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NZ Dollar Rises Against Majors
The New Zealand dollar strengthened against the other major currencies in the Asian session on Tuesday. The NZ dollar rose to a 5-day high of 0.6787 against the U.S. dollar and a 4-day high of 82.26 against the yen, from yesterday's closing quotes of 0.6759 and 81.88, respectively. Against the euro and the Australian dollar, the kiwi edged up to 1.6075 and 1.0607 from yesterday's closing quotes of 1.6127 and 1.0625, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.68 against the greenback, 83.50 against the yen, 1.57 against the euro and 1.04 against the aussie.
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Fitch: India, Se Asia Airlines to See improved Earnings Outlook
The earnings outlook for Indian and south-east Asian airline sectors should improve in 2016, driven by higher demand, lower fuel costs and ongoing industry restructuring, Fitch Ratings says. But the operating environment will be challenging due to strong competition and capacity expansion. Macroeconomic growth should help bolster demand and top-line growth for the region's airlines, and data so far in 2015 is already showing strong demand growth. Passenger load factors (PLF) in India and south-east Asia have risen steadily, with the average PLF across seven major airlines based in the region hitting multi-year highs above 80% in 3Q15. The continued decline in global oil prices will also provide a much-needed boost to airline earnings, with Brent crude falling further so far in 4Q15. Industry consolidation and restructuring should also result in improved profitability. Nonetheless, aggressive competition and capacity expansion remain key risks for the sector over the longer term. Capacity growth in south-east Asia and India has slowed in 2015 as airlines focused on profitability, but a huge order book for new aircraft remains, which could make it difficult to improve profitability for the sector. The full report 'Improved Earnings Outlook Likely for Indian and South-East Asian Airlines' is available to subscribers at https://www.mql5.com/go?link=http://www.fitchratings.com or by clicking on the link in this media release.
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Estonia Retail Sales Growth Slows For Second Month
Estonia's retail sales growth eased for the second straight month in November, figures from Statistics Estonia showed Monday. The volume of retail sales excluding vehicles rose 6.0 percent year-over-year in November, slower than the 8.0 percent climb in the previous month. The latest rate of increase was the weakest since April this year, when it grew the same 6.0 percent. The annual sales growth in stores selling manufactured goods eased to 11.0 percent in November from 12.0 percent in October. Similarly, the retail sales growth in grocery stores moderated significantly to 1.0 percent in November from 4.0 percent in the preceding month. The retail sales of automotive fuel alone surged 8.0 percent in November from a year ago. On a monthly basis, retail sales fell 6.0 percent in November, reversing a 5.0 percent gain in the prior month. On a seasonally and working-day-adjusted basis, retail sales dropped 1.0 percent.
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Chinese shares open lower as regulator seeks to reassure traders
Chinese stocks opened lower as the regulator sought to soothe investors following Monday's plunge ignited a trading halt in the country's equities, futures, and options. The CSI 300 dropped around 2.7% before alleviating declines. Meanwhile, the MSCI Asia-Pacific Index erased 0.3 to 128.46. Japan's Topix fell 0.4%. Futures on Hong Kong's Hang Seng Index wiped out 0.4%, while South Korea's Kospi rose 0.1%.
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CEOs And Over 1,500 Startup Founders To Join Modi For 'Startup India Movement
CEOs and founders of over 1,500 startups from across the country are expected to attend the 'Start Up India' launch on January 16 where Prime Minister Narendra Modi will unveil the government's action plan for encouraging budding entrepreneurs and developing a conducive start-up ecosystem in the country. The event shall be a non-stop day long global workshop on start-up entrepreneurship and shall include panel discussions on topics such as "Unleashing Entrepreneurship and Innovation: What do Indian Startups Need to Grow and Prosper", "Celebrating Women: Stories of Innovative Women Entrepreneurs", "How digitization will change India's future", "Making Indian Healthcare Leapfrog" and "Financial inclusion is within reach". The panel discussion on "Show Me the Money: How do we Capitalize Entrepreneurship?" shall be chaired by Minister of State for Finance Jayant Sinha. A unique Question and Answer (Q&A) session titled "Face-to-face with Policy makers" is also being organized wherein secretaries of key government ministries and departments will answer questions on how government will be creating an enabling ecosystem for start-ups. The objective is to reinforce commitment of the government towards creating an ecosystem that is conducive for growth of start-ups. The event shall also feature interactive talks with global leaders and venture capitalists such as Masayoshi Son (founder and CEO, Softbank), Travis Kalanick (founder, Uber) and Adam Nuemann (founder, WeWork). A delegation of over 40 top CEOs and founders of start-ups, venture capitalists and angel investors from Silicon Valley will be attending as special guests for the event and will be taking part in interactive Q&A sessions. Google shall be conducting an innovative session titled "Launchpad GoogleAccelerator" which will involve live pitches being made by early stage start-ups to potential investors. Nikesh Arora, President & Chief Operating Officer, Softbank shall be interacting with participants on aspects relating to start-up funding. A virtual exhibition is also being organized as part of the event to showcase some of the unique and innovative work done by start-ups in the country.
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Malaysia Exports Rise In November
Malaysia's exports increased in November from a year ago, figures from the Department of Statistics showed Thursday. Exports grew 6.3 percent year-over-year in November to MYR 67.6 billion. Shipments of electrical and electronics products, which contributed 34.2 percent to total exports, rose 0.6 percent in November. Exports of refined petroleum products surged 13.2 percent. Imports climbed 9.1 percent annually in November. The increase in imports was mainly attributed to consumption goods, intermediate goods and capital goods. On a monthly basis, exports plunged 10.8 percent in November and imports declined by 9.8 percent The visible trade surplus of the country came in at MYR 10.2 billion in November, which was lower by 6.9 percent and 15.9 percent respectively for the both yearly basis as well as monthly basis.
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Fitch: Chinese Offshore Debt Issuances Face Limitations Despite New Rulesl
New rules introduced by Chinese regulators in 2015 may help to reduce structural subordination risk for Chinese corporates' offshore creditors, but these rules have limitations and may only benefit a small pool of corporates in the short-term, Fitch Ratings says in a special report. Fitch expects that the National Development and Reform Commission (NDRC) may provide "window guidance" in implementation of the new registration-based scheme, introduced in September 2015, for offshore debt issuance by Chinese corporates. Fitch believes the registration-based scheme will favour leading corporates, especially state-owned enterprises (SOEs), in government-supported sectors. The State Administration of Foreign Exchange (SAFE) eased the regulatory restrictions on cross-border guarantees in May 2015, but still prohibits the proceeds from offshore debt issuance under onshore guarantees to be repatriated back to China. Given the limitations of these new rules, keepwell deeds supplemented by equity interest purchase undertaking deeds and/or liquidity support covenant deeds may remain popular and efficient structures for issuers who wish to repatriate funds to China, although the new NDRC registration rules apply to offshore debt issued under keepwell deeds from onshore corporates as well. The full report, titled "Common Structures of Chinese Offshore Debt Issues: New Regulations Bear Monitoring as Top Chinese Corporates Seem Tipped for Gains" is available on https://www.mql5.com/go?link=http://www.fitchratings.com.
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China to face adversity in hitting 6.5% growth over 2016-2020
China will face great hardship in achieving economic growth above 6.5% between 2016 and 2020 due to sluggish global demand, escalating labor costs, and aggravating environmental concerns in the country. According to State Council's Development Research Centre President Li Wei, gross domestic product has recorded annual growth of approximately 10%. The 6.5% projection is not high, but it will be difficult to attain such pace of growth. China is scheduled to release fourth quarter and full-year GDP figures on January 19.
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Fxwirepro: Aud/jpy Extends Recovery from Multi-Year Lows, Good to Buy Dips
Poor Chinese inflation data released over the weekend raised concerns over China's ability to boost the economic growth, denting risk appetite and boosting yen. AUD/JPY hit a multi-year low of 80.88, levels not seen since Oct 2012, but was rejected at lows. The pair later rebounded higher towards 82 handle, on the back of strong pullback seen in the USD/JPY pair. Broader market sentiment will continue to dominate markets amidst a data-light economic calendar today. Strong resistance is seen at 81.95 levels, breaks above could take the pair to next hurdle at 82.95 (5-DMA) and then to 83.90 (Jan 8th highs). To the downside immediate support might be located 80.88 (Session lows Jan 11) below that at 79.50 (Oct 2012 Level). Recommendation: Good to buy dips around 81.50, SL: 80.90, TP: 82.95/83.90
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Singapore bond market sees default despite unrecognized notes
Singapore's bond market may default for the second time following lenders said Pacific Andes Resources Development Ltd. has not recognized some obligations on S$200 million ($139 million) of notes. In a January 10 filing, the Hong Kong-based company said it received a letter from HSBC Holdings Plc, alleging it breached on the 2017 securities. Investors, under the bond's terms, can request full immediate repayment in the event the firm's shares are suspended. Since November 25, Pacific Andes has halted trading in the country.
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