February 6, 2015
Global Markets Research
Weekly Market Highlights
Macroeconomics
Weekly Performance
Macro
Currency
Equity
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EU
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UK
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US
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Hong Kong
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Singapore
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Japan
Malaysia
China

A number of data releases next week served as gauge of confidence level in
the economy, from small business optimism in the US to NAB business
confidence in Australia. Closer to home, Malaysia IPI, CPI and GDP for 4Q.
Inflation and growth will likely be weigh down by lower oil prices and weaker
external demand.
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Weekly MYR Performance
Forex
MYR vs Major Counterparts (% WOW)

MYR rallied for 2 consecutive days on moderate rebound in oil prices to
strengthen 1.50% WOW against USD at 3.5742. MYR also advanced
against 7 G10s. With oil prices again showing signs of weakness, coupled
with downside risks from expectedly softer Malaysian data (IPI and GDP),
we reckon MYR will again be on the defensive next week. Having said that,
there is scope for some recovery in early week if USD turns south on
disappointment in US employment data tonight. At current levels, the
pullback that we have been rooting for is likely run its course, but we do
caution the chance of further strength on breach of 3.5200.

USD fell against all G10s while the Dollar Index pulled back to a 2-week low
of 93.52 following a run of softer US data at the start of the week coupled
with an advance risk appetite, dampening demand. We view that there is a
risk of more downsides in USD, starting with tonight’s US employment
reports, that could trigger further downward momentum into next week. On
the longer term, we maintain a slight bullish view on USD, affirmed by the
Fed that has shown no signs of dampening markets expectation of a rate
hike this year despite dovish surprises from global counterparts.
CNY
-1.50
USD
-1.50
HKD
-1.22
CHF
-1.04
MYR
Appreciated
AUD
-0.86
MYR
Depreciated
JPY
-0.83
SGD
-0.13 EUR
0.21
GBP
-2.00
The US economy remain relatively resilient even amid less optimistic growth
in other regions, particularly China, Japan, and the euro zone. Events in the
euro zone took centerstage again, after ECB’s announcement to cut funding
to debt-stricken Greece. ECB will no longer take Greek bonds as collaterals
for cash. divergence in economic growth and downside risk on inflation
continue to prevail. RBA unexpectedly cut interest rate by 25 basis points to
2.25% while BOE maintained key rate at 0.5% to remain accommodative to
growth. To counter slower growth, China join the wave of global easing by
reducing reserve ratio requirement by 50 basis points to 19.5% and we
believe a rate cut will follow suit soon. Barely over a month into 2015, central
banks in Canada, Russia, India, Singapore and some other emerging
economies have also eased monetary policy to counter lower global prices
and softer growth outlook.
↓
↓
↓
-1.59

10-y Govt Bond
Yields
-1.50
-1.00
-0.50
0.00
0.50
Indicative Yields
Fixed Income
Indicative Yields @ 5 February 2015

UST traded in volatile mode this week. 10-year UST yields were seen falling
to a 9-month low of 1.64% before settling at 1.82%, impacted by gradual
retreat in safety demand amid Eurozone’s improving sentiment. Tonight’s
nonfarm payroll data will set the tone for next week’s trading. A solid print
will reinforce the view that the Fed normalization path remains on track,
hence keeping yields supported.

At the local front, MYR govvies gained amid bargain hunting activites.
Volume was robust in this holiday shortened week and trading interests were
seen across the curve with yields gyrated lower. The brief spike in oil prices
that has prompted renewed demand for risks as well as MYR strength also
spurred demand for local govvies although we believe the oil dynamics could
work against local govvies again given protracted oversupply concern which
suggests the downside to oil prices has not been entirely eliminated. A
backdrop of moderating growth outlook locally and OPR pause could
dampen MYR performance and demand for MGS but the search for higher
yields stemming from global policy easing could keep demand for local
govvies supported.
5.50
5.00
4.50
4.00
3.50
3.00
1
2
MGS
3
Cagamas (Old)
4
5
6
Cagamas (new)
7
8
IRS
9
AAA
10
AA
Please see important disclosure at the end of the report
1
Fixed Income & Economic Research
Weekly Market Highlights
Contents
2
Macroeconomics
Page 3
Forex
Page 4
Trading Idea
Page 5
FX Technicals
Page 6
Fixed Income
Page 7
Economic Calendar
Page 8
Fixed Income & Economic Research
Weekly Market Highlights
Review
Macroeconomics

The US economy remain relatively resilient even amid less
optimistic growth in other regions, particularly China, Japan, and
the euro zone. Jump in imports led by a stronger dollar
indicated robust domestic demand, as households increased
spending amid confidence in the recovery of the economy.

Events in the euro zone took centerstage again, after ECB’s
announcement to cut funding to debt-stricken Greece. ECB will
no longer take Greek bonds as collaterals for cash. Following a
euro 60 billion asset purchase program and previous
speculation of Greece exiting the euro zone after victory of antiausterity Syriza in Greece, ECB’s decision to cut loans added to
the uncertainties in euro zone’s economy going into 2015.

Across the globe, divergence in economic growth and downside
risk on inflation continue to prevail. RBA unexpectedly cut
interest rate by 25 basis points to 2.25% while BOE maintained
key rate at 0.5% to remain accommodative to growth. To
counter slower growth, China join the wave of global easing by
reducing reserve ratio requirement by 50 basis points to 19.5%
and we believe a rate cut will follow suit soon. Barely over a
month into 2015, central banks in Canada, Russia, India,
Singapore and some other emerging economies have also
eased monetary policy to counter lower global prices and softer
growth outlook.

On the local front, exports unexpectedly edged higher,
contributed by higher E&E and LNG shipments. Trade balance
narrowed as imports grew at a faster pace against exports,
likely boosted by seasonal demand. Loose monetary policies
observed in other parts of the world, coupled with weak oil
prices will add pressure on BNM to follow suit, although we
don’t expect change in OPR for the first half of year.
6-month Macro Outlook
US
EU
UK
Japan
Australia
China
Malaysia
Thailand
Indonesia
Singapore
Economy
Inflation
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Interest
Rate
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Currency
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The Week Ahead…
3
Fixed Income & Economic Research

A number of data releases next week served as gauge of
confidence level in the economy, from small business optimism
in the US to NAB business confidence in Australia.

We expect modest growth in euro zone’s GDP and trade
balance, scheduled to be released next week. Closer to home,
China and Japan’s producer prices will likely remain lackluster
amid falling prices seen in most parts of the world.

Back home, the highlights for next week will be Malaysia IPI,
CPI and GDP for 4Q. Inflation and growth will likely be weigh
down by lower oil prices and weaker external demand.
Weekly Market Highlights
Review and Outlook
Forex

MYR: MYR rallied for 2 consecutive days on moderate rebound in oil prices to
strengthen 1.50% WOW against USD at 3.5742. MYR also advanced against 7
G10s. With oil prices again showing signs of weakness, coupled with downside
risks from expectedly softer Malaysian data (IPI and GDP), we reckon MYR will
MYR vs Major Counterparts (% WOW)
-1.59
CNY
again be on the defensive next week. Having said that, there is scope for some
-1.50
USD
recovery in early week if USD turns south on disappointment in US
-1.50
HKD
employment data tonight. At current levels, the pullback that we have been
rooting for is likely run its course, but we do caution the chance of further
-1.22
CHF
-1.04
-0.86
MYR
Appreciated
MYR
Depreciated
AUD

JPY
-0.83
strength on breach of 3.5200.
-0.13 EUR
0.21
GBP
-2.00
-1.50
-1.00
-0.50
USD: USD fell against all G10s while the Dollar Index pulled back to a 2-week
low of 93.52 following a run of softer US data at the start of the week coupled
with an advance in risk appetite, dampening demand. We reiterate our view
that USD strength is unlikely to extend without first correcting. We view that
SGD
0.00
there is a risk of more downsides in USD, starting with tonight’s US
employment reports, that could trigger further downward momentum into next
0.50
week. On the longer term, we maintain a slight bullish view on USD, affirmed
by the Fed that has shown no signs of dampening markets expectation of a
rate hike this year despite dovish surprises from global counterparts.
Source: Bloomberg

recover back to 1.1477, mostly on market sentiment with regards to situation in
Greece. We are slightly optimistic on EURUSD gaining further ground
gradually as long as it stays above 1.14, but warn that solid US employment
USD vs the G10s (% WOW)
CHF
0.28
0.36
0.46
0.65
SEK
AUD
JPY
USD
Depreciated
1.37
1.39
1.46
DKK
EUR
CAD
GBP
NZD
prints tonight would easily take the pair back sub-1.14 over the coming days.
We have previously warned that jitters from Greek elections would reverberate
post-early Feb, and caution that the current optimism is likely to be brief as
Greece and the Troika have yet to come to an agreement over the former’s
anti-austerity demands, thus we anticipate more volatility.

1.73
1.75
Better performance on the data front help lifted GBP through volatile sessions
4.19
1.00
2.00
GBP: GBP was quietly climbing this week, beating 8 G10s and strengthened
1.70% WOW against a soft USD to settle at 1.5328, nearly a 5-week high.
NOK
0.00
EUR: EUR advanced against 6 G10s while beating USD 1.37% WOW to
3.00
4.00
as Greece negotiates with the Troika, and we expect more of the same
scenario next week. Sags in either broad USD and EUR could prove beneficial
to GBP, barring any significant downward revision in inflation outlook from
BOE. Above 1.5270, we see potential of returning to 1.5425.
5.00
Source: Bloomberg

soft USD to close at 117.53. In line with our view that current optimism in
Europe to be brief, we expect demand for refuge, and thus JPY, to pick up.
This would likely extend the narrow range within which USDJPY has been
trading for 3 weeks, but a downward break would be a more plausible scenario
if US data, starting with tonight’s employment reports, disappoints. Technically,
USD vs Asian Curencies (% WOW)
-0.42
IDR
-0.10 CNY
-0.10
USD
Depreciated
PHP
JPY: JPY weakened agaisnt 6 G10s but strengthened 0.65% WOW against a
we see failure to recapture 117.88 to likely trigger losses to circa 116.00.
-0.01 HKD
TWD
USD
Appreciated
INR
KRW

0.01
AUDUSD longs have likely diminished following RBA’s move, but do not rule
out moderate rebound on excessive weakness, particularly if risk assets rally
on extended cheer from Europe. We expect rebounds, if any, to be capped at
0.55
THB
0.68
SGD
1.50
MYR
-1.00
-0.50
0.00
0.50
AUD: AUD weakened against 7 G10s but managed to pipped 0.46% higher to
0.7798 against a soft USD. Despite being caught unaware by RBA’s rate cut,
AUDUSD rode on European optimism to recoup losses. We reckon that
0.22
0.24
1.00
1.50
Source: Bloomberg
0.7906, above which is there scope for further recovery to 0.8088.
Fundamentally, we stay slightly bearish on AUDUSD on the longer term, which
we expect to turn lower soon after a rebound.
2.00

SGD: SGD ended lower against 6 G10s, failing to rally past stronger European
and commodity majors despite firmer risk appetite. Against a soft USD, SGD
strengthened 0.67% WOW to 1.3447. We are neutral on USDSGD for the next
week, likely restricted by 1.1400 – 1.1495; recent decision by MAS to slow
down the appreciation of SGD is likely to weigh on the currency, but we reckon
that USD strength / weakness resulting from refuge demand or US data
performance is likely to carry a bigger impact.
4
Fixed Income & Economic Research

SGD continued to be cheered by rising positive sentiment pre- and post-ECB
QE decision, rallying to beat all G10s except USD, against which it weakened
0.99% WOW to 1.3394. We expect SGD to remain supported by firm market
risk appetite but gains may be limited against a firm USD, more so if Singapore
industrial production data worsens next week.
Weekly Market Highlights
Technical Analysis:
Currency
14-day RSI
1.1462
43
1.1112
1.1844
GBPUSD
1.5324
56
1.4969
1.5319
1.4969
1.5319
1.5207
Positive
USDJPY
117.3900
46
116.62
118.87
116.6200
118.8700
118.3500
Negative
USDCNY
6.2383
55
6.1833
6.2748
6.1833
6.2748
6.2233
Positive
USDSGD
1.3447
56
1.3246
1.3581
1.3246
1.3581
1.3377
Positive
AUDUSD
0.7818
34
0.7631
0.8325
0.7631
0.8325
0.8030
Negative
NZDUSD
0.7406
39
0.7137
0.7896
0.7137
0.7896
0.7605
Negative
USDMYR
3.5468
44
3.5422
3.6472
3.5422
3.6472
3.5733
Positive
EURMYR
4.0654
34
4.0133
4.2502
4.0133
4.2502
4.1670
Neutral
GBPMYR
5.4350
50
5.3800
5.4999
5.3800
5.4999
5.4344
Negative
JPYMYR
3.0212
48
3.0114
3.0941
3.0114
3.0941
3.0197
Positive
CHFMYR
3.8414
50
3.4605
4.3603
3.4605
4.3603
3.7821
Positive
SGDMYR
2.6375
37
2.6457
2.7151
2.6457
2.7151
2.6720
Negative
AUDMYR
2.7728
33
2.7497
2.9998
2.7497
2.9998
2.8735
Negative
NZDMYR
2.6265
37
2.5787
2.8378
2.5787
2.8378
2.7211
Negative
EURUSD

Support - Resistance
Moving Averages
Current price
30 Days
100 Days
200 Days
1.1112
1.1844
1.1645
Call
Negative
Trader’s Comment:
Nothing much changed this week as central banks actions/policies still dictate market movement. The week started off
with RBA’s decision to cut 25bps to a record low of 2.25% due to soft economic growth, weak inflation and the elevated
value of the AUD. This caused AUD to dip 150 pips but recovered ahead of NFP.
The EURUSD was a roller coaster as optimism and new proposals from Greece to restructure the country’s debt sent
the EURUSD higher to 1.1530 levels before reports that the ECB is resisting the short term bridge financing for
Greece’s debt sent it back down to 1.1300 levels. It then staged a short squeeze recovering all of its recent losses. In
general, USD weakened in FX markets against all major currencies for this week prior to NFP as investor reduced their
exposures.
On the local front, USDMYR started the week mid-way as onshore came back from a long weekend to a 600 pip gap
lower to 3.5750 levels compared to 3.6300 levels at closing last week. It then chopped around 3.55-3.59 levels before
dropping to 3.54 levels on back of higher crude and better than expected trade balance numbers. Would expect some
consolidation for time being as 3.55 support was broken easily during New York trading through NDFs. Would expect
broader range now to be 3.50 as the next stronger level of support with 3.58 being the first level of resistance going
forward in the short term. NFP to drive the next 1% move at time of writing.
5
Fixed Income & Economic Research
Weekly Market Highlights
FX Technical Charts
USDMYR
EURMYR
Resistance: 3.6472
Support: 3.5422
Resistance: 4.2502
Support: 4.0133
Source: Bloomberg
Source: Bloomberg
GBPMYR
JPYMYR
Resistance: 5.4999
Resistance: 3.0941
Support: 5.3800
Support: 3.0114
Source: Bloomberg
Source: Bloomberg
AUDMYR
SGDMYR
Resistance: 2.7151
Resistance: 2.9998
Support: 2.6457
Support: 2.7497
Source: Bloomberg
Source: Bloomberg
Fixed Income
6
Fixed Income & Economic Research
Weekly Market Highlights
Review & Outlook
%
Benchmark MGS Yields
3Y MGS
5Y MGS
10Y MGS
5.2
4.7
4.2
3.7
3.2
2.7
bps
Jan-15
Jul-14
Jul-13
Jan-14
Jul-12
Jan-13
Jul-11
Jan-12
Jul-10
Jan-11
Jul-09
Jan-10
Jul-08
Jan-09
Jan-08
2.2
MGS Yield Spread
3/10Y
200
3/5Y
150
100
50
%
Jan-15
Jul-14
Jan-14
Jul-13
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
-50
Jul-08
Jan-08
0
MYR IRS Curve
6.0
5.5
5.0
3Y IRS
5Y IRS
7Y IRS
4.5
4.0
3.5
3.0
Jan-15
Jul-14
Jan-14
Jul-13
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jul-08
Jan-08
2.5
2.0
 UST traded in volatile mode this week. 10-year UST yields were
seen falling to a 9-month low of 1.64% after the release of weaker
than expected 4Q GDP advance prints that raised concerns of a
less solid than expected recovery in the US economy. Safety
demand however took a turn as continuous recovery in oil prices
spurred risk-on mode but this failed to sustain as Greece
concerns resurfaced with ECB expressing doubts over the new
government’s commitment on past reform pledges, and lifted a
waiver that allowed Greece to use government debt as collateral.
10-year note yields were seen climbing back up to 1.79% on
Tuesday from last Friday’s 1.64%, before settling at 1.82% as of
yesterday’s close. Tonight’s nonfarm payroll data will set the tone
for next week’s trading. A solid print will reinforce the view that the
Fed normalization path remains on track, hence keeping yields
supported.
 At the local front, MYR govvies gained amid bargain hunting
activites. Volume was robust in this holiday shortened week and
trading interests were seen across the curve with yields gyrated
lower. The brief spike in oil prices that has prompted renewed
demand for risks as well as MYR strength also spurred demand
for local govvies although we believe the oil dynamics could work
against local govvies again given protracted oversupply concern
which suggests the downside to oil prices has not been entirely
eliminated. A backdrop of moderating growth outlook locally and
OPR pause could dampen MYR performance and demand for
MGS but the search for higher yields stemming from global policy
easing could keep demand for local govvies supported.
 Contartry to robust trading interests seen in the govvies space,
trading volume thinned on the PDS front. GG and AAA-rated
papers however continued to garner bargain hunting interests,
amid attractive credit spread stemming from compression in MYR
govvies yields. DanaInfra, BPMB are featured in the GG space
while in the AAA-rated scene, we saw Silver Sparrow ‘12/15,
Telekom ‘6/24, Danga ‘4/15 and Aquasar ‘7/17 drew the most
interests. Yields for these papers were traded lower at 4.05%,
4.59%, 3.63%, and 4.14% respectively.
Rating Actions
Issuer
PDS Description
Cagamas Berhad
RM20 billion Islamic and Conventional CP Programmes
YTL Corporation Berhad
Mecuro Properties Sdn Bhd
YTL Power International Berhad
Rating/Outlook
Action
P1
Assigned final rating
by RAM
RM 500m MTN programme (2004 / 2019)
AA1 / Stable
Reaffirmed for both
Up to RM 2b MTN programme (2013 / 2038)
RM12 million Senior Class B and RM15 million Senior
Class C bonds under the RM900 million Nominal Value
Bonds
Up to RM5.0bn MTN Programme (2011/2036)
AA1 / Stable
Source: MARC, RAM
7
Fixed Income & Economic Research
AA2 and A1
Placed on positive
rating watch
AA1/ Stable
Reaffirmed
Weekly Market Highlights
Economic Calendar Release Date
Date
Country
02/10
MA
02/12
02/18
02/10
US
Reporting
Period
Survey
Prior
Revised
Industrial Production YoY
Dec
4.00%
4.70%
--
Manufacturing Sales Value YoY
Dec
--
2.50%
--
GDP YoY
4Q
5.10%
5.60%
--
BoP Current Account Balance MYR
4Q
9.8B
7.6B
--
Event
CPI YoY
Jan
--
2.70%
--
NFIB Small Business Optimism
Jan
101.1
100.4
--
Wholesale Inventories MoM
Dec
0.10%
0.80%
--
IBD/TIPP Economic Optimism
02/11
MBA Mortgage Applications
02/12
Retail Sales Advance MoM
Initial Jobless Claims
02/13
02/18
02/19
51.5
--
--
1.30%
--
Jan
-0.30%
-0.90%
--
--
--
--
Jan
-3.40%
-2.50%
--
U. of Mich. Sentiment
Feb P
98
98.1
--
Empire Manufacturing
Feb
--
9.95
--
NAHB Housing Market Index
Feb
--
57
--
MBA Mortgage Applications
13-Feb
--
--
--
Housing Starts MoM
Jan
--
4.40%
--
PPI Final Demand MoM
Jan
--
-0.30%
--
Building Permits MoM
Jan
--
-1.90%
0.60%
14-Feb
--
--
--
Feb
--
6.3
--
U.S. Fed Releases Minutes from Jan. 27-28
FOMC Meeting
Initial Jobless Claims
Philadelphia Fed Business Outlook
Leading Index
02/20
02/09
51.5
7-Feb
Import Price Index MoM
02/17
Feb
6-Feb
Markit US Manufacturing PMI
EU
Jan
--
0.50%
--
Feb P
--
53.9
--
Sentix Investor Confidence
Feb
--
0.9
--
02/12
Industrial Production SA MoM
Dec
--
0.20%
--
02/13
Trade Balance SA
Dec
--
20.0B
--
GDP SA QoQ
4Q A
--
0.20%
--
02/17
ZEW Survey Expectations
Feb
--
45.2
--
02/18
Construction Output MoM
Dec
--
-0.10%
--
02/19
ECB Current Account SA
02/20
02/10
02/12
UK
Dec
--
18.1B
--
Consumer Confidence
Feb A
--
-8.5
--
Markit Eurozone Manufacturing PMI
Feb P
--
51
--
Markit Eurozone Services PMI
Feb P
--
52.7
--
Industrial Production MoM
Dec
--
-0.10%
--
NIESR GDP Estimate
Jan
--
0.60%
--
RICS House Price Balance
Jan
--
11%
--
Bank of England Inflation Report
02/13
Construction Output SA MoM
Dec
--
-2.00%
--
02/16
Rightmove House Prices YoY
Feb
--
8.20%
--
02/17
CPI MoM
Jan
--
0.00%
--
RPI MoM
Jan
--
0.20%
--
PPI Output NSA MoM
Jan
--
-0.30%
--
Jobless Claims Change
Jan
--
-29.7K
--
ILO Unemployment Rate 3Mths
Dec
--
5.80%
--
Feb
--
4
--
02/18
Bank of England Minutes
02/19-02/23
8
CBI Trends Total Orders
Fixed Income & Economic Research
Weekly Market Highlights
02/20
Public Finances (PSNCR)
Jan
--
21.4B
--
Retail Sales Incl. Auto MoM
Jan
--
0.40%
--
BoP Current Account Balance
Dec
Â¥379.4B
Â¥433.0B
--
Consumer Confidence Index
Jan
--
38.8
--
Eco Watchers Survey Outlook
Jan
--
46.7
--
02/10
Tertiary Industry Index MoM
Dec
0.10%
0.20%
--
02/12
PPI MoM
Jan
-0.40%
-0.40%
--
Machine Orders MoM
Dec
2.30%
1.30%
--
02/09
JP
02/16
Machine Tool Orders YoY
Jan P
--
33.90%
--
GDP Annualized SA QoQ
4Q P
3.70%
-1.90%
--
Industrial Production YoY
Dec F
--
0.30%
--
02/17
Nationwide Dept Sales YoY
02/18
Machine Tool Orders YoY
Jan
--
-1.70%
--
Jan F
--
--
--
18-Feb
--
Â¥80T
--
Exports YoY
Jan
--
12.9
12.8
All Industry Activity Index MoM
Dec
--
0.10%
--
Leading Index CI
Dec F
--
--
--
Markit/JMMA Japan Manufacturing PMI
BOJ Annual Rise in Monetary Base
Bank of Japan Monetary Policy Statement
02/19
02/20
02/20-02/25
02/10
CH
02/14-02/18
Feb P
--
52.2
--
Supermarket Sales YoY
Jan
--
-1.80%
--
CPI YoY
Jan
1.00%
1.50%
--
PPI YoY
Jan
-3.70%
-3.30%
--
Foreign Direct Investment YoY
Jan
--
10.30%
--
02/17
HK
Unemployment Rate SA
Jan
--
3.30%
--
02/13
SG
Retail Sales YoY
Dec
--
6.50%
--
Non-oil Domestic Exports YoY
Jan
--
2.30%
--
GDP YoY
4Q F
--
1.50%
--
NAB Business Conditions
Jan
--
4
--
NAB Business Confidence
Jan
--
2
--
Westpac Consumer Conf Index
Feb
--
93.2
--
Home Loans MoM
Dec
--
-0.70%
--
Employment Change
Jan
15.0K
37.4K
--
Unemployment Rate
Jan
6.10%
6.10%
--
Conf. Board Leading Index MoM
Dec
--
0.10%
--
Westpac Leading Index MoM
Jan
--
0.00%
--
REINZ House Sales YoY
Jan
--
24.20%
--
02/17
02/20-02/25
02/10
AU
02/11
02/12
02/18
02/10-02/13
NZ
REINZ House Price Index YoY
Jan
--
6.00%
--
02/12
BusinessNZ Manufacturing PMI
Jan
--
57.7
--
02/16
Performance Services Index
Jan
--
56.5
--
02/19
ANZ Consumer Confidence Index
Feb
--
128.9
--
Source: Bloomberg
9
Fixed Income & Economic Research
Weekly Market Highlights
Hong Leong Bank Berhad
Fixed Income & Economic Research, Global Markets
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Fixed Income & Economic Research