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The yield gap between U.S. and euro zone bonds is widening as Europe's sluggish economy pressures the ECB to cut rates, while U.S. resilience boosts bond yields and the dollar.
Following a quiet start to the week, the US Dollar (USD) gathered strength and managed to build on the previous week's gains, with the USD Index reaching its highest level since early August above 103.00 on Monday. The US economic calendar will not offer any high-tier data releases on Tuesday. Eurostat will publish Industrial Production data for August and Germany's ZEW economic research institute will release October sentiment data for the Eurozone and Germany. Finally, Statistics Canada will release September Consumer Price Index figures later in the American session. In the second half of the day, several Federal Reserve (Fed) policymakers are scheduled to deliver speeches.
The data from Japan showed on Tuesday that Industrial Production contracted by 3.3% on a monthly basis in August, matching the market expectation. Meanwhile, Kyodo News Agency reported that Prime Minister Shigeru Isihiba said that his government aims to compile a supplementary budget for the current fiscal year, projected to exceed last year's 13.1 trillion yen ($87.6 billion). After posting small gains on Monday, USD/JPY edges lower early Tuesday and trades below 149.50.
EUR/USD turned south in the American session on Monday and dropped below 1.0900 for the first time in over two months. The pair struggles to hold its ground in the European morning and stays below this level.
USD/CAD extended its winning streak into a ninth consecutive trading day on Monday. Ahead of the Canadian inflation report, the pair clings to small daily gains slightly above 1.3800 early Tuesday.
The UK's Office for National Statistics announced on Tuesday that the ILO Unemployment Rate eased to 4.0% in the three months to August, following July’s 4.1% reading. Additional details of the report showed the Employment Change data for August arrived at 373K, compared to 265k reported in July. Furthermore, Average Earnings excluding Bonus in the UK rose 4.9% 3M YoY in August versus a 5.1% growth seen in July. GBP/USD showed no immediate reaction to these figures and was last seen moving sideways at around 1.3050.
Gold failed to make a decisive move in either direction on Monday and closed the day virtually unchanged. XAU/USD extends its sideways grind near $2,650 in the European morning.
Kbank expects to raise over 1 trillion won ($734 million) through its upcoming initial public offering (IPO) scheduled for Oct. 30, the bank's CEO Choi Woo-hyung said, Tuesday. He stated that these funds will be focused strategically on three key areas — retail banking, small and medium-sized enterprise (SME) lending and platform development — in order to accelerate the bank’s growth.
“We plan to use the capital raised from the IPO to advance three key growth strategies — retail banking, SME lending and platform development — as well as enhance risk management and technology,” Choi said during a press conference in Seoul.
“By doing so, Kbank aims to further promote inclusive finance and drive financial innovation.”
The high-profile IPO of the nation’s first internet-only bank consists of a total of 82 million shares, with the expected offering price per share ranging from 9,500 won to 12,000 won.
Based on the upper end of this range, the total amount raised through the IPO is expected to reach 984 billion won.
Once the listing on the country’s main KOSPI exchange is completed, the 725 billion won raised from the previous paid-in capital increase will also be recognized as part of its capital when calculating the Bank for International Settlements (BIS) capital adequacy ratio. As a result, the bank expects a capital inflow effect exceeding 1 trillion won from the listing.
The company will finalize its IPO price this Friday. There will be a public subscription from Monday to Tuesday. The listing date is set for Oct. 30.
Choi said that in the retail sector, Kbank plans to launch competitive demand deposit accounts and specialized deposit products tailored to customer needs, noting that this strategy will help the bank establish an efficient funding structure.
The bank intends to further expand its business loan portfolio in the small office and home office (SOHO) and SME markets.
Additionally, the firm is pursuing a so-called "open ecosystem strategy," which focuses on building partnership ecosystems through collaborations with leading companies in various industries, rather than relying on specific large platforms or affiliates. This approach aims to expand its platform business effectively.
Choi highlighted that the bank has introduced a variety of innovative non-face-to-face financial products, including the country’s first fully online apartment mortgage, since its launch in April 2017.
The firm has experienced rapid growth in both its customer base and deposits. It has a total of 12.04 million customers as of September this year, while its deposit balance stood at approximately 22 trillion won and loan balance at 16 trillion won, as of the first half of this year.
It achieved its first profit in 2021 and has maintained a streak of three consecutive years of profitability. In the first half of this year alone, the bank reported a net profit of 85.4 billion won, marking the highest performance for a half-year period in its history.
In Germany, we get the ZEW index for October, which will give an update on how investors asses the economic situation in Germany. In September, the assessment of the current situation declined to the lowest level since Covid, and expectations declined in a sign of the weakness in the German economy.
In Sweden, the final inflation figures (08:00 CET) are likely to be in line with the preliminary estimates, that is, CPIF at 1.1% and CPIFxE at 2.0%. Instead, focus will be on the details behind the headline numbers. Separately, Public Employment Service releases labour market data for September this morning, where the trend has been one of a higher unemployment rate. Finally, the Riksbank board members testify before the Riksdag Finance Committee at 09:00 CET. Since the last forecast and monetary policy meeting, Swedish growth and inflation data has been in line with or slightly stronger than Riksbank forecasts. Hence, we expect that they will communicate that the baseline of 25bp in November still holds.
We get the UK labour market report for August/September, which is showing broad easing in the labour market and wage growth.
We also keep an eye on CPI data out of Canada and New Zealand.
What happened overnight
In China, a Caixin Global report said that China may raise USD 850bn over the next three years to finance its awaited fiscal stimulus package. The report comes after the Chinese finance minister Lan Fo’An announced on Saturday that China plans to significantly increase debt to stimulate the economy.
In the US, Fed’s Waller called for more caution on interest rate cuts going forward. Waller said that the US economy is in a sweet spot, and Fed’s job is to keep the economy there, as labour market remains healthy, and inflation is coming back to the 2% target. After cutting interest rates by 50bp at the last meeting Fed now needs to continue at a deliberate pace, Waller said. Fed’s Kashkari said that it would be appropriate to consider modest rate cuts going forward, while Fed is on the edge of the 2% inflation target.
What happened yesterday
OPEC revised down their forecast for global oil demand for 2024 and 2025. Now OPEC expects daily demand to increase by 1.93m barrels, which are 106,000 fewer than in their previous estimates, while for 2025 the demand forecast has been decreased by 100,000 barrels per day. In recent days markets have speculated in weak Chinese demand as a potential reason for lower oil demand. Later yesterday, Washington Post reported that Israeli prime minister Netanyahu had told the US government that an Israeli response to Iran’s 1 October attack would not target energy infrastructure such as oil but rather military targets. Oil prices ended last week at nearly 79 USD/barrel, and this morning it has dropped to around 75.3 USD/barrel.
In China, we received data on exports and credit growth. Export growth fell to 2.4% year- on-year from 8.7% in August, below the consensus forecast of 6.0%, and credit growth remained soft. Combined with the low core inflation in September the data highlights the need for further stimulus.
In the Middle East, Israel expanded its attack in Lebanon to the northern town of Aitou, where at least 21 were killed. Until now Israel has hit primarily southern cities and suburbs of Beirut.
FI: European rates traded in a very tight range yesterday (with a marginal upward trend of 2bp across the curve) with US out for Columbus Day, no key data releases and the ECB meeting on Thursday. Front-end pricing was steady at 23bp for the October meeting and a cumulative 150bp by year-end 2025. Bund-ASW hit new lows at 22.3bp (-2bp on the day).
FX: In a relatively slow start to the week the USD has been the clear outperformer among FX majors while ZAR and NOK have traded heavy. EUR/USD has moved just below 1.09 while EUR/NOK is back close to 11.80. USD/JPY continues to trade just below 150 while EUR/GBP is setting new weekly lows amid speculations of an aggressive cutting cycle from the BoE easing. Finally, the recent range trading from EUR/SEK continues with the cross still being stuck in the mid-11.30s.
Malaysia will likely raise spending in the federal budget for 2025, drawing comfort from robust economic growth that will help the government avoid stretching its finances further.
The expansionary policy will lift total fiscal expenditure above RM400 billion for the first time ever, a survey of economists by The Edge shows, as the government raises allocation for operations but reduces the budget for development.
Prime Minister Datuk Seri Anwar Ibrahim is widely expected to announce massive cash handouts, outlays for existing and new infrastructure projects, as well as a splurge on salaries for civil servants, when he presents Budget 2025 in Parliament this Friday (Oct 18).
The largesse, however, would mean that the government will undershoot its own target to shrink the gap in its finances.
Budget deficit, as a proportion of economic output, will likely come in at 3.8% in 2025, according to the median estimate of 11 economists in The Edge’s poll. That compares to the 3.0%-3.5% target set during the 12th Malaysia Plan’s mid-term review.
“The stakes are high,” said OCBC senior economist Lavanya Venkateswaran. “There is a need to balance the fiscal consolidation agenda with growth, development and social objectives.”
The same poll by The Edge shows that Malaysia’s economy may expand at a median 4.8% next year.
To finance the expenditures, tax experts and economists say Anwar is expected to expand the scope of existing taxes, such as raising the duty on sugary drinks, rather than introduce new levies.
Goods-and-services tax (GST) is also unlikely to make a comeback next year, even as economists have been calling for the return of the highly unpopular multi-tier consumption tax that would significantly widen its tax base.
Malaysia’s tax revenue stood at only 12.6% of gross domestic product (GDP) in 2023, one of the lowest in Southeast Asia.
“While we do not expect the reintroduction of the GST in the near term, we anticipate [that] the government will pivot towards alternative strategies that support revenue growth, without dampening consumer or business confidence,” said Kenanga Investment Bank.
Malaysia has been trying to lower a long-running fiscal deficit that stretches back to the 1998 Asian Financial Crisis. This year, the government is targeting to narrow its budget’s gap-to-GDP to 4.3%, from 5% last year.
Apart from expanding state coffers, a key plank to fixing government finances is cutting fuel subsidies deemed wasteful and channel the savings to other productive uses.
The government has withdrawn blanket subsidies for diesel this year, and economists have had high hopes that the rationalisation of the RON95 petrol that takes up a large chunk of its subsidy bill annually, would follow suit.
The current environment presents a good opportunity for the government to press ahead with the much needed fiscal and structural reforms in 2025, without burdening the low-income groups, said TA Securities.
“We believe the government will seize this newfound strength to find ways to increase revenue, boost productivity, invest in high yielding ventures, continue upgrading infrastructures, attract investments, cut subsidies and promote sustainable development, without neglecting the socio-economic aspects (of these ventures),” the house said.
On Monday (Oct 14), Economy Minister Rafizi Ramli said Malaysia’s better-than-expected economic growth and the strengthening of the ringgit has given more flexibility for the government to achieve its fiscal consolidation targets.
“With higher economic growth, we have slightly more room to navigate, to meet our fiscal glide target,” he said. “The strengthening of the ringgit also means less pressure on subsidy bills.”
Any cuts to subsidies would help lower the government’s operating expenditure currently financed by revenue. Under Malaysia’s fiscal rules, any government borrowings to cover the budget shortfall are only to finance development expenditure.
As finance minister, Anwar is also expected to continue to dish out cash generously to the lowest income groups, to help boost disposable income amid rising costs of living.
The government has trimmed subsidies — including on electricity and diesel, which could generate some RM8 billion in savings for the government annually — only to later announce an increase in civil servant salaries, totalling RM10 billion, starting next year.
That would swell the government’s allocation for operating expenditure to RM314 billion, The Edge’s poll showed. This is an additional RM10.2 billion compared to the RM303.8 billion allocated in Budget 2024.
Those rigid expenditures — emoluments, pensions payments, and debt service charges — will take up close to two-thirds of government revenue this year, and are only expected to continue growing.
The progressive wage policy also requires government support when it is fully implemented this month. The policy is expected to cover some four million people earning a monthly salary of between RM1,500 and RM4,999 in the formal sectors.
Development expenditure, meanwhile, will dip from RM90 billion allocated in Budget 2024 to RM87 billion, to keep a lid on government borrowings, according to economists surveyed. Under a law passed last year, annual development expenditure is capped under 3% of the GDP.
Still, several existing high-profile projects announced, require funding in 2025. The economic sector would likely remain the largest recipient of development allocation with a focus on the transportation sub-sector, said RHB Investment Bank.
The continuation of projects such as Central Spine Road, East Coast Rail Link, and the Rapid Transit System Link “will propel a surge in public investments and [the] construction sector for the upcoming years,” the house said.
Malaysia is also in the final year of its 12th Malaysia Plan (12MP), and the government had raised its total spending allocation to RM415 billion during the plan’s mid-term review in 2023, from RM400 billion when the plan was launched in 2021.
Total Industry Volume (TIV) in September came 15% lower at 58,032 units from 68,174 a year ago, the Malaysian Automotive Association (MAA) said on Tuesday.
Meanwhile, TIV for the year-to-date (YTD) period in September 2024 was 4% higher at 594,037 compared with 571,957 recorded in the corresponding period in 2023.
The shorter working month in September played a role in dampening sales figures.
Additionally, consumers adopting a wait-and-see approach, pending the announcement of the National Budget 2025, also contributed to the slowdown.
On a month-on-month basis, September's TIV was 20% lower than August's 72,367 units.
MAA forecasted sales in October 2024 to be higher than the September 2024 level, MAA said.
The number of passenger vehicles sold in September 2024 slipped 14% to 52,922 units from 61,548 units a year ago, while the number of commercial vehicles sold dropped 23% to 5,110 units from 6,626 units.
Similarly, there was a 6% increase in YTD passenger vehicles sold in 2024 to 543,903 units from 512,951 units. However, there was a 15% decline in commercial vehicles YTD to 50,134 units from 59,006 units.
Total production during the month under review fell 20% to 55,383 units from 69,133 a year ago. For the first nine months, production rose 5% to 593,050 from 566,442.
In July, MAA raised its vehicle sales forecast for this year by 3.38% following strong sales in the first half of the year. TIV is expected to come in at 765,000 units for 2024 compared with the 740,000 units projected at the start of the year.
Based on the total vehicles sold so far this year of 533,301 units, at least another 231,699 units will have to be sold within the next four months to achieve MAA's target.
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