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Canada's inflation slowed in September as gas prices declined significantly; the New York Fed's September survey shows inflation expectations tick up at the medium- and longer-term horizons...
Japanese food and beverage operator Food Innovators Holdings (FIH) commenced trading under the code “KYB” on the Catalist board on Oct 16.
It opened at $0.20 or 9.1 per cent below its initial public offering price (IPO) of $0.22 a share.
FIH’s trading debut comes a day after the company announced that its IPO closed with 14 million of its new shares fully subscribed at $0.22 apiece.
It comprised 13 million placement shares and one million public shares, representing 10.8 per cent of the company’s total number of shares.
There were 264 valid applications for a total of 6.3 million public shares. Since there were one million shares available to the public for subscription, this translates to a subscription rate of 6.3 times.
All 13 million placement shares were also fully allotted, including 47,000 shares to chief executive Yasuaki Kubota.
The proceeds from the IPO will go towards funding the expansion of FIH’s food retail business within and outside Japan. It will also be used to purchase new Japanese food brands and for general working capital.
FIH, incorporated in 2019, has two main business pillars – food retail in Japan, Singapore and Malaysia, and restaurant leasing and subleasing in Japan.
Under food retail, FIH owns and operates restaurant concepts. It also helps Japanese food concepts expand into other markets.
FIH recorded $1.4 million in net profit in FY2024, reversing from a loss of $3.4 million in the preceding financial year. Its FY2024 revenue was $43.8 million, up 10.3 per cent.
Its listing comes as another Catalist-listed restaurant operator, RE&S, is set to be delisted.
RE&S, which runs yakiniku chain Yakiniku-Go and doughnut chain Mister Donut, is expected to be delisted on Oct 17, after the company agreed to a buy-out offer from a unit of private equity firm Southern Capital Group.
WTI Crude Oil price started a fresh decline from the $78.80 resistance.
A connecting bearish trend line is forming with resistance at $72.80 on the 4-hour chart.
Gold could aim for more gains above the $2,670 level.
Bitcoin could accelerate higher if it settles above $66,500 and $67,000.
WTI Crude Oil price rally stalled near the $78.80 resistance zone. The price started a fresh decline and traded below the $75.00 level.
Looking at the 4-hour chart of XTI/USD, the price settled below the $73.20 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bears were able to push the price below the 61.8% Fib retracement level of the upward move from the $66.94 swing low to the $78.78 high.
The bulls are now trying to protect the $69.75 support. It is close to the 76.4% Fib retracement level of the upward move from the $66.94 swing low to the $78.78 high.
On the downside, the first major support sits near the $68.50 zone. A daily close below $68.50 could open the doors for a larger decline. The next major support is $65.50. Any more losses might send oil prices toward $60.00 in the coming days.
On the upside, the price might face resistance near the $72.2 level. The next major resistance is near the $72.80 zone. There is also a connecting bearish trend line forming with resistance at $72.80 on the same chart, above which the price may perhaps accelerate higher.
In the stated case, it could even visit the $76.00 resistance. Any more gains might call for a test of the $78.80 resistance zone in the near term.
Looking at Gold, the price is still showing a lot of positive signs and might aim for more upsides above the $2,670 level.
US Import Price Index for Sep 2024 (MoM) – Forecast -0.3%, versus -0.3% previous.
US Export Price Index for Sep 2024 (MoM) – Forecast -0.4%, versus -0.7% previous.
The cryptocurrency market rose 1% in 24 hours to $2.28 trillion. The market cooled off somewhat during the day, moving away from local highs above $2.30 trillion, which were the highest in more than two weeks. Sentiment jumped sharply to ‘greed’, reaching the 65 level, the highest since late July.
The price of Bitcoin traded above $66.5K for a while on Tuesday, matching the high of 30 July. This is a very nominal break above the previous high and an attempt to consolidate above the resistance of the descending channel. An important driver is the continued optimism in the US equity markets. Barring any sudden bouts of profit-taking, Bitcoin could consolidate the breakout from the multi-month downtrend. The potential first target of the new bull rally looks to be the area of historical highs as it approaches $74K, with a more distant target of $80K by the end of the year.
According to CoinShares, global crypto fund investments increased by $407 million last week, following outflows of $147 million the week before. Bitcoin investments increased by $419 million, Solana investments increased by $0.6 million, and Ethereum investments decreased by $10 million.
According to experts, BTC’s growth is being fuelled by expectations of new stimulus measures in China. Over the weekend, Chinese Finance Minister Lan Fo’an said that the country will soon introduce a package of additional fiscal measures to support economic development.
Searches for Bitcoin on Google fell to an annual low. Searches for altcoins show a similar dynamic. At the same time, user interest in meme coins remains relatively stable. The segment is recovering despite the massive failure of new coins and the disappointment of some traders.
The UAE Central Bank has approved the launch of a dirham-based stablecoin, the AED stablecoin. This coin is leading the race to become the first issuer of a regulated stablecoin.
The World Bank faces a “challenging” task of raising a record amount of new money to help the most impoverished nations, according to a top official from the development lender.
Akihiko Nishio, vice-president of development finance, said a strong US dollar is one key factor, as are the competing funding demands on donors, including aid to support Ukraine, refugees and those impacted by higher food prices.
“We have a good chance of getting there, but it’s challenging,” Nishio said in an interview. “Given the steep appreciation of the US dollar, almost all donor currencies have depreciated,” he said, adding that some European countries will need to increase contributions by around 20% just to maintain inflation-adjusted donation levels.
World Bank president Ajay Banga last year set a goal of raising a record-breaking amount of donations for the International Development Association, the bank unit that makes low-interest loans and grants to the roughly 75 poorest countries.
The last high of US$93 billion (RM400.79 billion) was raised in the most recent donor round, which ended in 2021. Nishio said the IDA would need to mobilise at least US$105 billion just to maintain the size of replenishment in real-dollar terms.
Banga will likely make an appeal to donors, including top shareholder US, during the bank’s annual meetings next week in Washington. Final donation figures will be announced at an event in Seoul in early December.
The Washington-based lender highlighted the need for the funds in a report released Sunday that showed the poorest economies — those with annual per capita incomes of less than US$1,145 — are worse off today than on the eve of the Covid-19 pandemic.
As well, the world’s 26 poorest economies are “deeper in debt than at any time since 2006,” the fund said in the report.
US Treasury Undersecretary Jay Shambaugh said in a speech last Friday that low-income countries are spending about US$60 billion annually to service debt, up from an average of US$20 billion between 2010 and 2020.
Nishio said in the interview that he’s seeking to shore up support from nations in the Gulf Cooperation Council, which includes Saudi Arabia and the United Arab Emirates.
“Some countries are very generous donors, but we would like to see all GCC countries being generous donors,” he said, declining to name specific nations.
Nishio also said that Latin American countries Brazil, Colombia and Chile should be more involved as donors. He added that Brazil is “seriously considering” coming back as an IDA donor since its last pledge almost a decade ago.
Singapore’s small and medium-sized enterprises (SMEs) extended their growth momentum for a second consecutive quarter, according to the latest OCBC SME Index released on Oct 15.
The improvement was fuelled by broad-based growth across almost all industries, with manufacturing returning to expansion after five consecutive quarters of contraction.
The quarterly index, which tracks the business health and performance of SMEs, rose to 50.8 in the third quarter of 2024 from 50.2 in Q2.
A reading above 50 signals increased business activity compared to a year ago, while a score below 50 indicates a contraction.
The index is compiled from the transactional data of more than 100,000 OCBC SME customers in Singapore, each with annual revenues of up to $30 million.
In Q3, SME collections increased by 0.4 per cent year on year, while payments edged up by 0.3 per cent, reflecting a modest rise in operating costs.
Out of the 11 industries tracked, nearly all – except for information and communication technology (ICT) – were in expansionary range, up from seven in the previous quarter.
The manufacturing industry saw its index climb to 50.4 in Q3, up from 49.9 in Q2, driven by a 9.8 per cent year-on-year increase in collections. However, this was tempered by a 6.8 per cent rise in payments.
Overseas collections and payments also surged, rising by 25.5 per cent and 40 per cent, respectively, compared with the same period last year.
“While the recovery in global electronics demand, and improvement in business sentiments and factory output bodes well for SMEs in the industry, it remains to be seen whether growth can be sustained in the near term,” OCBC said.
Domestically oriented industries, such as food and beverage, healthcare, retail, and education, continued to “see healthy business activity”, maintaining levels similar to those seen in Q2.
In Q3, both the business services and building and construction industries returned to expansionary territory, after previously contracting.
Business services saw its index rise to 50.6, supported by strong performances in the advertising and exhibition and accounting and legal segments.
Similarly, the building and construction industry posted an index of 50.4, rebounding after a dip in the previous quarter. Although collections increased, this growth was partly offset by a rise in payments.
The ICT industry, however, continued to struggle, with the index slipping to 48.7 in Q3 – marking its ninth consecutive quarter of contraction.
Although IT consultancy and ICT manufacturing and sales recorded expansionary readings of 50.2 and 50.5, the industry remained under pressure due to weaknesses in the data processing and software development segment, which registered a reading of 48.1.
Despite these challenges, ICT business owners were relatively optimistic, with 53 per cent expecting business conditions to improve over the next six months, while only 9 per cent forecast further deterioration.
Looking ahead, the index is expected to remain slightly expansionary in Q4, supported by a recovery in global electronics demand and the prospect of further interest rate cuts.
“However, downside risks persist, as heightened geopolitical tensions would result in greater uncertainty in the macroeconomic environment,” OCBC cautioned.
Business confidence among SME owners remained similar to the previous quarter, with 48 per cent of the 1,100 respondents expecting improved performance over the next six months.
Another 40 per cent foresee steady conditions, while 11 per cent anticipate a downturn.
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