund () Fund Category Balanced Fund Investment Objective To achieve income and capital growth over the medium long term period by investing in a portfolio

More information

No. 43/2018 Monetary Policy Report, June 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary

No. 43/2018 Monetary Policy Report, June 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary No. 43/2018 Monetary Policy Report, June 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the June 2018 issue

More information

Global PMI. Global economy starts 2017 on the front foot, PMI at 22-month high. February 8 th 2016

Global PMI. Global economy starts 2017 on the front foot, PMI at 22-month high. February 8 th 2016 Global PMI Global economy starts 2017 on the front foot, PMI at 22-month high February 8 th 2016 2016 IHS Markit. All Rights Reserved. 2 Global PMI at 22-month high The global economy started 2017 with

More information

Financial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised

Financial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure

More information

The real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.

The real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter. QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates

More information

Quarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War

Quarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Foregin Direct Investment (Billion USD) China U.S. Asia World Quarterly Economic Outlook: Quarter 3 2018 on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Thai Economy: Thai

More information

Breakdown of Unitholdings of PBSCGF as at 31 March 2018

Breakdown of Unitholdings of PBSCGF as at 31 March 2018 Fund Information Fund Name PB SmallCap Growth Fund () Fund Category Equity Fund Investment Objective To achieve capital growth over the medium long term period through investments in companies with small

More information

Themes in bond investing

Themes in bond investing For professional investors only Not for public distribution Themes in bond investing June Asia 2011 2009 outlook Introduction Asian markets enjoyed a Goldilocks economic scenario in 2010 that helped them

More information

Malaysia s Exports Performance Steadied in April Despite Sluggish Global Trade

Malaysia s Exports Performance Steadied in April Despite Sluggish Global Trade 6 June 2016 MONTHLY ECONOMIC REVIEW May 2016 Malaysia s Exports Performance Steadied in April Despite Sluggish Global Trade Exports were up by 1.6%yoy in April, higher than consensus. This was largely

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PBIBF) Fund Category Sukuk Fund Investment Objective To provide annual income to investors through investment in Islamic debt securities. Fund Performance Benchmark The benchmark

More information

Malaysia Bond Flows Update

Malaysia Bond Flows Update Malaysia Bond Flows Update Foreign net selloff lower in August, foreign buying to increase on improving fundamentals Economics Kenanga Investment Bank Berhad T: 603-2172 0880 OVERVIEW Foreign selloff moderated.

More information

Thailand chart book Asia s safe haven

Thailand chart book Asia s safe haven Economics Thailand chart book Asia s safe haven Group Research 11 October 2018 Radhika Rao Economist Please direct distribution queries to Violet Lee +65 68785281 violetleeyh@dbs.com Thai markets have

More information

Investment strategy update Fundamentals remain solid despite strong volatility

Investment strategy update Fundamentals remain solid despite strong volatility For intermediaries only. Not for further distribution. 07 February 2018 Investment strategy update Fundamentals remain solid despite strong volatility Key takeaways Global market volatility picked up strongly

More information

Leumi. Global Economics Monthly Review. Arie Tal, Research Economist. May 8, The Finance Division, Economics Department. leumiusa.

Leumi. Global Economics Monthly Review. Arie Tal, Research Economist. May 8, The Finance Division, Economics Department. leumiusa. Global Economics Monthly Review May 8, 2018 Arie Tal, Research Economist The Finance Division, Economics Department Leumi leumiusa.com Please see important disclaimer on the last page of this report Key

More information

Summary. Economic Update 1 / 7 December 2017

Summary. Economic Update 1 / 7 December 2017 Economic Update Economic Update 1 / 7 Summary 2 Global Strengthening of the pickup in global growth, with GDP expected to increase 2.9% in 2017 and 3.1% in 2018. 3 Eurozone The eurozone recovery is upholding

More information

Financial Market Outlook: Stock Rally Continues with Faster & Stronger GDP Rebound, Earnings Recovery & Liquidity

Financial Market Outlook: Stock Rally Continues with Faster & Stronger GDP Rebound, Earnings Recovery & Liquidity For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Further Stock Gains with Macro Sweet Spot & Earnings Recovery.

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PRSF) Fund Category Equity Fund Investment Objective To achieve consistent capital growth over the medium long term period and achieve a steady growth in income. Fund Performance

More information

2,500 2,000 1,500 1, , ,000-1,500-2,000-2,500. May-13. Jun-13. Apr-13. Feb-13. Mar-13

2,500 2,000 1,500 1, , ,000-1,500-2,000-2,500. May-13. Jun-13. Apr-13. Feb-13. Mar-13 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 QUARTERLY REVIEW June 213 ECONOMIC REPORT The End of Euphoria Perception vs.

More information

Key developments and outlook

Key developments and outlook 1/17 Key developments and outlook Economic growths in 2016 and 2017 remain close to the previous assessment. Better-than-expected merchandise exports and private consumption compensate for weaker-than-expected

More information

Breakdown of Unitholdings of PIX as at 31 January 2018

Breakdown of Unitholdings of PIX as at 31 January 2018 Fund Information Fund Name (PIX) Fund Category Equity Fund Investment Objective To achieve long-term capital appreciation while at the same time attempting to outperform the FTSE Bursa Malaysia Top 100

More information

Asian Insights What to watch closely in Asia in 2016

Asian Insights What to watch closely in Asia in 2016 Asian Insights What to watch closely in Asia in 2016 Q1 2016 The past year turned out to be a year where one of the oldest investment adages came true: Sell in May and go away, don t come back until St.

More information

Investment Strategy Note 24 Nov 2015

Investment Strategy Note 24 Nov 2015 India: muddling through a difficult environment India remains a long term positive story based on its economic and demographic potential despite disappointments in the recent pace of recovery. The global

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name (PIDF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To provide income by investing in a portfolio of stocks that complies with Shariah requirements and

More information

MARKET REVIEW Japan Asia Pacific ex Japan US Emerging Markets Europe

MARKET REVIEW Japan Asia Pacific ex Japan US Emerging Markets  Europe MARKET REVIEW Global stocks extended the year s rally in the final quarter of 2017. Equity investors were well rewarded the past year as global economic growth picked up more convincingly. In a first since

More information

Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009

Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com

More information

Comparison Of GST Rates And Revenue From GST In Selected Asian Countries. Initial Standard Rate (%)

Comparison Of GST Rates And Revenue From GST In Selected Asian Countries. Initial Standard Rate (%) The Impact Of GST It took 1 years from when the Goods and Services Tax (GST) was first mooted in Malaysia to its implementation on April 1,1. The move was announced at Budget 1 to replace the existing

More information

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy Fund Information Fund Name Public Islamic Treasures Growth Fund () Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium long-term period by investing

More information

for trusting us on our journey to be one of the top asset management companies in South East Asia The Edge-Thomson Reuters Lipper Fund Awards 2016

for trusting us on our journey to be one of the top asset management companies in South East Asia The Edge-Thomson Reuters Lipper Fund Awards 2016 for trusting us on our journey to be one of the top asset management companies in South East Asia The Edge-Thomson Reuters Lipper Fund Awards 2016 Group Award Best Overall Group Individual Awards CIMB-Principal

More information

Eurozone. Economic Watch FEBRUARY 2017

Eurozone. Economic Watch FEBRUARY 2017 Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an

More information

Economic Projections For 2014 And 2015

Economic Projections For 2014 And 2015 Economic Projections For 2014 And 2015 Article published in the Quarterly Review 2014:3, pp. 77-81 7. ECONOMIC PROJECTIONS FOR 2014 AND 2015 Outlook for the Maltese economy 1 The Bank s latest macroeconomic

More information

Global PMI. Global economy buoyed by rising US strength. June 12 th IHS Markit. All Rights Reserved.

Global PMI. Global economy buoyed by rising US strength. June 12 th IHS Markit. All Rights Reserved. Global PMI Global economy buoyed by rising US strength June 12 th 2018 2 Global PMI rises but also brings signs of slower future growth At 54.0 in May, the headline JPMorgan Global Composite PMI, compiled

More information

Economic Projections :3

Economic Projections :3 Economic Projections 2018-2020 2018:3 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest projections foresee economic growth over the coming three years to remain

More information

Global PMI. Solid Q2 growth masks widening growth differentials. July 7 th IHS Markit. All Rights Reserved.

Global PMI. Solid Q2 growth masks widening growth differentials. July 7 th IHS Markit. All Rights Reserved. Global PMI Solid Q2 growth masks widening growth differentials July 7 th 2017 2 Widening developed and emerging world growth trends The global economy enjoyed further steady growth in June, according to

More information

Surprisingly strong 1Q GDP

Surprisingly strong 1Q GDP Global Markets Research Economics - Malaysia Surprisingly strong 1Q GDP The Malaysian economy grew at a surprisingly strong pace of 5.6% YOY in 1Q17, marking its best growth in two years led by an impressive

More information

IMF forecasts India s GDP growth to improve from 6.7% in FY2018 to 7.4% in FY2019 : World Economic Outlook

IMF forecasts India s GDP growth to improve from 6.7% in FY2018 to 7.4% in FY2019 : World Economic Outlook All Members, IMF forecasts India s GDP growth to improve from 6.7% in FY2018 to 7.4% in FY2019 : World Economic Outlook International monetary fund (IMF) in its latest update on World Economic Outlook

More information

Economic projections

Economic projections Economic projections 2017-2020 December 2017 Outlook for the Maltese economy Economic projections 2017-2020 The pace of economic activity in Malta has picked up in 2017. The Central Bank s latest economic

More information

Economic Projections :2

Economic Projections :2 Economic Projections 2018-2020 2018:2 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest economic projections foresee economic growth over the coming three years to

More information

Edited Minutes of the Monetary Policy Committee Meeting (No. 4/2017) 5 July 2017, Bank of Thailand Publication Date: 19 July 2017

Edited Minutes of the Monetary Policy Committee Meeting (No. 4/2017) 5 July 2017, Bank of Thailand Publication Date: 19 July 2017 Edited Minutes of the Monetary Policy Committee Meeting (No. 4/2017) Members Present 5 July 2017, Bank of Thailand Publication Date: 19 July 2017 Veerathai Santiprabhob (Chairman), Mathee Supapongse (Vice

More information

Eurozone Economic Watch. July 2018

Eurozone Economic Watch. July 2018 Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover

More information