HALISTER1: China Continues to Weigh on Singapore’s Exports: DBS

China Continues to Weigh on Singapore’s Exports: DBS

(Bloomberg) -- Non-oil domestic exports could stay lackluster for a while given structural deceleration in China, DBS senior economist Irvin Seah writes in note.
  • China remains a drag on NODX performance, with sales to the country declining 9.9% y/y in June
  • Export data for last month show broad-based decline in sales of electronics and non-electronics
  • Data reflect prospects on the external front aren’t that bright despite better-than-expected advance 2Q GDP estimates
  • NOTE: June non-oil domestic exports -2.3% y/y vs est. -3.0% and +11.6% in May
  • Surge in May exports largely due to spike in unusual export products, including prefabricated buildings and non-monetary gold
  • USD/SGD steady at 1.3479
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Kwang Wee (DBS Bank Ltd)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: INSIDE SINGAPORE: SGD Holds Gain After Drop in June Exports

INSIDE SINGAPORE: SGD Holds Gain After Drop in June Exports

(Bloomberg) -- Singapore dollar rises modestly after June non-oil domestic exports drop 2.3% y/y vs median est. -3.0%; NODX data shows volatile series over past six years; click here for chart.
  • SGD bondholders brace for defaults as easier terms sought
  • Singapore-Malaysia rail tender to be called within a year, Star newspaper reports
  • DBS to wind down commodity derivatives trading: Reuters
  • Currency gains 0.04% to 1.3474 per dollar
  • USD/SGD holding below convergence of 50- and 100-DMA’s; click here for chart
    • USD/SGD 1-month implied volatility consolidating around 11-month low; click here for chart
  • Yield on 10-yr govt bond fell 1 bp to 1.735% on July 15, based on data compiled by Bloomberg and central bank; yield consolidating around 74.6% Fibonacci retracement of rise from April 2013 to Sept. 2015: click here for chart
  • Options expiring today include 1.3530 strikes for $88m
  • 6-month swap-offer rate declined 1 bp to 1.12182% on July 15; lowest fixing in a week
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: S’pore June Non-Oil Domestic Exports Due in 5 Mins; Est. -3% Y/y

S’pore June Non-Oil Domestic Exports Due in 5 Mins; Est. -3% Y/y

(Bloomberg) -- Singapore releases June non-oil domestic exports at 8.30am local time.
  • June non-oil domestic exports y/y est. -3% vs prev. 11.6%
  • June non-oil domestic exports m/m est. -12.8% vs prev 16.8%
  • June electronics exports y/y; est. n/a, prev. -6%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

(2) *OIL SEARCH SAYS EXXON MOBIL MAKES 'SUPERIOR' BID FOR INTEROIL

*OIL SEARCH SAYS EXXON MOBIL MAKES 'SUPERIOR' BID FOR INTEROIL

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
XOM US (Exxon Mobil Corp)
OSH AU (Oil Search Ltd)
IOC US (InterOil Corp)

To de-activate the "HALISTER" alert, click here
To modify this alert, click here

To de-activate the "HALISTER1" alert, click here
To modify this alert, click here

UUID: 7947283

HALISTER1: USD/SGD May Test Moving Avg Resistance If Exports Weak: Analysis

USD/SGD May Test Moving Avg Resistance If Exports Weak: Analysis

(Bloomberg) -- A larger-than-expected drop in Singapore’s June non-oil domestic exports may provide the catalyst for USD/SGD to rally to 1.3590-1.3598 area near term, Bloomberg strategist Andrew Robinson writes.
  • Level represents convergence of 50- and 100-DMAs, respectively
  • Island’s exports probably fell 3% y/y following a surprise 11.6% gain in May, median est. in Bloomberg survey shows
    • Ests. range from -12.0% to -1.1%; data due 8:30am local time
  • May non-oil exports beat even the most optimistic forecast in survey due to a surge in non-monetary gold exports
    • May’s performance unlikely to be repeated, ANZ wrote in July 15 note; sees normalization in June as tech exports may not benefit from regional upswing that boosted both Korea and Taiwan exports; forecasts a 3.7% y/y decline in June
  • USD/SGD down 0.1% at 1.3468 today, down 5.1% YTD
    • FX pair has not closed above 100-DMA since Feb. 2
  • NOTE: Andrew Robinson is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283