Posted by Keyman188 > 2020-12-12 20:52 | Report Abuse

Just retreat recent outlook by analyst...


Stronger corporate earnings expected in 2021

(RHB Wealth Research / theedgemarkets.com / October 19, 2020 00:00 am +08)

An unwelcome visitor in early 2020 — Covid-19 — took investors by surprise. The deadliness of the virus was not known until the World Health Organization declared the outbreak as a pandemic in early March. By then, the virus had spread all over the world and the number of new cases had spiked, prompting governments throughout the world to implement unprecedented measures. Borders and economies were closed to prevent the virus from spreading faster while scientists worldwide raced to find a vaccine.

The Malaysian government prioritised people’s health over the economy as global and domestic Covid-19 infections and deaths increased. It introduced the Movement Control Order (MCO) from March 18, followed by the Conditional MCO and then Recovery MCO.

The strict lockdown and border closures have adversely affected the economy. GDP in the second quarter of 2020 shrank sharply and was worse than during both the Asian and global financial crises (AFC and GFC). Malaysia recorded the worst quarterly GDP numbers in 2Q2020, plunging 17.1% year on year. It was also the most badly affected economy in Southeast Asia.

The government unveiled RM250 billion in economic stimulus, or 17% of GDP, in the first quarter of 2020. As the number of new Covid-19 cases increased sharply in recent weeks, the government announced an extension of the previous economic stimulus packages on Sept 23, bringing the total value of economic stimulus to an estimated RM295 billion, or 20% of GDP, with direct fiscal injection estimated at RM45 billion, or 3% of GDP, to counter the uncertainty surrounding domestic and global economic recovery.

Bank Negara Malaysia has also been cutting interest rates since the beginning of the year, from 3% to 1.75% to boost the economy.

The aggressive interest rate cut has resulted in a drop in 10-year government bond yields to a historical low of 2.39%, which is even lower than during the GFC’s 2.97%. In addition, Bank Negara had introduced a six-month automatic loan moratorium from April 1 to Sept 30. The waiver of debt service obligations is estimated at RM100 billion over the six-month automatic loan moratorium.

This has resulted in a liquidity surge in the local stock market as retail players search for better-yielding assets. Local retail participation has increased significantly in 2020. Apart from the liquidity, Bursa Malaysia’s ban of short selling on stocks also contributed to the positive market sentiment and the ban will continue until year-end.

Bursa Malaysia’s turnover velocity and average value and volume traded increased significantly in the first half of 2020 (1H2020). This was due to higher participation from retail investors seeking higher returns, as fixed deposits returns have dropped substantially and investors also have more money in their pockets.

Retail participation has increased from an average of 24% from 2010 to 2019, to 33% in 1H2020, while institutional participation decreased to 67%, from an average of 76% over the past 10 years. Whilst, foreign participation has decreased further to 21% in 1H2020 compared with the average of 29% over the past 10 years.

Foreign portfolio managers have been selling Malaysian equity, owing to a less attractive earnings outlook for Malaysian corporates. Year-to-date (YTD) foreign outflows in equity are RM21.7 billion.

Foreign shareholding of Malaysia equities also fell substantially from above 24% in February 2018 to 20.8% in August 2020. This level is near the 20.7% level touched during the GFC.

The index has been trending down since touching its high of 1,611.42 on July 29. As at Sept 30, the index is down 6.6% on concerns over a selloff by retail investors, owing to the end of the six-month automatic loan moratorium on Sept 30; the escalation of tensions between the US and China as the Trump administration continues to add to the number of blacklisted sectors and companies; and fear of the delay in the recovery of the economy globally, owing to a recent spike in the number of Covid-19 cases globally.


Cont...

##https://www.theedgemarkets.com/content/advertise/stronger-corporate-earnings-expected-2021

Posted by Keyman188 > 2020-12-12 20:54 | Report Abuse

Just retreat BNM preview Malaysia overall market sentiment


**https://www.bnm.gov.my/files/publication/qb/2020/Q3/3Q2020_fullbook_en.pdf

Posted by Keyman188 > 2020-12-12 20:56 | Report Abuse

FDA approves Pfizer’s Covid vaccine for emergency use as U.S. reaches pivotal moment in the pandemic.

(Published Fri, Dec 11 20209:31 PM ESTUpdated Fri, Dec 11 202010:48 PM EST)


~ FDA Chief Scientist Denise Hinton told Pfizer in a letter Friday that she was authorizing the emergency use of the company’s vaccine.

~ The FDA’s emergency use authorization will now kick-start the federal government’s distribution of the potentially lifesaving doses to 64 states, territories and major cities across the nation.

~ The government plans to distribute 2.9 million doses of the vaccine within 24 hours, followed by an additional 2.9 million doses 21 days later for patients to get their second shot.


The Food and Drug Administration has approved Pfizer and BioNTech’s coronavirus vaccine for emergency use, a monumental turning point in the once-in-a-century pandemic that has taken nearly 300,000 American lives in less than a year and wreaked havoc on the U.S. economy.

FDA Chief Scientist Denise Hinton told Pfizer in a letter Friday that she was authorizing the emergency use of the company’s vaccine.

President Donald Trump called it a “medical miracle” in a video tweet. “We’ve delivered a safe and effective vaccine in just 9 months,” Trump said. “This is one of the greatest scientific accomplishments in history.”

Dr. Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research, said the decision “holds the promise to alter the course of this pandemic in the United States.”“With science guiding our decision-making, the available safety and effectiveness data support the authorization of the Pfizer-BioNTech COVID-19 Vaccine because the vaccine’s known and potential benefits clearly outweigh its known and potential risks,” he said.

The FDA’s emergency use authorization will now kick-start the federal government’s distribution of the potentially lifesaving doses to 64 states, territories and major cities across the nation. The government plans to distribute 2.9 million doses of the vaccine within 24 hours, followed by an additional 2.9 million doses 21 days later for patients to get their second shot, Gen. Gustave Perna, who oversees logistics for President Donald Trump’s vaccine program Operation Warp Speed, said Wednesday. Pfizer’s vaccine requires two doses administered three weeks apart.

The vaccine could not come at a more crucial time. Hospitals across the U.S. already have a higher load of Covid patients than ever before, and the country’s outbreak is primed to set even more grim records. The U.S. reported 3,124 new Covid-19 deaths on Wednesday, the deadliest single-day tally of the pandemic so far, according to a CNBC analysis of Johns Hopkins University data. The director of the Centers for Disease Control and Prevention, Dr. Robert Redfield, warned earlier this month that the next few months of the pandemic would be among “the most difficult in the public health history of this nation.”

Initial doses of Pfizer’s vaccine will be limited as manufacturing ramps up, with officials predicting it will take months to immunize everyone in the U.S. who wants to be vaccinated. Pfizer has said it plans to ship 50 million vaccine doses this year, enough to inoculate 25 million people. The vaccine is expected to be distributed in phases with the most critical U.S. workers and vulnerable people getting it first. The CDC has provided states with an outline that recommends prioritizing health-care workers and nursing homes first, but states can distribute the vaccine as they see fit.

An emergency use authorization, or EUA, isn’t the same as a full approval, which can typically take months. Pfizer has only submitted two months of follow-up safety data, but the agency usually requires six months for full approval. The vaccine was authorized for people 16 and older.

On Friday, FDA Commissioner Stephen Hahn said the agency was “rapidly” working toward clearing the vaccine for emergency use. Shortly after Hahn’s statement, Trump, who has repeatedly said that he pushed the FDA to move more quickly in the vaccine development process, told the agency in a tweet to “Get the dam vaccines out NOW.”

The FDA’s announcement comes after a key agency advisory panel on Thursday voted 17 to 4 with one abstention to recommend the vaccine for emergency authorization. The Vaccines and Related Biological Products Advisory Committee plays a key role in approving flu and other vaccines in the U.S., verifying the shots are safe for public use. While the FDA doesn’t have to follow the advisory committee’s recommendation, it often does.

Cont...


##https://www.cnbc.com/2020/12/11/pfizer-covid-vaccine-approved-fda-emergency-use.html

Posted by Keyman188 > 2020-12-13 09:47 | Report Abuse

Relentless China Inflows Spur Call for Strongest Yuan Since 1993Bloomberg News

December 13, 2020, 7:00 AM GMT+8



~ Currency could rise to 6 a dollar on strong fund influx: Citi

 
~ Foreigners boosted pace of adding Chinese notes this year


The unrelenting pace of inflows heading for China’s bonds and stocks has one yuan bull predicting the currency could strengthen to a level not seen in nearly three decades.

A “flood” of foreign cash will chase yuan-denominated assets in 2021 because they’ll offer far better yield than the rest of the world, according to Liu Li-gang, chief China economist at Citigroup Inc. He predicts the currency could rally 10% to 6 per dollar -- or even more -- by the end of next year. The yuan hasn’t been that strong since late 1993, just before China’s unification of official and market exchange rates triggered a plunge in the currency.

The yuan has been on a tear since late May, surging to a more than two-year high as data showed that China’s economy was rebounding from the virus pandemic. Overseas funds have increased their holdings of onshore bonds and stocks by more than 30% this year to records, official data showed, prompted by index inclusions and the country’s wide interest-rate premium over other markets. To slow the advance, Beijing has made it cheaper for traders to bet against the yuan and has relaxed capital curbs to allow more outflows. But those measures have done little to dampen optimism.

That puts the People’s Bank of China in a policy quandary. It needs to narrow the yuan’s yield premium over the rest of the world to slow the appreciation, as too strong a currency could undermine its push to support an economic rebound that’s reliant on global demand for Chinese exports. Meanwhile, it wants to keep interest rates elevated, as Beijing’s earlier stimulus helped fuel a rapid buildup in leverage, sending an indicator for the country’s debt levels to a record high.

“The problem China faces next year will be huge, unrelenting capital inflow,” Citi’s Liu said. “The yuan’s appreciation will be a key threat to China’s macro economy.”


The Chinese currency has strengthened nearly 10% from this year’s low in late May, making it the second best performer in Asia following the South Korean won. The yuan traded at 6.5460 on Friday.

The yield on China’s 10-year government bonds climbed in recent months on speculation the PBOC will start to exit monetary stimulus. That has helped widen the yuan’s interest-rate advantage over the dollar to the largest on record. Also, the currency is supported by bets that Washington may be less hostile toward Beijing under a Joe Biden administration. A global index compiler’s decision to add some onshore notes in its flagship indexes and a weaker dollar also contributed to the appreciation.

CONT......


##https://www.bloomberg.com/news/articles/2020-12-12/relentless-china-inflows-spur-call-for-strongest-yuan-since-1993?srnd=premium-asia

Posted by Keyman188 > 2020-12-13 13:38 | Report Abuse

China’s economic vulnerabilities to be focus of 2021 work conference amid strong GDP forecast, analysts say


~ Communist Party officials are expected to convene for the annual Central Economic Work Conference in coming days

~ With headline growth likely to be strong next year, the focus is expected to be on addressing domestic economic risk


China’s leaders are expected to prioritise fixing social and economic weak links in 2021 – the year the ruling Communist Party celebrates its 100th anniversary – when they gather to take stock of the country’s economic performance in coming days, analysts said.

President Xi Jinping and hundreds of party officials are set to convene for the annual Central Economic Work Conference in Beijing to settle policies and targets for next year.

While authorities do not release the conference schedule beforehand, it is clear from a flurry of state media reports – including a front-page People’s Daily story praising China’s economic performance under Xi’s leadership – that the meeting is near.

With headline gross domestic product (GDP) growth rate set to be strong next year thanks to a low base in 2020, the focus of the work conference will likely be tackling economic vulnerabilities to offset an unstable external environment, according to Chinese government researchers and scholars.

Beijing faces a range of pressing economic problems, including a mountain of local government debt, uneven economic recovery from the coronavirus pandemic and China’s testy relationship with the United States, which will enter a new chapter when Joe Biden assumes the presidency.

“We must pay great attention to a variety of risks in the first year of the five-year plan,” said Li Daokui, a Tsinghua University professor and former central bank adviser, referring to China’s 14th five-year plan for the period 2021-25.

Li told a forum in Beijing on Wednesday that the world’s second largest economy needs to be more “self-reliant” as part of its dual circulation strategy, which focuses on developing the domestic market for future growth.

China, where the coronavirus outbreak was first reported, has seen a V-shape economic recovery this year.

Most forecasts expect China to report a 2 per cent economic growth
this year, making it the only G20 economy to expand. But 2 per cent expansion is far below China’s potential annual growth rate of 6 per cent and lays the ground for a strong 2021.

Rating agency Fitch this week revised up its estimate for China’s 2021 GDP growth to 8 per cent.

China’s relative success in containing the Covid-19 pandemic and restarting its economy, in sharp contrast to the US and India, has been a source of pride for in Beijing, where only a year ago many were worried about the prospects for growth amid a bruising trade war with the US.
With GDP growing at 4.9 per cent in the third quarter
, after rebounding from a historic 6.8 per cent contraction in the first three months, Beijing is gaining fresh confidence in its development model.

But the country’s weak consumption and employment rate remained the economy’s soft underbelly, said Yu Chunhai, a professor of economics at Renmin University of China.

Social retail sales, a key indicator for consumer spending, fell 5.9 per cent in the 10 months of the year.

Many businesses in the services sector remain vulnerable, despite the impressive headline figures. The collapse of Youwin Education, a private tutoring company, triggered rare protests in Beijing’s central business district in October. A similar demonstration occurred outside the Beijing headquarters of Nasdaq-listed rental company Danke
last month, when the company failed to pay landlords it was renting properties from.

Many academic and policy advisers in Beijing are divided in their assessment of the Chinese economy and the reversal of stimulus measures.

The Bank of Communications, China’s fifth largest lender, expected further tapering of monetary policy. It estimated that aggregated financing growth would slow by 3 percentage points to about 11 per cent next year, while money supply growth would drop to 9 per cent from the current 10.7 per cent.

However, its chief analyst Tang Jianwei called for continued fiscal expenditure to support the economy, suggesting a fiscal deficit ratio of 3 per cent in 2021.

“There should be many key projects launched at the start of the five-year plan, a certain pace of fiscal expenditure is needed. It is also needed to offset the impact of credit tightening,” he said.

“The central government still has room to increase its leverage.”


##https://www.scmp.com/economy/china-economy/article/3113429/chinas-economic-vulnerabilities-be-focus-2021-work-conference

Posted by Keyman188 > 2020-12-14 11:56 | Report Abuse

Stocks could see all-time highs before year-end, top strategist says. How he’d play it

(PUBLISHED SUN, DEC 13 20205:00 PM EST)

Stocks could make another run at record highs before the year is out, says one top strategist.

The major averages closed in the red on Friday after a week marked by uncertainty around congressional stimulus talks. But while the market does face near-term hurdles, new highs are not far out of reach, Federated Hermes chief equity market strategist Phil Orlando told CNBC’s “Trading Nation.”

“There could be some more chop over the next week or so,” Orlando said in a Friday interivew.

He cited the market’s recent record rally — the S&P 500 is up 12% since the beginning of November — as well as the latest spike in Covid-19 cases, congressional budget discussions, stimulus talks, an upcoming Brexit deadline and the Senate runoff races in Georgia as the headline risks in the coming weeks.

“We’re optimistically saying that we’re going to get through some of these hurdles near term and get to that 3,800 level by the end of the year,” Orlando said.

“There’s a lot of good things in the pipeline if things break right,” particularly on the Covid vaccine front, he said. “We’ve got to get through a couple of these hurdles over the next few weeks and, to a significant degree, that will determine the pace of continued improvement over the course of calendar ’21.”

At this point, one of two things would persuade Orlando to add to his firm’s 4% overweight exposure to equities.

“There are two things we’re waiting for, either some resolution on some of these hurdles that we’ve just laid out or perhaps better prices,” he said. “We’re being very patient. And either a resolution of those issues or better prices will allow us to step in and put some more money to work.”

For him, a 5-10% market decline coupled with a “relatively smooth” vaccine rollout in the United States “would be enticing” enough for him to up Federated’s exposure to stocks, he said.

“We’re not going to force this. From where the market is right now through the end of next year, we think we can do 15% or so to our 4,200 target on a total return basis and that’s pretty good,” Orlando said. “At this point, we’re just going to be patient and let the market come to us.”

If it does, Orlando said he would stick with his firm’s strategy from mid-August when buying into the market. Federated had $615 billion in assets under management as of the third quarter.

“At that point, we felt that domestic large-cap growth stocks, largely led by technology, had gotten ahead of themselves. We took that sector back to neutral and allocated the money into three other areas — domestic large-cap value, small caps and international,” he said.

The gap between large-cap growth and the other side of Federated’s strategy was so large “that we think that that trade will continue to bear some fruit,” Orlando said.

“So, as we’re putting new money to work, it’s those three areas — international, domestic large-cap value and domestic small cap — that we think would get the incremental dollar at this point in terms of what we think will play out over the course of the next year,” he said.


##https://www.cnbc.com/2020/12/13/stocks-to-see-all-time-highs-before-year-ends.html

Posted by Keyman188 > 2020-12-14 14:10 | Report Abuse

Banking stocks top gainers list as investors switch to recovery plays on vaccine distribution

(theedgemarkets.com / December 14, 2020 13:11 pm +08)

KUALA LUMPUR (Dec 14): Banking stocks continue to dominate the list of top gainers, as investors switched to recovery plays following the Covid-19 vaccine rollout.

At noon break, Public Bank Bhd rose 66 sen or 3.01% to RM22.56, making it the second top gainer. This was followed by Hong Leong Bank Bhd, which gained 62 sen or 3.26% to RM19.62.

CIMB Group Holdings Bhd, which was also among the top gainers this morning, climbed 26 sen or 5.84% to RM4.71.

TA Securities’ analyst Li Hsia Wong said in a report today the firm had an "overweight" call on the banking sector underpinned by a more positive outlook in domestic economic activities, some uplift in net interest margin on the back of the gradual unwinding of modification loss and more stable interest rates environment, concerted stimulus measures by governments globally to protect businesses and individuals from economic disruptions caused by the Covid-19 pandemic, and potential reopening of borders as countries look into a mass vaccine rollout.

“Despite uncertainties in terms of the credit outlook, especially post the loan moratorium, we believe that the continued repayment and debt rehabilitation support for targeted borrowers should help address earlier concerns over the broader impact from a potential cliff effect,” said Li.

Coming from a low base, Li forecast banking sector profit growth of 17.7% and 18% in 2021 and 2022 respectively.

“We expect the sector to register a 27.7% year-on-year decline in 2020 net profit. With that, we lower our market risk premium assumption to 5.5% from 6.5%,” said Li.

Li has "buy" calls on Malayan Banking Bhd (target price: RM10.80), Public Bank (TP: RM25.10), CIMB (TP: RM5.10), Hong Leong Bank (TP: RM23), RHB Bank Bhd (TP: RM7), AMMB Holdings Bhd (TP: RM4.50), Alliance Bank Malaysia Bhd (TP: RM3.70) and Affin Bank Bhd (TP: RM2.50).


##https://www.theedgemarkets.com/article/banking-stocks-top-gainers-list-investors-switch-recovery-plays-vaccine-distribution

Posted by Keyman188 > 2020-12-15 12:00 | Report Abuse

China’s November factory output rises for 8th straight month as recovery gathers pace

(PUBLISHED MON, DEC 14 20209:52 PM EST)

~ China’s industrial output grew in line with expectations in November, expanding for the eighth straight month as the economic recovery gathered pace and global demand picked up.

~ Industrial output growth quickened to 7.0% in November from a year earlier, data from the National Statistics Bureau showed on Tuesday. That was in line with analyst expectations in a Reuters poll and faster than the 6.9% expansion in October.

~ China’s economy has staged an impressive recovery from its Covid-19 paralysis earlier this year, mainly driven by robust exports.


China’s industrial output grew in line with expectations in November, expanding for the eighth straight month as the economic recovery gathered pace and global demand picked up.

Industrial output growth quickened to 7.0% in November from a year earlier, data from the National Statistics Bureau showed on Tuesday. That was in line with analyst expectations in a Reuters poll and faster than the 6.9% expansion in October.

China’s economy has staged an impressive recovery from its Covid-19 paralysis earlier this year, mainly driven by robust exports.

An annual sales promotion extravaganza in November by China’s e-commerce giants has also open consumers’ wallets in a further boost to orders for small factories.

Retail sales rose 5% on-year, just missing analysts’ forecast for 5.2% growth but faster than the 4.3% increase in October.

Auto sales saw 11.8% growth and sales of household appliances grew 5.1% in November. Communications equipment sales jumped by 43.6%.

Fixed-asset investment rose 2.6% in January-November from the same period last year, in line with a forecast 2.6% growth and faster than a 1.8% increase in the first 10 months of 2020.

Private-sector fixed-asset investment, which accounts for 60% of total investment, rose 0.2% in January-November, compared with a 0.7% decline in the first 10 months of the year.

China’s economic recovery looks to be accelerating in the fourth quarter, driven by stronger demand, credit growth and stimulus measures expected to provide a strong tailwind into 2021.

Factory activity growth hit a more than three-year high in November, an official survey showed, as fewer Covid-19 infections boosted consumer confidence.

Exports also surged at their fastest pace in almost three years thanks to hot demand for personal protective equipment and electronics products for working from home.

However, tougher measures to contain the coronavirus imposed by the country’s trading partners have created shipping bottlenecks, pushing up transportation costs and capping the speed of China’s recovery.


##https://www.cnbc.com/2020/12/15/chinas-november-factory-output-rises-for-8th-straight-month.html

Posted by Keyman188 > 2020-12-15 12:21 | Report Abuse

Goldman, Citi, Nomura See 20% Earnings Growth for Asia Stocks in 2021

(December 15, 2020, 6:30 AM GMT+8)

While Asia’s equity rally may be ending the year looking a tad stretched, a bright earnings outlook for 2021 is giving strategists all the more reason to stay upbeat.

No less a trio than Citigroup Inc., Goldman Sachs Group Inc. and Nomura Holdings Inc. have penciled in earnings growth of more than 20% for Asian shares next year. Citi and Nomura are joined by Societe Generale SA in expectations for between a 5% and 7% rise in the MSCI Asia ex-Japan Index, while Goldman sees a 9% jump in the Asia Pacific equivalent in 2021.

“We remain optimistic about 2021 prospects driven by the macro and earnings recovery and would be buyers of any market pullbacks,” a team of Goldman strategists including Timothy Moe wrote in a note published on Sunday.

Asian stocks are finishing an unprecedented year in strong fashion with the MSCI Asia ex-Japan erasing its pandemic-related losses in the summer and surging to a 18% year-to-date rise through Monday. Benchmarks in technology-heavy South Korea and Taiwan have led the way.

For next year, the prospects for profit growth looks strongest in Korea, Citi analysts including Robert Buckland wrote in a note last week, projecting a whopping 43% jump in earnings-per-share growth for Korean stocks in 2021.

Read: Fund Manager Beating 97% of Peers Is Buying Korean Tech Stocks

Sector-wise, earnings growth is shifting to cyclical sectors, such as materials and financials, SocGen analysts including Frank Benzimra wrote in a note published last month.

2022 Time

Further boosting returns in Asian equities next year will be expectations of an earnings recovery in 2022, according to Goldman.

“With strong market returns this year and full valuations, the market has priced next year‘s earnings recovery: 2022 earnings will be the primary driver of 2021 returns,” the Goldman team wrote. It expects regional earnings to grow at 16% that year.


##https://www.bloomberg.com/news/articles/2020-12-14/20-plus-profit-growth-backs-asia-s-bull-case-taking-stocks?srnd=premium-asia

Posted by Keyman188 > 2020-12-15 21:49 | Report Abuse

Moderna Vaccine Found Safe, Effective Ahead of Key FDA ReviewBy 


(December 15, 2020, 9:07 PM GMT+8)


~ Shot is 94.1% effective in preventing Covid, FDA report says

 
~ Advisory committee to weigh shot’s merits ahead of clearance


Moderna Inc.’s vaccine is safe and effective for preventing Covid-19, U.S. regulators said, clearing the way for a second shot to quickly gain emergency authorization and add to the country’s sprawling immunization effort.

The Food and Drug Administration’s staff said in a report on Tuesday that the experimental vaccine is 94.1% effective at preventing symptomatic Covid-19, confirming earlier results released by the company.

The report was posted online ahead of a meeting Thursday of agency advisers who will vote whether to recommend authorization before a final FDA decision. The agency doesn’t have to follow the advice of the independent vaccine experts, though it often agrees with its advisory panels. Last week, the FDA authorized a similar vaccine from Pfizer Inc. and BioNTech SE after an advisory panel voted 17-4, with one abstention, to support its authorization.


The FDA got a much deeper look at Moderna’s clinical-trial data than the numbers previously released to the public by the company. Notably, the agency was able to review the shot’s effectiveness across a broad range of racial, ethnic and age groups, and look at evidence of how well the shot worked for people with pre-existing medical conditions that make them more vulnerable to severe Covid-19.


##https://www.bloomberg.com/news/articles/2020-12-15/moderna-vaccine-found-safe-effective-ahead-of-key-fda-review?srnd=premium-asia

Posted by EngineeringProfit > 2020-12-15 21:57 | Report Abuse

Matching up to 1800 to get ready for GE15, right? Remember the painful lesson of changing the gomen.....

1800 plunged to 1400

Posted by Keyman188 > 2020-12-15 22:05 | Report Abuse

Sooner or later sure a lot of people will say...

Unbelievable...

已经怀疑了人生 !!!......

Keyman188 always say...Time will tell the market truth...

Posted by Keyman188 > 2020-12-16 08:36 | Report Abuse

Dow jumps more than 300 points on stimulus optimism, S&P 500 snaps 4-day losing streak

(PUBLISHED MON, DEC 14 20206:03 PM ESTUPDATED TUE, DEC 15 20206:09 PM EST)

Stocks rose sharply on Tuesday as traders grew more optimistic about Congress passing another economic relief package.

The Dow Jones Industrial Average gained 337.76 points, or 1.1%, to 30,199.31. The S&P 500 advanced 1.3%, or 47.13 points, to 3,694.62, snapping a four-day losing streak. The Nasdaq Composite climbed 1.3%, or 155.02 points, to 12,595.06, reaching a new record closing high.

Apple led the Dow higher, jumping 5% after Nikkei reported the company will increase iPhone production by about 30% in the first half of 2021. All 11 S&P 500 sectors registered gains on Tuesday, led by energy and utilities.

The top four congressional leaders were set to meet at 4 p.m. Tuesday, seeking to reach an agreement on another round of coronavirus aid. House Speaker Nancy Pelosi set up the meeting with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer and House Minority Leader Kevin McCarthy, marking the biggest effort yet to come to a bipartisan agreement.

The lawmakers released a proposal for another round of economic relief on Monday evening, splitting a previous measure into two parts.

The new plan calls for $748 billion in spending for programs that are popular on both sides of the aisle, including small business loans, unemployment insurance, vaccine distribution, education and rental assistance. A second $160 billion bill would include the more contentious areas of business liability protections and financial aid to state and local governments.

“There’s been a tug of war between the vaccine news and the virus news. The only tiebreaker that’s kept the averages on their way higher seems to be the potential for getting stimulus out of gridlock,” said Art Hogan, chief market strategist at National Securities. “It certainly feels like one of the proposals that’s on the table ... can go through.”

The latest step toward a stimulus deal comes as investors and Americans at large grapple with a bleak near-term outlook but prospects of economic growth and a possible end of the pandemic in 2021.

The first round of shots from the vaccine developed by Pfizer and BioNTech were given in the U.S. on Monday, but the country also passed 300,000 deaths from Covid-19, according to data from Johns Hopkins University. New York City Mayor Bill de Blasio also warned residents that a full shutdown may be needed to protect the city’s hospitals.

Luke Tilley, chief economist at Wilmington Trust, said that another stimulus package was needed to keep the economic recovery from stalling before the vaccine can be distributed.

“With the continued rising cases and mass vaccinations still a ways out, we could see some further weakness in jobs and even a flattening where we’re not even adding jobs at all ... that’s absolutely a possibility for this next jobs report,” Tilley said. “And if we were to not get another stimulus package, you’re going to have 10 to 11 million people fall off the unemployment rolls right away, and that would hit spending as well.”

On Tuesday morning, the Food and Drug Administration said the data on Moderna’s coronavirus vaccine met expectations for emergency use, a crucial step before a full approval. If the FDA greenlights the vaccine, it would be the second approved for use in the U.S. behind Pfizer’s.

The S&P 500 has gained more than 14% for the year despite the ongoing pandemic, leading some to believe that near-term upside could be limited.

“We may have already gotten a little bit of a Santa Claus rally,” David Waddell, chief investment strategist at wealth advisory firm Waddell and Associates. “So normally the markets would accelerate from here into year-end, and they may again, but the run has been such a strong one, I wouldn’t be surprised, and actually I’d rather, if the market consolidated its gains a little bit.”


##https://www.cnbc.com/2020/12/14/stock-market-futures-open-to-close-news.html

Posted by Keyman188 > 2020-12-16 11:16 | Report Abuse

AmInvestment Bank sees KLCI hitting 1,770 points at end-2021

(theedgemarkets.com / December 16, 2020 11:03 am +08)

KUALA LUMPUR (Dec 16): AmInvestment Bank estimated that the FBM KLCI will hit 1,770 points at end-2021, based on 17.5 times its 2021 earnings projections or an increase of 45.9%.

The research house’s head of equity research Joshua Ng said in a report today the outlook for equity markets globally, with Malaysia included, is positive for 2021, driven largely by optimism about a synchronised global economic recovery as the world emerges from the Covid-19 pandemic.

He believes the recovery-focused investment theme from end-2020 will extend well into 2021.

“Investors will continue to accumulate recovery plays, i.e. fundamentally strong names in the banking, power, oil and gas (O&G), consumer, REIT (real estate investment trust) and transport sectors, while lightening their positions in pandemic plays, i.e. glove makers and selected excessively priced technology names,” he said.

While the KLCI could be lifted higher as investors chase recovery plays, particularly the index-heavy banking stocks, he noted there could potentially be a drag from weakness in share prices of pandemic plays, particularly glove stocks.

Ng added that the fundamentals of banking stocks should improve in line with the economic recovery.

“While clarity is still lacking with regard to the extent of the irreversible damage the pandemic has inflicted on businesses, and hence asset quality of banks, we take comfort that banks have started to make pre-emptive provisions in the form of management overlays, in addition to provisions based on changes to macroeconomic factors,” he said.

According to Ng, other key sectors poised to benefit from the recovery are power (increased demand for electricity, particularly from the commercial and industrial segments), O&G (higher crude oil prices), seaport (higher throughput on the recovery in global trade), airport (the eventual reopening of borders), consumer (cash handouts and a recovery in the job market to sustain consumption) and REIT (reduced rental rebates, as well as a recovery in footfall and occupancy).

“While the availability of effective vaccines has greatly brightened recovery prospects of the air travel sector, we remain mindful of the need for airlines to recapitalise their balance sheet after months of massive losses during the pandemic,” he added.


BNM expected to hold OPR at 1.75% in 2021

Ng also expects Bank Negara Malaysia (BNM) to hold its benchmark overnight policy rate (OPR) at 1.75% throughout 2021, in line with the accommodative monetary policy stance expected from key central banks in the world in 2021.

He opined that the sustained low-interest-rate environment, coupled with the recovery narrative, will continue to make equities an attractive asset class for local investors.

He also expects domestic liquidity from both institutional and retail investors to remain robust in 2021, which shall continue to neutralise foreign selling, if any, as it did in 2020.

“We acknowledge that our market has been flying under the radar of foreign investors [due to Malaysia’s insignificant and shrinking weighting in the MSCI Emerging Markets Index and the market’s inherently high valuations, coupled with a lack of tech start-up listings].

“On the flip side, there is a silver lining to low foreign participation in the local market. Dominated by local participants, the market has remained calm in the face of a dynamic local political landscape,” he said.

Sector-wise, he is "overweight" on automobile, consumer, electronic manufacturing services (EMS), financial, healthcare, O&G, power, REITs, telco and transport.

His top picks reflect names that are likely to benefit from the recovery of the domestic and global economies, i.e. Malayan Banking Bhd (Malayan Banking Bhd), Tenaga Nasional Bhd (TNB), Axiata Group Bhd, RHB Bank Bhd, Dialog Group Bhd, Westports Holdings Bhd, Malaysia Airports Holdings Bhd (MAHB), IGB REIT, MMC Corp Bhd and Kumpulan Powernet Bhd.


##https://www.theedgemarkets.com/article/aminvestment-bank-sees-klci-hitting-1770-points-end2021

Posted by Keyman188 > 2020-12-16 21:06 | Report Abuse

Ban on restricted short-selling to be lifted on Jan 1, but intraday short selling remains prohibited until Feb 28

(theedgemarkets.com / December 16, 2020 19:17 pm +08)


KUALA LUMPUR (Dec 16): The suspension of restricted short-selling (RSS) on Bursa Malaysia is set to be lifted on Jan 1 next year, after the sanction was imposed by the regulators for nine months.

However, the regulator extended the ban on the intraday short-selling (IDSS) and intraday short-selling by proprietary day traders (PDT Short Sale) until Feb 28, 2021. Consequential to the extension of PDT Short Sale, temporary waivers in relation to PDT will also be extended to Feb 28, 2021.

To recap, the ban on short selling of equities was imposed by the Securities Commission Malaysia (SC) and Bursa Malaysia starting on March 24 this year when global markets were hammered by the equity rout. The move, said the regulators, was “part of their proactive measures to mitigate potential risks arising from heightened volatility and global uncertainties.”

The suspension was initially targeted to end on April 30 but was extended for three times. At first it was targeted to end on June 30, but was extended till Dec 31, 2020 and it was further extended till Feb 28, 2021.

“The SC and Bursa Malaysia Bhd will lift the temporary suspension of Regulated Short Selling (RSS) and have reviewed other market management measures that were introduced this year following heightened market volatility arising from the broader impact of Covid-19.

“This decision was made after careful consideration of current market conditions and the evolving needs of the market,” according to the joint statement by SC and Bursa Malaysia.

It stated the move to lift the ban of RSS is to facilitate investors’ risk management and revive Securities Borrowing and Lending (SBL) activities, which is an integral capital market function to promote product development and market making activities.

Notwithstanding that, the RSS will be re-introduced with the following enhanced control measures to ensure stability and maintain investor confidence.

“The daily gross short position limit for approved securities will be temporarily reduced from 3% to 2%; and a new cap of 4% on RSS aggregated net short position will be introduced,” the statement showed.

Meanwhile, they said the temporary revisions to existing market management measures, namely the dynamic and static price limits as well as the circuit breaker, will be extended till May 30, 2021. These were implemented on July 20, 2020 and are due to expire on Jan 18, 2021.


##https://www.theedgemarkets.com/article/sc-bursa-malaysia-lift-temporary-suspension-regulated-short-selling

Posted by EngineeringProfit > 2020-12-16 21:22 | Report Abuse

Gotta prepare for a rip-roaring roller-coaster ride

Posted by EngineeringProfit > 2020-12-16 21:25 | Report Abuse

Only savvy traders with knowledge, experience and disxipline can take advantage to ride like Silver Surfer

Posted by EngineeringProfit > 2020-12-16 21:28 | Report Abuse

The greedy ones will feel giddy because when the coaster whirls into loop-de-loops, these unfortunates got dropped on their heads. Later gaining consciousness, they skulked away, hand jammed into emoty pockets.

Posted by EngineeringProfit > 2020-12-16 21:29 | Report Abuse

Expect near-vertical drop, choking terror and extreme fear

Posted by Keyman188 > 2020-12-17 08:58 | Report Abuse

Fed raises its economic outlook slightly, sees 4.2% growth next year and 5% unemployment rate

(PUBLISHED WED, DEC 16 20202:28 PM ESTUPDATED WED, DEC 16 20203:00 PM EST)

~ The Federal Reserve expects real gross domestic product to fall just 2.4% in 2020, compared to a decline of 3.7% predicted in September.

~ The Fed also upped its 2021 real GDP forecast to 4.2% from 4.0%.

~ The Jerome Powell-led Fed estimates the unemployment rate to fall to 6.7% this year, also an improvement from 7.6% projection in September.

The Federal Reserve dialed up its economic expectations slightly for the end of this year as well as for 2021, according to the central bank’s Summary of Economic Projections released on Wednesday.

The central bank now expects real gross domestic product to fall just 2.4% in 2020, compared to a decline of 3.7% predicted in September. The Fed also upped its 2021 real GDP forecast to 4.2% from 4.0% expected previously

The Jerome Powell-led Fed estimates the unemployment rate to fall to 6.7% this year, further below the 7.6% previously predicted. The unemployment rate should fall to 5.0% in 2021, compared to the central bank’s previous estimate of 5.5%.

The Federal Open Market Committee said in its statement Wednesday that it would continue to buy at least $120 billion of bonds each month “until substantial further progress has been made toward the Committee’s maximum employment and price stability goals.”

The Fed kept its inflation estimates for 2020 unchanged at 1.2%. The FOMC now sees PCE inflation running to 1.8% next year, slightly above its previous estimate of 1.7%.

Core PCE inflation is expected to come in at 1.4% this year, down slightly from September’s projection of 1.4%. Next year, core PCE inflation is estimated to reach 1.8%, up from September’s forecast of 1.7%.

The Fed decided to keep interest rates unchanged in its December meeting after slashing them to near-zero in an emergency meeting in March due to the fast-spreading coronavirus.


##https://www.cnbc.com/2020/12/16/fed-raises-its-economic-outlook-slightly-sees-4point2percent-growth-next-year-and-5percent-unemployment-rate.html

Posted by Keyman188 > 2020-12-18 08:41 | Report Abuse

FDA panel endorses second Covid vaccine in U.S. as Moderna wins key vote in path to emergency use

(PUBLISHED THU, DEC 17 20205:00 PM ESTUPDATED THU, DEC 17 20207:05 PM EST)

~ An influential FDA advisory panel overwhelmingly voted to recommend the approval of Moderna’s coronavirus vaccine for emergency use.

~ The FDA’s Vaccines and Related Biological Products Advisory Committee plays a key role in approving flu and other vaccines in the U.S., verifying the shots are safe for public use.

~ While the FDA doesn’t have to follow the advisory committee’s recommendation, it often does.


An influential Food and Drug Administration advisory panel on Thursday overwhelmingly backed Moderna’s coronavirus vaccine, a key step paving the way to distribute the second Covid-19 vaccine in the United States next week.

The nonbinding decision, which was adopted 20-0 with one abstention, by the FDA’s Vaccines and Related Biological Products Advisory Committee came exactly a week after the outside group of vaccine and infectious disease experts voted to recommend Pfizer and BioNTech’s vaccine for an emergency use authorization, or EUA. The agency granted Pfizer’s EUA the next day, and the first inoculations in the U.S. were given Monday.

The FDA advisory committee plays a key role in approving flu and other vaccines in the U.S., verifying the shots are safe for public use. While the FDA doesn’t have to follow the advisory committee’s recommendation, it often does. The U.S. plans to ship just under 6 million doses next week, pending the agency’s OK, Gen. Gustave Perna, who oversees logistics for the Operation Warp Speed vaccine project, told reporters Monday.

Prior to the vote, some members of the committee stressed that their endorsement for Moderna’s vaccine was not for a full FDA approval, reiterating that the agency will still need to review more data on safety and effectiveness.

“I don’t want people to interpret this the same way they would a licensed vaccine,” said Dr. Cody Meissner, a voting member of the committee and an infectious diseases expert at Tufts University School of Medicine. The endorsement is “based on the available evidence, but that’s limited.”

An EUA means the FDA will allow some people to receive the vaccine as the agency continues to evaluate data. It isn’t the same as full approval, which requires more data and can typically take several months longer. Moderna has submitted only two months of follow-up safety data. The agency usually requires six months for full approval. The committee recommended emergency authorization of the vaccine for people who are 18 years old and older.

Member Dr. Michael Kurilla, an infectious disease expert with the National Institutes of Health, was the only member to not vote yes. He said he decided to abstain because he was “uncomfortable” endorsing the vaccine for everyone age 18 and older.

“In the midst of a pandemic and with limited vaccine supply, a blanket statement for individuals for 18 years and older is just too broad,” said Kurilla. “I’m not convinced for all of those age groups the benefits do actually outweigh the risk.”

Initial doses will be limited as manufacturing ramps up, with officials predicting it will take months to immunize everyone in the U.S. who wants to be vaccinated. The Centers for Disease Control and Prevention has provided states with an outline that recommends prioritizing health-care workers and nursing homes, but states can distribute the vaccine as they see fit.

Moderna’s vaccine uses messenger RNA, or mRNA, technology. It’s a new approach to vaccines that uses genetic material to provoke an immune response. Late-stage clinical trial data shows the vaccine is more than 94% effective in preventing Covid, is safe and appears to fend off severe disease. To achieve maximum effectiveness, the vaccine requires two doses taken four weeks apart.

The FDA has indicated it would authorize a Covid-19 vaccine that’s safe and at least 50% effective. The flu vaccine, by comparison, generally reduces people’s risk of getting influenza by 40% to 60% compared with people who aren’t inoculated, according to the CDC.

FDA staff endorsed Moderna’s vaccine on Tuesday, saying in documents that the clinical trial results and safety data were “consistent with the recommendations set forth in FDA’s Guidance on Emergency Use Authorization for Vaccines to Prevent COVID-19.”

Cont...


##https://www.cnbc.com/2020/12/17/moderna-covid-vaccine-fda-panel-recommends-emergency-approval.html

Posted by Keyman188 > 2020-12-18 08:52 | Report Abuse

Stocks close at record highs as traders bet that a fiscal stimulus deal is coming

(PUBLISHED WED, DEC 16 20206:00 PM ESTUPDATED THU, DEC 17 20205:43 PM EST)

Stocks closed at record levels on Thursday, boosted by hope of Washington coming through on additional fiscal aid before the end of 2020.

The S&P 500 gained 0.6% to end the day at 3,722.48, and the tech-heavy Nasdaq Composite advanced 0.8% to 12,764.75. The Dow Jones Industrial Average climbed 148.83 points, or 0.5%, to 30,303.37. Both the S&P 500 and Nasdaq hit intraday and closing records. The Dow posted its highest-ever closing level.

Real estate, materials and health care were the best-performing sectors in the S&P 500, rising more than 1% each. Johnson & Johnson rose 2.6% to lead the Dow higher.

“Stimulus is still the main driver in the market right now until they get something done, and it does appear there is some motivation on that front to get something done,” said Dan Deming, managing director at KKM Financial. “The market’s benefiting from that” enthusiasm.

Congressional leaders on Wednesday closed in on a $900 stimulus package that would include direct payments to individuals.

The measure would exclude liability protections for businesses as well as aid to state and local governments, CNBC confirmed. Disagreements over those issues have been a stumbling block in the latest round of negotiations.

Senate Majority Leader Mitch McConnell, R-Ky., said Thursday that a coronavirus relief deal was close at hand.

The latest round of U.S. fiscal stimulus talks comes as Covid-19 cases increase at a record pace. The U.S. is recording at least 215,729 additional Covid-19 cases each day, based on a seven-day average calculated by CNBC using Johns Hopkins University data. On Wednesday alone, more than 247,000 new infections were confirmed.

This resurgence in Covid-19 cases has led to states reimposing stricter social-distancing measures that are slowing down parts of the economy, especially the labor market.

On Thursday, data showed jobless claims totaled 885,000 last week, hitting their highest level since early September. Economists expected 808,000 workers sought state jobless benefits during the week ended Dec. 12.

“Until COVID is more under control, claims are going to continue to be elevated,” Thomas Simons, money market economist at Jefferies, wrote in a note.

Wall Street was coming off a mixed session in which the S&P 500 and Nasdaq Composite rose while the Dow posted a small loss.

On Wednesday, the Federal Reserve pledged to keep buying bonds until the economic recovery was completed. Fed Chairman Jerome Powell also said the central bank would increase its bond purchases if the recovery slows down.

Gregory Faranello, head of U.S. rates trading at AmeriVet Securities, said U.S. monetary policy will likely stay easy for a while.

“They feel that there still are disinflationary forces globally to contend with, and they are being realistic about their timeframe and their ability to achieve their inflation goal” of 2%, Faranello said. “This lends itself to this theme [rates] staying lower-for-longer.”


##https://www.cnbc.com/2020/12/16/stock-market-futures-open-to-close-news.html

Posted by Keyman188 > 2020-12-19 11:45 | Report Abuse

FDA approves second Covid vaccine for emergency use as it clears Moderna’s for U.S. distribution

(PUBLISHED FRI, DEC 18 20207:38 PM ESTUPDATED FRI, DEC 18 20207:59 PM EST)

~ Moderna’s Covid-19 vaccine is the second approved for use in the U.S.

~ It will bolster the number of available doses, which states desperately need to fend off the pandemic.

~ The U.S. plans to distribute roughly 5.9 million doses of Moderna’s vaccine to 64 states, territories and major cities across the nation next week.

The Food and Drug Administration has approved Moderna’s coronavirus vaccine for emergency use. The vaccine — the second approved for use in the U.S. behind Pfizer and BioNTech’s — bolsters the U.S. supply of doses. The potentially lifesaving shots are desperately needed to fend off the pandemic that has taken more than 300,000 American lives and overwhelmed hospitals.

The FDA’s emergency use authorization Friday approves the federal government’s plan to distribute roughly 5.9 million doses of Moderna’s vaccine to 64 states, territories and major cities across the nation next week.

“We likely will see shots in the arm by the very early part of next week, I would hope Monday or Tuesday,” Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said on the “Today” show on Friday morning.

In addition to Moderna’s vaccine, the U.S. also plans to send out 2 million doses of Pfizer’s vaccine after 2.9 million doses were cleared for shipment this week, Gen. Gustave Perna, who oversees logistics for the Operation Warp Speed vaccine project, said Monday. Both vaccines require two doses three to four weeks apart. Moderna’s Covid vaccine is its first-ever FDA authorized product.

“With the availability of two vaccines now for the prevention of COVID-19, the FDA has taken another crucial step in the fight against this global pandemic that is causing vast numbers of hospitalizations and deaths in the United States each day,” FDA Commissioner Dr. Stephen Hahn said in a statement.

U.S. officials hope to vaccinate at least 20 million Americans — mostly front-line health-care workers and nursing home residents — by the end of the year. Initial doses will be limited as manufacturing ramps up, with officials predicting it will take months to immunize everyone in the U.S. who wants to be vaccinated. The Centers for Disease Control and Prevention has provided states with an outline that recommends prioritizing health workers and nursing homes, but states can distribute the vaccine as they see fit.

Already, states are reporting confusion about vaccine plans. In recent days, state officials said they learned their second shipment of Pfizer’s vaccine would be smaller than expected or delayed. In Florida, for example, Republican Gov. Ron DeSantis said the federal government told him the state would receive 205,000 Pfizer vaccine doses next week and 247,000 the following week. Those shipments are now on hold, DeSantis said at a press conference Tuesday, and it’s unclear when they will arrive.

Moderna’s vaccine, like Pfizer’s, uses messenger RNA, or mRNA, technology. It’s a new approach to vaccines that uses genetic material to provoke an immune response. Late-stage clinical trial data published last month shows Moderna’s vaccine is more than 94% effective in preventing Covid, is safe and appears to fend off severe disease. To achieve maximum effectiveness, the vaccine requires two doses taken four weeks apart.

The FDA has indicated it would authorize a Covid-19 vaccine that’s safe and at least 50% effective. The flu vaccine, by comparison, generally reduces people’s risk of getting influenza by 40% to 60% compared with people who aren’t inoculated, according to the CDC.

The FDA authorized Moderna’s vaccine for people who are 18 years old and older. Such an authorization from the agency isn’t the same as full approval, which requires more data and can typically take several months longer. Moderna has submitted only two months of follow-up safety data. The agency usually requires six months for full approval and can always revoke an EUA for a drug if it doesn’t work as intended or proves to be unsafe. The FDA approved the emergency use of hydroxychloroquine to treat Covid-19 in March, only to revoke it in June after additional data showed it provided “no evidence of benefit” in coronavirus patients.

The FDA’s announcement comes after a key agency advisory panel on Thursday voted 20-0 with one abstention to recommend the vaccine for emergency use. The Vaccines and Related Biological Products Advisory Committee plays a key role in approving flu and other vaccines in the U.S., verifying the shots are safe for public use. While the FDA doesn’t have to follow the advisory committee’s recommendation, it often does.

Cont...

##https://www.cnbc.com/2020/12/18/moderna-covid-vaccine-approved-fda-for-emergency-use.html

Posted by Keyman188 > 2020-12-19 12:10 | Report Abuse

Trump signs two-day funding bill as Congress rushes to finalize spending, Covid relief deal

(PUBLISHED FRI, DEC 18 20206:13 PM ESTUPDATED FRI, DEC 18 202010:30 PM EST)

~ Trump signs a two-day government funding bill just hours before a shutdown deadline.

~ Lawmakers hope to buy more time to finalize a $900 billion coronavirus relief package.

~ They aim to tie it to a full-year government spending bill.


President Donald Trump signed a two-day government funding bill into law Friday night as Congress tries to buy time to strike a spending and coronavirus relief deal.

The president inked the legislation to keep the government running about an hour-and-a-half before a midnight deadline to pass spending legislation. The stopgap measure would fund federal operations through Sunday until 12:01 a.m. ET Monday morning while congressional leaders try to finalize a full-year funding and coronavirus relief package.

Even after lawmakers avoided a shutdown, Congress again finds itself on a tight deadline. The House will meet again on Sunday at noon ET and will not vote earlier than 1 p.m. The Senate will return at 11 a.m. ET Saturday and will likely address nominations.

Senators including independent Bernie Sanders of Vermont and Republican Josh Hawley of Missouri had warned they could delay approval of a spending bill as they lobby for leadership to include a $1,200 direct payment in a pandemic aid package. Neither lawmaker followed through on the warning.

Before the Senate unanimously passed the spending bill, Sanders said he would “object to any attempt” by the chamber to pass a full-year spending plan without also approving a pandemic relief package that includes “substantial direct payments.”

Hawley earlier tweeted that he would not block the legislation after top Republicans assured him a final relief deal would include “direct assistance to working people.” Lawmakers are expected to include $600 payments, down from the $1,200 checks approved as part of the CARES Act in March.

The House initially tried to pass the funding bill unanimously on Friday. However, Rep. Chip Roy, R-Texas, objected and forced a full recorded vote.

The move delayed the bill’s passage by more than an hour as Congress worked on a tight schedule to beat the shutdown deadline. The House approved it in a 320-60 vote.

Lawmakers, for the second time this month, aim to give themselves more time to package a full-year spending bill and money to lift a health-care system and economy buckling under a relentless coronavirus outbreak. They already approved a one-week extension that kept the lights on through Friday.

Congressional leaders have said for days that they are close to a desperately needed pandemic aid agreement. However, they have failed to iron out the final details of a $900 billion package.

Millions of Americans await help as the virus overwhelms hospitals and health-care workers. Covid-19 now kills thousands of Americans every week.

New economic restrictions to contain the outbreak have sharpened pain for people already scrambling to afford food and housing.

A Republican-backed proposal to limit the Federal Reserve’s emergency lending power now poses the biggest roadblock to a deal. Democrats say the measure would hamstring President-elect Joe Biden’s ability to respond to the ongoing economic crisis after he takes office on Jan. 20.

Along with direct payments, the developing plan would include a $300 per week federal unemployment supplement. It would extend a pandemic-era expansion of jobless benefits, which 12 million people would lose the day after Christmas.

It is unclear now how the proposal would handle a federal eviction moratorium. The provision lapses at the end of the year, potentially leaving millions vulnerable to eviction.

The package would put at least $300 billion into small business aid. It would include money for Covid-19 vaccine distribution and testing, along with relief for hospitals.

It would also direct funding to schools, which have had to adapt to stay open or go virtual during the pandemic.

The bill will not address state and local government support or liability protections for businesses. Those issues divided Democratic and Republican leaders.

Democrats and many rank-and-file GOP lawmakers, along with bipartisan governors, supported state and local aid as necessary to preserve first-responder jobs and allow officials to contain the pandemic. The GOP argued legal immunity would protect small businesses from frivolous litigation.

##https://www.cnbc.com/2020/12/18/covid-stimulus-update-house-passes-short-term-funding-bill-to-prevent-government-shutdown.html

Posted by Keyman188 > 2020-12-21 08:50 | Report Abuse

Congress agrees to $900 billion Covid stimulus deal after months of failed negotiations

(PUBLISHED SUN, DEC 20 20205:39 PM ESTUPDATED SUN, DEC 20 20207:39 PM EST)

~ Congress reached a deal Sunday on a $900 billion coronavirus relief package, according to Senate Majority Leader Mitch McConnell and Minority Leader Chuck Schumer.

~ Lawmakers will move to vote on the proposal, along with a full-year government spending bill, as soon as Sunday night.

~ Millions of Americans have awaited aid for months as Congress failed to agree on another plan to boost a health-care system and economy buckling under the weight of the pandemic.


Congress reached a deal Sunday on a $900 billion coronavirus relief package, a long-delayed effort to boost an American health-care system and economy buckling under the weight of the pandemic.

Congressional leaders announced the agreement on a coronavirus aid and full-year government spending bill after days of start-and-stop efforts to finish a deal. They have not yet released text of the more than $2 trillion legislation, which they hope to pass in the next day.

“At long last, we have the bipartisan breakthrough the country has needed,” Senate Majority Leader Mitch McConnell, R-Ky., said on the Senate floor Sunday.

House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., called the plan a “package that delivers urgently needed funds to save the lives and livelihoods of the American people as the virus accelerates.” They noted they would soon push for more relief spending after President-elect Joe Biden takes office on Jan. 20.

To avoid a government shutdown that would start at 12:01 a.m. ET on Monday, Congress moved to approve a one-day spending measure that would keep the lights on until 12:01 a.m. ET on Tuesday. The House passed the measure Sunday night, and the Senate aims to approve it before midnight.

Lawmakers then plan to vote on the relief and funding bill on Monday.

The deal on one of the largest rescue bills in U.S. history follows months of sniping on Capitol Hill over how best to fight a once-in-a-century crisis. Democrats moved quickly to pass trillions of dollars more in assistance only two months after Congress passed the more than $2 trillion CARES Act in March. The GOP at first downplayed the need for more aid, then in the summer embraced a more limited approach than Democrats desired.

A new round of help cannot come soon enough for the millions of Americans who have tried to scrape together enough money to afford food and housing during sustained public health restrictions.

“The American people have a great deal to celebrate in this legislation. But of course, the agreement we reached is far from perfect,” Schumer said on Sunday.

What’s in the bill

The relief plan includes direct payments of $600 to most adults and $600 per child, Pelosi and Schumer said in a statement.

The Democrats said it would put $284 billion into Paycheck Protection Program small business loans. It would direct another $20 billion to small business grants and $15 billion to live event venues.

It would also add a $300 federal unemployment supplement and temporarily keep in place pandemic-era programs that expanded unemployment insurance eligibility. It was not immediately clear how long each of those measures would last.

If the jobless benefits expansion expires the day after Christmas, 12 million people will lose unemployment insurance.

The measure was also set to put critical funding into the distribution of the two FDA-approved Covid-19 vaccines. Schumer said the bill would direct $30 billion into “procurement and distribution” of vaccines.

Health-care workers and top government officials have started to receive shots, and widespread inoculation in the coming months will help the world to emerge from the pandemic’s shadow.

The rescue package was also set to send relief to hospitals, many of which have struggled to keep up with a flood of Covid-19 patients. It also puts $82 billion into schools and colleges, according to Pelosi and Schumer.

The plan directs $25 billion into rental assistance and extends a federal eviction moratorium for an unspecified amount of time, the Democrats said.

It also puts $13 billion into enhanced Supplemental Nutrition Assistance Program benefits.

The deal came after a last-second fight over a Republican-backed provision that would have restricted the Federal Reserve’s emergency lending powers. Lawmakers eventually reached a deal to wind down lending facilities created by the CARES Act at the end of the year, repurpose more than $400 billion left over in the programs and bar the creation of identical provisions in the future.

Cont...

##https://www.cnbc.com/2020/12/20/mcconnell-says-congress-has-agreed-to-900-billion-coronavirus-stimulus-deal.html

Posted by Keyman188 > 2020-12-28 08:26 | Report Abuse

KLCI futures expected to trade higher next week

(December 26, 2020 10:03 am +08)

KUALA LUMPUR (Dec 26): The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract is expected to trade higher next week as investors take the cue from the bullish underlying cash market.

Inter-Pacific Asset Management Sdn Bhd chief executive officer Datuk Dr Nazri Khan Adam Khan expects the benchmark FBM KLCI to test the psychological level of 1,700 amidst window-dressing activities and improved market sentiment.

He said the key index is poised to march into the new year on a high note, riding on the ‘Santa Claus’ rally as investors turn bullish towards year-end.

“Traditionally, the last week of December and the first week of new year are the strongest weeks of the year, therefore I believe KLCI will move higher between 1,680 and 1,700,” he told Bernama.

On a Friday-to-Thursday basis, spot month December 2020 reduced 12.5 points to 1,641.0, January 2021 eased 11.0 points to 1,639.0, March 2021 decreased 13.0 points 1,639.0 and June 2021 shed 10.5 points to 1,634.0.

Turnover increased to 50,009 lots from 49,700 lots last week, while open interest widened to 43,821 contracts from 38,750 contracts previously.

The FBM KLCI decreased 11.32 points to 1,641.17 on Thursday from 1,652.49 on Friday last week.

## https://www.theedgemarkets.com/article/klci-futures-trade-higher-next-week

Posted by Keyman188 > 2020-12-28 08:28 | Report Abuse

'The beginning of the end': Europe rolls out vaccines to fight pandemic

(December 27, 2020 21:30 pm +08)

MADRID/ROME/LISBON/VIENNA/PRAGUE/SOFIA/ZAGREB/OSLO/ATHENS/PARIS (Dec 27): Europe launched a mass Covid-19 vaccination drive on Sunday, with pensioners and medics lining up to get the first shots to see off a pandemic that has crippled economies and claimed more than 1.7 million lives worldwide.

"Thank God," 96-year-old Araceli Hidalgo said as she became the first person in Spain to have a vaccine at her care home in Guadalajara near the capital Madrid. "Let's see if we can make this virus go away."

In Italy, the first country in Europe to record significant numbers of infections, 29-year-old nurse Claudia Alivernini was one of three medical staff at the head of the queue for the shot developed by Pfizer and BioNTech.

"It is the beginning of the end ... it was an exciting, historic moment," she said at Rome's Spallanzani hospital.

The region of 450 million people is trying to catch up with the United States and Britain which have both already started vaccinations using the Pfizer/BioNTech shot.

The EU is due to receive 12.5 million doses of the shot by the end of the year, enough to vaccinate 6.25 million people based on the two-dose regimen. The companies are scrambling to meet global demand and aim to make 1.3 billion shots next year.

Europe has secured contracts with a range of drugmakers besides Pfizer including Moderna and AstraZeneca , for a total of more than two billion vaccine doses and has set a goal for all adults to be inoculated during 2021.

While Europe has some of the best-resourced healthcare systems in the world, the sheer scale of the effort means some countries are calling on retired medics to help, while others have loosened rules for who is allowed to give the injections.

With surveys pointing to high levels of hesitancy towards the vaccine in countries from France to Poland, leaders of the 27-country European Union are promoting it as the best chance of getting back to something like normal life next year.

"We have a new weapon against the virus: the vaccine. We must stand firm, once more," tweeted French President Emmanuel Macron, who tested positive for the coronavirus this month and left quarantine on Christmas Eve.

Solar-powered pavilions
After European governments were criticised for failing to work together to counter the spread of the virus in early 2020, the goal this time is to ensure that there is equal access to the vaccines across the region.

But even then, Hungary on Saturday jumped the gun on the official roll-out by administering shots to frontline workers at hospitals in the capital Budapest.

Slovakia also went ahead with some inoculations of healthcare staff on Saturday and in Germany, a small number of people at a care home were inoculated a day early too.

"We don't want to waste that one day that the vaccine loses shelf life," Karsten Fischer, from the pandemic staff of the Harz district in the German state of Saxony-Anhalt, told local broadcaster MDR.

The distribution of the shot presents tough challenges as the vaccine uses new mRNA technology and must be stored at ultra-low temperatures of about -70 degrees Celsius (-112°F).

In Germany, several vaccination centres in Northern Bavaria held off from inoculating people after uncertainty arose on whether the cold chain had been maintained. "When reading the temperature loggers that were enclosed in the cool boxes, doubts arose about the compliance with the cold chain requirements", the vaccination centres of Coburg, Lichtenfels, Kronach, Kulmbach, Hof, Bayreuth and Wunsiedel said in a joint statement.

The Pfizer shots being used in Europe were shipped from its factory in Puurs, Belgium, in specially designed containers filled with dry ice. They can be stored for up to six months at Antarctic winter temperatures, or for five days at 2C to 8C, a type of refrigeration commonly available at hospitals.

Beyond hospitals and care homes, sports halls and convention centres left vacant by lockdown restrictions will become venues for mass inoculations.

In Italy, temporary solar-powered healthcare pavilions designed to look like five-petalled primrose flowers — a symbol of spring — sprouted in town squares.

Cont...


## https://www.theedgemarkets.com/article/europe-rolls-out-vaccines-bid-leave-pandemic-behind

Posted by Keyman188 > 2020-12-28 08:57 | Report Abuse

U.S. Cases Slow in Holiday Amid Warnings of Worse: Virus Update
Bloomberg News

(December 27, 2020, 7:52 AM GMT+8 Updated on December 28, 2020, 5:53 AM GMT+8)

Top U.S. health officials warned of a post-Christmas surge in infection, as new cases slowed amid scattered holiday reporting from states. Total infections passed 19 million. New York state’s new infections dipped, as did holiday testing. North Carolina hospitalizations hit a record, while South Carolina reported record infections.

A coordinated vaccination campaign was underway in Europe, just days after the EU cleared a shot developed by Pfizer Inc. and BioNTech SE. Italy and France were among the first of the bloc’s 27 member states to start inoculations. In Germany, which began a day early, the rollout was postponed in some cities after doubts emerged about whether the shots had been kept cold enough during transit.

Concern about the mutated strain first detected in Britain grew in Asia. China asked airlines to suspend passenger flights with the U.K. from Dec. 28 to Jan. 10. Norway reported two cases of the variant.


## https://www.bloomberg.com/news/articles/2020-12-26/mutant-strain-spreads-n-j-records-worst-month-virus-update?srnd=premium-asia


---------------------------------------------------------------------------------------------------------

Daily infections - US:-

27/12/20 - 150,572

26/12/20 - 188,667

25/12/20 - 190,678

24/12/20 - 206,925

23/12/20 - 213,610

22/12/20 - 214,735

21/12/20 - 214,952

20/12/20 - 217,074

19/12/20 - 215,842

18/12/20 - 218,891

Posted by Keyman188 > 2020-12-28 10:33 | Report Abuse

Trump signs Covid relief and government funding bill days after he suggested he would block it

(PUBLISHED SUN, DEC 27 20208:13 PM ESTUPDATED SUN, DEC 27 20208:46 PM EST)

~ President Donald Trump signs a coronavirus relief and government funding package into law.

~ He refused to approve the legislation for days after receiving it from Congress, blowing past a deadline to prevent an estimated 14 million people from temporarily losing unemployment benefits.

~ Trump said the House and Senate will vote on increasing direct payments in the package to $2,000, though it is unclear if the GOP-held Senate will take up the measure.


President Donald Trump signed a massive coronavirus relief and government funding package into law Sunday, days after he sent Washington into a panic by suggesting he could veto the bill.

He refused to approve the legislation for days after receiving it, blowing past a Saturday deadline to prevent an estimated 14 million people from temporarily losing unemployment insurance. The measure extends the expanded jobless benefits into March, but millions of people are expected to lose a week of benefits due to Trump’s delay in signing the bill.

The government would have shut down Tuesday during a deadly pandemic if Trump did not approve the legislation.

The president called the bill a “disgrace” on Tuesday night — after Congress already approved it following talks which included his Treasury Secretary Steven Mnuchin. Trump claimed he opposed the bill because it included $600 rather than $2,000 direct payments to most Americans, and because the $1.4 trillion government spending portion of the package included foreign aid money. The president’s own White House has included those funds in its budgets.

After Trump expressed support for larger checks, Democrats embraced his stance. The Democratic-held House plans to vote on a measure to increase the payments to $2,000 on Monday.

In a statement Sunday night, Trump said the Senate would also “start the process for a vote that increases checks to $2,000.” Senate Majority Leader Mitch McConnell, in a separate statement cheering the bill becoming law, did not mention any plans to take up the legislation if the House passes it. Most members of the Kentucky Republican’s caucus have opposed larger direct payments.

The president also said he will send Congress a “formal rescission request” asking for what he called “wasteful items” to be removed from the bill. Lawmakers may not cancel the previously approved money, as the legislation passed both chambers of Congress with overwhelming bipartisan support.

The White House had signaled for weeks that Trump would sign whatever pandemic aid bill the divided Congress passed into law. His threat to oppose the legislation shocked Capitol Hill and sent Americans scrambling to adjust their plans.

Airlines, for instance, had moved to bring employees back with $15 billion in payroll assistance included in the bill.

Many economists and lawmakers have called the $900 billion coronavirus relief package inadequate. Still, it will send a dose of needed help to the country as the virus overwhelms the health-care system and economy.

The measure adds a $300 per week federal unemployment supplement through mid-March. It temporarily expands programs that made freelance and gig workers eligible for jobless benefits and added to the number of weeks jobless Americans can receive aid.

It sends $600 direct payments to most individuals, and adds $600 for every child. The legislation includes another round of small business assistance, most of which comes from $284 billion in forgivable Paycheck Protection Program loans.

It puts nearly $30 billion into distributing Covid-19 vaccines and ensuring Americans can get shots for free. The measure also directs more than $20 billion to state Covid-19 testing and contact tracing efforts.

Along with extending the eviction moratorium, it puts $25 billion into rental assistance. The airline payroll assistance is part of more than $45 billion in transportation relief.

The package also directs $82 billion to K-12 and higher education.

Democrats have said they will quickly push for another relief bill, headlined by direct payments and state and local government aid, after President-elect Joe Biden takes office on Jan. 20. Their ability to pass a bill will in part depend on whether Republicans keep control of the Senate in two Jan. 5 runoffs in Georgia.


## https://www.cnbc.com/2020/12/28/trump-signs-covid-relief-and-government-funding-bill-days-after-suggesting-hed-block-it.html

Posted by Keyman188 > 2020-12-28 12:08 | Report Abuse

November exports 4.3% higher at RM84.43b — MITI

(theedgemarkets.com / December 28, 2020 11:43 am +08)

KUALA LUMPUR (Dec 28): Malaysia’s exports increased by 4.3% year-on-year (y-o-y) to RM84.43 billion in November 2020, from RM80.95 billion previously, as the country registered the third consecutive month of y-o-y growth.

In a statement today, the Ministry of International Trade and Industry (MITI) said the higher figure for November 2020 was due to higher exports to the US, Singapore, China and Hong Kong.

Meanwhile, imports in November were down 9% y-o-y at RM67.61 billion, from RM74.26 billion previously. Total trade contracted by 2% to RM152.04 billion from RM155.21 billion in November 2019.

The trade surplus amounted to RM16.82 billion after surging by 151.6%, the highest figure recorded thus far for the month of November.

Compared to October 2020, total trade, exports, imports and the trade surplus declined by 5%, 7.3%, 1.9% and 24% respectively.

For the cumulative 11 months of 2020 (11M20), the trade surplus grew 23.1% to RM163.86 billion from RM133.11 billion previously. Total trade was valued at RM1.61 trillion after falling from RM1.68 trillion a year ago. Exports stood at RM885.02 billion, contracting by 2.6%, while imports amounted to RM721.16 billion, falling by 7%.

MITI noted that in November 2020, exports of manufactured goods contributed to 88.1% of total exports and also rose by 81.% y-o-y to RM74.34 billion. The growth was driven by higher exports of electrical and electronics (E&E) products as well as rubber products, which according to the ministry had been resilient with 13 consecutive months of growth. Higher exports were also registered for other manufactures, especially solid-state storage devices (SSD), wood products as well as optical and scientific equipment.

The ministry also noted that agriculture goods, accounting for 6.7% of exports, increased by 6% y-o-y to RM5.65 billion on higher exports of palm oil and palm oil-based agriculture products.

Meanwhile, mining goods, showing a 4.9% contribution, contracted by 34.6% y-o-y to RM4.15 billion, following lower exports of liquefied natural gas (LNG), crude petroleum as well as petroleum condensates and other petroleum oil.

For 11M20, exports of manufactured goods slipped by 0.3% to RM765.63 billion, from 11M19, on lower exports of petroleum productions, chemicals and chemical products, on top of lower metal manufacturing.

“Meanwhile, higher exports were recorded for rubber products, E&E products, other manufactures (SSD), iron and steel products as well as optical and scientific equipment. Exports of agriculture goods grew by 5% to RM63.32 billion, attributed mainly to higher exports of palm oil and palm oil-based agriculture products. Exports of mining goods fell by 29.7% to RM52.21 billion due to lower exports of LNG, crude petroleum as well as petroleum condensates and other petroleum oil,” MITI said.

Trade with Asean stood at RM38.77 billion or 25.5% of total trade, falling by 7.2% from November 2019. Regional exports were down by 2.2% to RM23.46 billion, following lower exports of petroleum products, iron and steel products, as well as machinery, equipment and parts. However, exports of E&E products, increasing by 36.6% or RM2.6 billion, cushioned the decline. Imports from Asean dropped by 13.9% to RM15.31 billion.

Among the Asean markets, exports to Singapore expanded by RM1.78 billion, contributed by E&E products, while exports to Brunei rose by RM39 million, contributed by iron and steel products.

Meanwhile, trade with China in November rose by 3.2% y-o-y to RM30.06 billion, accounting for 19.8% of Malaysia’s total trade. Exports to China grew 13.2% to RM14.23 billion on on higher exports of E&E products.Imports from China was down by 4.5% to RM15.83 billion.

Trade to the US in November amounted to 10.1% of Malaysia’s total trade, rising by 8.6% y-o-y to RM15.42 billion. Exports to the US recorded a double digit growth for six consecutive months, surged by 24.6% to RM9.76 billion in November 2020. Higher exports were recorded for rubber products, E&E products, and wood products. Imports from the US contracted by 11.1% to RM5.66 billion.

Total trade with the EU, which accounted for 7.7% of Malaysia’s November traded fell by 4.9% y-o-y to RM11.64 billion. Exports continued to expand for three consecutive months, expanding by 7.1% to RM6.89 billion contributed mainly by higher exports of rubber products. Imports from the EU shrank by 18.2% to RM4.75 billion.

Cont...


## https://www.theedgemarkets.com/article/november-exports-43-higher-rm8443b-%E2%80%94-miti

Posted by Keyman188 > 2020-12-29 08:44 | Report Abuse

UK expected to approve Oxford-AstraZeneca Covid vaccine this week

(PUBLISHED MON, DEC 28 20206:52 AM EST)

~ The AstraZeneca shot would be rolled out next week if approved in the next few days.

~ It would be added to the Pfizer-BioNTech vaccine, which has been given to 600,000 in the U.K., according to government statistics.


LONDON — The coronavirus vaccine being developed by AstraZeneca and the University of Oxford is expected to be approved for use in the U.K. in coming days.

The Financial Times reported Sunday that government officials confirmed that the Medicines and Healthcare products Regulatory Agency would imminently approve the vaccine, saying the announcement could come as soon as Tuesday. The Sunday Telegraph newspaper reported that the approval could come as early as Monday as health-care workers prepare to administer the shots.

But the regulator has been tight lipped on the move, and the U.K.’s Department of Health told Reuters the agency should be given time to properly assess the data from the vaccine’s trials.

Cabinet minister Michael Gove also gave nothing away in media interviews on Monday morning but said its approval could accelerate the lifting of strict lockdowns in the country, which have effectively canceled Christmas festivities for many millions.

Around 30,500 daily infections and 316 deaths were recorded in the U.K. on Sunday, but those figures could be understated due to reporting delays. Cases have surged in London and south England, raising pressure on hospitals. A new coronavirus variant found in the U.K. is reportedly more transmissible and has led to travel restrictions for people wanting to leave the country.

The AstraZeneca shot would likely be rolled out next week if approved in the next few days and would be added to the Pfizer-BioNTech vaccine, which has so far been given to 600,000 in the U.K., according to government statistics.

The Oxford-AstraZeneca candidate would allow the country to significantly ramp up its inoculation program, given its development in the U.K. It’s also much cheaper than others and does not need to be kept at ultra-low temperatures.

Earlier this month, Dr. Richard Horton, editor-in-chief of The Lancet medical journal, told CNBC the vaccine could be used around the globe more effectively than others.

“The Oxford/AstraZeneca vaccine is the vaccine right now that is going to be able to immunize the planet more effectively, more rapidly than any other vaccine we have,” Horton said, adding that it was important to think about vaccine immunization on a global scale “because even if we immunize one country, the threat then is you reintroduce the virus from another country that is not protected.”

Confusion around its trial data in November led to some criticism of U.K.-based AstraZeneca. The data suggests that the vaccine can help reduce the spread of Covid-19, as well as prevent illness and death. The study also found it had an effectiveness of 62% for trial participants given two full doses, but 90% for a subgroup given half a dose followed by a full dose.

But chief of the White House’s Operation Warp Speed, Moncef Slaoui, and others in the U.S. have expressed concern over the age group tested, saying the 90% efficacy was only shown for the lowest risk group, which numbered 2,741 people below age 55.

Pascal Soriot, CEO of AstraZeneca, said the pharmaceutical giant will run an additional global trial to evaluate the efficacy of its vaccine. Soriot told The Times newspaper this weekend he is convinced that subsequent data will show his company had achieved an efficacy rate equal to the others, at above 90%.

“We think we have figured out the winning formula and how to get efficacy that, after two doses, is up there with everybody else,” he said. “I can’t tell you more because we will publish at some point.”

He added that AstraZeneca believes the vaccine will be effective against the new strain of the coronavirus, but was running tests to confirm it.


## https://www.cnbc.com/2020/12/28/uk-expected-to-approve-oxford-astrazeneca-covid-vaccine-this-week.html

Posted by Keyman188 > 2020-12-29 14:11 | Report Abuse

Japan’s Nikkei 225 surges to levels not seen since early 1990s; Asia-Pacific markets mixed

(PUBLISHED MON, DEC 28 20206:37 PM ESTUPDATED MON, DEC 28 202011:28 PM EST)

~ In Japan, the Nikkei 225 gained 1.96% — trading at levels not seen since August 1990 — according to data from Refinitiv.

~ The gains stateside came after U.S. President Donald Trump signed a $900 billion coronavirus relief package into law.


SINGAPORE — Stocks in Asia-Pacific were mixed in Tuesday trade following overnight gains on Wall Street that sent the major averages to record highs.

In Japan, the Nikkei 225 gained 1.96% — trading at levels not seen since August 1990, according to data from Refinitiv. Shares of index heavyweight Fast Retailing and conglomerate Softbank Group gained more than 3% each. The Topix index advanced 1.36%.

South Korea’s Kospi was fractionally lower.

Mainland Chinese stocks were lower by the afternoon, with the Shanghai composite down 0.33% while the Shenzhen component dipped 0.338%. Hong Kong’s Hang Seng index gained 1.05%.

Shares in Australia rose following their return from a Monday holiday, with the S&P/ASX 200 up 0.44%.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.47%.

Overnight on Wall Street, the Dow Jones Industrial Average gained 0.7% to close at 30,403.97. The S&P 500 rose 0.9% to finish its trading day at 3,735.36 while the Nasdaq Composite closed 0.7% higher at 12,899.42.

The gains stateside came after U.S. President Donald Trump signed a $900 billion coronavirus relief package into law, with the measure including a direct payment of $600 to most Americans. Trump had previously demanded a $2,000 direct payment days before the signing. The House voted Monday to increase the second round of federal direct payments to $2,000, leaving it up to the GOP-controlled Senate.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.11 following an earlier high of 90.227.

The Japanese yen traded at 103.65 per dollar after weakening yesterday from around the 103.4 level against the greenback. The Australian dollar changed hands at $0.7595, having slipped from levels above $0.76 yesterday.

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 0.47% to $51.10 per barrel. U.S. crude futures gained 0.52% to $47.87 per barrel.


## https://www.cnbc.com/2020/12/29/asia-markets-wall-street-us-stimulus-coronavirus-currencies.html

Posted by apolloang > 2020-12-29 14:12 | Report Abuse

no use bursa only manipulators kaya

Posted by Keyman188 > 2020-12-29 14:13 | Report Abuse

Santa Clause wouldn't come to Malaysia...

Malaysia weather too hot.....

Santa Clause tak boleh tahan too hot...

You see market......Everyday too hot until scaring Santa Clause come to Malaysia....

Posted by apolloang > 2020-12-29 14:16 | Report Abuse

they won't come cos they know msia is crook market......only tell epf crooks to goreng

Posted by Keyman188 > 2020-12-29 14:19 | Report Abuse

If no crook...how to make victims money to pay Rakyat dividend...

Adui........

Posted by Keyman188 > 2020-12-29 14:27 | Report Abuse

10 reasons why the S&P 500 will surge 7% into year-end, according to Fundstrat

(Nov. 19, 2020, 05:39 PM)

~ The S&P 500 has more room to run, according to a Thursday note from Fundstrat's Tom Lee.

~ Lee upped his year-end S&P 500 price target to 3,800 from 3,525, representing potential upside of 7% from Wednesday's close.

~ Here are 10 reasons why Lee expects the S&P 500 to continue its record climb over the next 6 weeks, according to the note.


The stock market's record post-election rally will continue into year-end, according to Fundstrat's Tom Lee.

In a note on Thursday, Lee upped his year-end S&P 500 price target to 3,800 from 3,525, representing potential upside of 7% from Wednesday's close.

Lee is not surprised to see stocks consolidate over the past few days, and understands why some investors might believe that stock market has become "overly exuberant."

But according to Lee, an expansion in earnings multiples could drive new gains over the next six weeks. In his note, he gives the 10 following reasons.

1. "COVID-19 vaccine and therapeutics take 'worst case [scenario]' off table."

2. "Policymakers are pursuing soft-lockdowns, not killing recovery."

3. "Pent-up demand is US, look at output gap."

4. "China seeing massive explosive economic recovery."

5. "Fiscal stimulus coming."

6. "Investors are cautiously positioned, with little conviction."

7. "$4.5 trillion cash on sidelines."

8. "If VIX breaks below 20, double-risk on signal."

9. "Santa Claus rally."

10. "Fed dovish."


"With tailwinds for P/E expansion, we see 2021 P/E rising to 19.7x from 18.3x, which would lead to S&P 500 3,800," Lee said, basing his target on estimates that the S&P 500 notches record EPS of $193 in 2021.

A 7% move higher into year-end is about the magnitude of a typical Santa Claus rally, "so we are saying markets see their typical seasonal gains" over the next six weeks, the note said.

And a P/E valuation multiple of 19.7x is not demanding for the S&P 500, considering that it's a discount to the current implied P/E multiple of high-yield bonds. High yield bonds are currently priced at an implied P/E multiple of 20.6x, Lee explained.

"If the S&P 500 traded at 20.6x, the S&P 500 would be 3,976," Lee said.

Year-to-date, the S&P 500 is up 10% as of Wednesday's close.


## https://markets.businessinsider.com/news/stocks/10-reasons-sp500-will-surge-into-year-end-fundstrat-says-2020-11-1029822041

Posted by Keyman188 > 2020-12-29 14:36 | Report Abuse

Funstrat's Tom Lee expects the S&P 500 to rally in the second half of 2021 (Dec 17, 2020)

Tom Lee, Fundstrat Gobal Advisors managing partner and head of research, says he expects the S&P 500 to rally up to 4,300 in the second half of 2021. Jim Lebenthal, partner at Cerity Partners


## https://www.youtube.com/watch?v=QLp0kOgVunU

Posted by Keyman188 > 2020-12-30 20:33 | Report Abuse

Copper price has gradually increased from $2100 (Mar'20) until now $3500 ++


"This makes copper prices a good leading indicator of the economic cycle. For example, if orders for copper are being canceled or delayed, the price will drop. This can be a leading indicator that an economic recession is at hand. Conversely, if orders for copper are rising, the price will go up"



What do copper prices indicate about the economy?

"In general, rising copper prices have indicated strong demand and global economic strength; lower prices, a weaker economy. Historically, the price of copper has been strongly correlated with the price of gold, the Chinese economy, world trade, and most consistently, with the price of oil."



How does copper affect the economy?

"Copper mining is controversial because it adds a great deal to the economy, while also striping the land of its resources, and leaving a wake of poor poverty and ill health. Because of the danger, high wages, and frequent layoffs many mining towns see very high unemployment rates."

Posted by Keyman188 > 2021-01-02 11:05 | Report Abuse

Bursa Malaysia to see cautious trading in first week of 2021

(Bernama / January 02, 2021 10:09 am +08)

KUALA LUMPUR (Jan 2): The local stock market is likely to usher in the first trading week of 2021 on a cautious trading mode as investors seek fresh market catalysts.

OANDA senior market analyst Jeffrey Halley said the trajectory of Covid-19 cases in Malaysia continued to weigh on Bursa Malaysia sentiment, and it would likely to do so into next week unless a marked improvement was seen over the New Year break.

He noted that gains would be capped at 1,660 with the FTSE Bursa Malaysia KLCI (FBM KLCI) potentially dropping to 1,620.

At those levels, and with investors returning to work in the New Year, value buyers should emerge, putting a floor under any further sell-offs, added Halley.

"If the US Republicans hold Georgia in the US Senate election on Wednesday (Malaysian time) equity markets should rally, lifting Bursa Malaysia too," Halley told Bernama, adding that the 1,700 level should be broken in January, but it was unlikely to be next week.

"The 1,700 level is more likely to be tested in the second half of the month," he added.

Halley pointed out that regional equities elsewhere would need to rally, and Malaysia needed to avoid a post-holiday spike in Covid-19 for that to happen.

"The main factor driving markets next week is the Georgia Senate election in the US on Wednesday (Malaysian time). A surprise win by the Democrats will likely provoke a sharp retreat by equities globally.

"However, I expect the effects to be transitory, and for Malaysia's equity rally to resume in earnest in the second week of January, presuming that the Covid-19 situation domestically does not deteriorate badly. Large-scale lockdowns will delay the rally resumption," he said.

Bursa Malaysia trading was range-bound for the week just ended, mainly driven by year-end window-dressing activities.

On Thursday, the key index was weighed down by persistent selling activities in heavyweights including Sime Darby Plantation Bhd due to a ban imposed by the US Customs and Border Protection (CBP) on its products over allegations of forced labour in its production process.

Sime Darby Plantation lost 18 sen to RM4.99, while the Plantation Index trimmed 109.97 points to 7,302.84.

In September 2020, the CBP had issued a withheld release order against FGV Holdings Bhd.

On a Thursday-to-Thursday basis, the benchmark FBM KLCI decreased 13.96 points to 1,627.21 from 1,641.17 last week.

On the scoreboard, the FBM 70 rose 30.3 points to 15,142.84, the FBM ACE Index strengthened 77.39 points to 10,734.69, the FBM Emas Index fell 48.99 points to 11,761.93, the FBMT 100 Index erased 67.94 points to 11,501.99, and the FBM Emas Shariah Index reduced 124.03 points to 13,159.15.

Sector-wise, the Plantation Index contracted 114.44 points to 7,302.84, the Industrial Products and Services Index added 2.22 points to 178.11, while the Financial Services Index increased 56.18 points to 15,316.55.

The Energy Index advanced 16.92 points to 896.39, the Healthcare Index gave up 100.81 points for 3,571.55, and the Technology Index added 2.31 points to 69.72.

Weekly turnover jumped to 31.2 billion units worth RM14.88 billion from 28.99 billion units worth RM14.05 billion last week.

Main Market volume went up to 18.76 billion shares valued at RM12.5 billion from 17.26 billion shares valued at RM10.7 billion previously.

Warrants turnover, however, nosedived to 1.61 billion units worth RM264.98 million from 7.85 billion units worth RM364.77 million in the previous week.

The ACE Market volume advanced to 10.83 billion shares valued at RM3.11 billion from 9.52 billion shares valued at RM2.99 billion previously.


## https://www.theedgemarkets.com/article/bursa-malaysia-see-cautious-trading-first-week-2021

Posted by Keyman188 > 2021-01-02 11:07 | Report Abuse

Ringgit expected to strengthen to 4.0 against US dollar next week

(Bernama / January 02, 2021 10:20 am +08)

KUALA LUMPUR (Jan 2): The ringgit is expected to trade higher against the US dollar next week, on positive Covid-19 vaccine sentiment and better performance in crude oil prices, said an analyst.

Axi chief global market strategist Stephen Innes said as commodities are expected to fly out of the new year gates, particularly for the higher oil prices, they provide a double whammy of support for the local unit.

“The ringgit has been an underdog most of the year but its strong beta to commodity markets are now making it a leader of the pack.

“And it suggests the ringgit could be poised to test the key psychological 4.0 level against the US dollar, possibly as soon as next week,” he told Bernama.

Throughout this week, the ringgit continued to make inroads against the greenback, marking the 10th consecutive weekly gain versus the US dollar, even as the local note marched upwards in tandem with rising oil prices.
The heightened risk appetite also served as tailwinds for Asian currencies with many reaching multi-year highs over recent weeks.

The local market was closed on Friday for New Year holiday and will resume trading on Monday, Jan 4, 2021.

On a Thursday-to-Thursday basis, the ringgit was 390 basis points higher against the US dollar at 4.0200/0250 versus 4.0590/0620 in the previous week.

The local currency was also traded firmer against other major currencies except for the Singapore dollar.

It appreciated against the Japanese yen to 3.9018/9078 from 3.9153/9193, improved versus the British pound to 5.4905/4977 from 5.5186/5243 and gained against the euro to 4.9358/9427 from 4.9479/9528 from last Thursday.
The ringgit, however, depreciated against the Singapore dollar to 3.0395/0444 from 3.0537/0571 previously.


## https://www.theedgemarkets.com/article/ringgit-expected-strengthen-40-against-us-dollar-next-week

Posted by Keyman188 > 2021-01-02 20:56 | Report Abuse

India Grants Emergency Approval to Astra-Oxford Covid-19 Vaccine

(January 2, 2021, 4:52 PM GMT+8)

~ Nation is battling world’s second worse coronavirus outbreak

~ Distribution a challenge across India’s patchy health networks


India has followed the U.K. and granted emergency approval for the coronavirus vaccine developed by AstraZeneca Plc and the University of Oxford, the first step in its plan to inoculate citizens in the country that’s home to the world’s second-largest Covid-19 outbreak.

Information and Broadcasting Minister Prakash Javdekar said the AstraZeneca shot being produced locally by the Serum Institute of India Ltd. -- the world’s largest vaccine maker by volume -- was approved Friday.

“India is possibly the only country where four vaccine candidates are ready.” Javdekar said at the ruling Bharatiya Janata Party’s briefing on Saturday in New Delhi. “Yesterday one vaccine has been approved for emergency use, Serum’s Covishield.”

The Drugs Controller General of India has yet to formally announce the approval. Serum has an agreement with AstraZeneca to roll out at least one billion doses and has already made millions of shots. The move came just days after the U.K. regulator gave clearance to the vaccine, which is to roll out to Britain’s most vulnerable groups from Monday.

Astra-Oxford Covid Shot Gains First Clearance With U.K. Nod

The approval means India can begin to vaccinate its population of about 1.3 billion. That’s a daunting task given the country’s vast territory, limited infrastructure and patchy health networks. The South Asian nation already has more than 10.2 million confirmed infections and as many as 149,000 deaths.

AstraZeneca’s vaccine, which has the most supply deals globally, has been pegged as a more suitable shot for reaching people in the remotes areas of India’s hinterlands than one developed by Pfizer Inc. and BioNTech SE that’s also being considered.

Cold Storage

Pfizer’s vaccine requires subzero conditions for transportation and storage, while AstraZeneca’s can be stored at refrigerator temperatures and is also expected to be cheaper.

Yet clinical trial data indicates the Astra shot may be less effective than Pfizer’s and another similar vaccine from Moderna Inc., which each showed 95% efficacy in trials.

Initial data from Astra and Oxford in November raised concern over how much protection the vaccine would offer. The trials produced two different results from two dosing regimens. The partners said their vaccine was 90% effective when a half-dose was given before a full-dose booster, and that two full doses showed an efficacy of 62%.

Astra-Oxford Vaccine Study Leaves Key Questions Unanswered

While trial results published in The Lancet found the vaccine is safe and effective, more analysis will be needed to see how well it works in people over 55, among those at higher risk from the pandemic. A U.S. trial that aims to evaluate the shot in 40,000 people is ongoing and should clarify some of these questions, with results expected early in 2021.

Local Doses

Human trials conducted by Serum in India have also been dogged by allegations from a volunteer who claimed serious side effects from the vaccine and is seeking compensation. Pune-based Serum has denied the claims and said the volunteer’s illness had nothing to do with the shot.

Serum has said half of any vaccine it produces will stay in India, with 100 million doses manufactured in December for the local inoculation drive, Chief Executive Officer Adar Poonawalla in an interview in November.

The Astra vaccine accounts for more than 40% of supplies going to low- and middle-income countries, based on agreements tracked by London-based research firm Airfinity Ltd.


## https://www.bloomberg.com/news/articles/2021-01-02/india-grants-emergency-approval-to-astra-oxford-covid-19-vaccine?srnd=premium-asia

Posted by Keyman188 > 2021-01-04 15:55 | Report Abuse

Credit Suisse targets FBM KLCI to end 2021 at 1,795 points
Wong Ee Lin

(theedgemarkets.com / January 04, 2021 14:29 pm +08)

KUALA LUMPUR (Jan 4): The FBM KLCI, which assuming a V-shaped recovery in 2021, is anticipated to end the year at 1,795 points, according to Credit Suisse’s co-head of ASEAN securities research and head of research in Malaysia Danny Goh.

The local benchmark index ended the year 2020 at 1,627.21 points.

“Historically, we have seen a very high correlation between GDP (gross domestic product) performance and market performance. So, the market does tend to trough when GDP troughs, and also [corresponds] with economic recovery,” said Goh, at Credit Suisse's 2021 ASEAN Conference media briefing.

Goh noted that Malaysia is expected to deliver the third-highest GDP growth within the region at 6.8%, which is very much dependent on the execution of Budget 2021, which includes a very large fiscal stimulus.

“That number assumes that there will not be any major lockdown in 2021. That is one risk factor to consider. But it also did not take into consideration the impact of a vaccine as well,” he added.

In terms of earnings outlook for 2021, whereby the research firm is also looking at a V-shaped earnings recovery, Goh said Malaysia is expected to deliver the highest earnings growth within the region at 59% in 2021, due to the low base effect as well because of the lockdown that has widely affected 2020.

From the said 59% growth, Goh noted that two-thirds of it will be contributed by the banks, gloves and gaming counters, which are very much dependent on the economic recovery of the country.

Nonetheless, Goh said the research firm is only expecting earnings to recover to pre-Covid levels by 2022, if excluding glove makers.

“On an aggregate basis, [we are expecting] numbers to actually surpass 2019 in 2021. But if we were to take out [glove makers] from that, then actually we are really not assuming recovery in earnings for the rest of the sectors to pre-Covid level as yet,” said Goh.

Additionally, Credit Suisse is also expecting a return-on-equity (ROE) to rebound to 9.3% in 2021, from its all-time low of 6.1% in 2020. “This is something that will drive the re-rating of the market in 2021,” he noted.

Historically, Malaysia has been able to deliver low-teens kind of ROE but have seen compression in ROE over the last three years, Goh said.

In terms of valuation, he said the KLCI is currently trading at 9% discount to ASEAN peers, adding that the market is cheaper when compared with its historical valuations — which is at a 14 times P/E versus a historic average of close to 16 times.

P/B-wise, the market is trading at an all-time low of 1.4 times, Goh noted.

As the market in 2021 will not be a straightforward year, he suggested investors to strike a balance between recovery and defensive play.

Among the recovery plays, he suggested the banks, gaming, construction, property, and conglomerates, while sectors that are less dependent on economic recovery are the gloves, healthcare and technology counters.

At noon break, KLCI was down 26.56 points or 1.63% at 1,600.65, mainly pulled down by the glove counters.


## https://www.theedgemarkets.com/article/credit-suisse-targets-fbm-klci-end-2021-1795-points

Posted by Keyman188 > 2021-01-06 08:47 | Report Abuse

Maybank Kim Eng sets KLCI year-end target at 1,830, supported by corporate earnings growth, ample liquidity

(theedgemarkets.com / January 05, 2021 16:17 pm +08)

KUALA LUMPUR (Jan 5): Maybank Kim Eng is projecting for the FBM KLCI to end higher at 1,830 points this year, buoyed by better corporate earnings growth and ample liquidity.

The target represents an upside of 14.1% to the KLCI’s level at 1,603.90 as at 3.10pm today.

The local benchmark index ended the year 2020 two trading days ago at 1,627.21. Its intraday high for the year was 1,695.96 on Dec 14, while its intraday low was 1,207.80 on March 19, a day after the movement control order (MCO) was imposed by the government.

Looking at the new year, Maybank Kim Eng head of regional equity research Anand Pathmakanthan said both the corporate earnings outlook and liquidity are “looking good” in 2021, thereby supporting the KLCI performance moving forward.

“For [corporate] earnings growth, we are looking at a very sharp recovery in 2021, which [is] expected to grow by 45% year-on-year (y-o-y), compared to a 11% contraction in 2020,” said Anand at a virtual media briefing on “Maybank Investment Bank’s 2021 Malaysia Outlook”.

According to him, the corporate earnings growth spurts would be due to a low-base effect from last year.

Also, he pointed out that the government's stimulus spending will support the overall economy growth, hence boding well for the corporate earnings growth outlook.

Earnings growth this year, he said, would be supported by the glove sector, which he expects to continue to do well, as well as the recovery-play sectors that include the casino and financial sectors.

Other sectors that he expects to support the earnings growth outlook are the plantation and oil and gas (O&G) sectors, driven by an upside to crude palm oil (CPO) and crude oil prices.

Another factor pushing the KLCI higher this year would be ample liquidity in the market, supported by the 125-basis point cuts in the overnight policy rate (OPR) done by Bank Negara Malaysia (BNM) last year.

“If you look at the banking system liquidity coverage ratio, [it] was at a near-record high. There was no shortage of liquidity in the system at this point of time.”

“All liquidity is looking for returns. Looking at asset classes in Malaysia, such as cash, property, fixed income and equity, equity looks more attractive as it gives higher yields,” Anand added.

Maybank Kim Eng has “overweight” calls for the mid-cap financials, utilities, healthcare, automotive, large-cap O&G, construction, plantation and technology sectors.

In contrast, it has given “underweight” ratings to aviation and the mid-cap O&G stocks.


## https://www.theedgemarkets.com/article/maybank-kim-eng-sets-klci-yearend-target-1830-supported-corporate-earnings-growth-ample

Posted by Keyman188 > 2021-01-15 08:28 | Report Abuse

Biden’s $1.9 trillion Covid relief plan calls for stimulus checks, unemployment support and more

(PUBLISHED THU, JAN 14 20215:00 PM ESTUPDATED THU, JAN 14 20215:52 PM EST)


~ President-elect Joe Biden on Thursday unveiled the details of a $1.9 trillion coronavirus rescue package.

~ The proposal, titled the American Rescue Plan, includes familiar stimulus measures with the goal of sustaining families and firms until vaccines are widely distributed.

~ The current plan is the first of two major spending initiatives Biden will seek in the first few months of his presidency.


President-elect Joe Biden on Thursday unveiled the details of a $1.9 trillion coronavirus rescue package designed to support households and businesses through the pandemic.

The proposal, called the American Rescue Plan, includes several familiar stimulus measures in the hope the additional fiscal support will sustain U.S. families and firms until the Covid-19 vaccine is widely available.

Here’s what Biden calls for:

Direct payments of $1,400 to most Americans, bringing the total relief to $2,000, including December’s $600 payments

Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September


Increasing the federal minimum wage to $15 per hour

Extending the eviction and foreclosure moratoriums until the end of September

$350 billion in state and local government aid

$170 billion for K-12 schools and institutions of higher education

$50 billion toward Covid-19 testing

$20 billion toward a national vaccine program in partnership with states, localities and tribes

Making the Child Tax Credit fully refundable for the year and increasing the credit to $3,000 per child ($3,600 for a child under age 6)
The plan is the first of two major spending initiatives Biden will seek in the first few months of his presidency, according to senior Biden officials.

The second bill, expected in February, will tackle the president-elect’s longer-term goals of creating jobs, reforming infrastructure, combating climate change and advancing racial equity.

Senior Biden officials, who have been working on the stimulus plan for weeks, also confirmed that the president-elect still supports $10,000 in student debt forgiveness. Biden will formally introduce the plan during a speech at 7:15 p.m. ET from Wilmington, Delaware.

Fellow Democratic leaders were quick to applaud the measure, with House Speaker Nancy Pelosi and incoming Senate Majority Leader Chuck Schumer issuing a joint statement.

“With the COVID-rescue package the President-elect announced today, he is moving swiftly to deliver that help and to meet the needs of the American people. House and Senate Democrats express gratitude toward and look forward to working with the President-elect on the rescue plan,” the two said in a press release.

“The emergency relief framework announced by the incoming Biden-Harris administration tonight is the right approach,” the pair added. “It shows that Democrats will finally have a partner at the White House that understands the need to take swift action to address the needs of struggling communities.”

The nearly $2 trillion price tag will likely draw disdain from Republicans such as Sen. Rand Paul of Kentucky who may be wary of spending even more after December’s $900 billion bill.

Still, Biden officials said Thursday they are optimistic that the current rescue package has enough in it to make it palatable to lawmakers across the political spectrum and that the president-elect has been consulting congressional allies in recent weeks on the best path toward approval.

Sen. Marco Rubio, R-Fla., offered early bipartisan support for Biden’s spending plans. Earlier this week, Rubio implored the president-elect to make direct payments of $2,000 a top priority.

“All across our nation, people are looking for answers and demanding accountability, but they are also desperate for hope: hope that political leaders in Washington can begin taking steps to heal our deeply divided nation,” Rubio wrote in a letter to Biden dated Tuesday.

“It would send a powerful message to the American people if, on the first day of your presidency, you called on the House and Senate to send you legislation to increase the direct economic impact payments to Americans struggling due to the pandemic from $600 to $2,000,” he added.

Most economists, including Federal Reserve Chairman Jerome Powell, warn that additional Covid-19 relief funding and economic stimulus may be needed to help businesses stay afloat until the broader population has access to vaccines.


## https://www.cnbc.com/2021/01/14/biden-stimulus-package-details-checks-unemployment-minimum-wage.html

Posted by Keyman188 > 2021-01-15 08:48 | Report Abuse

Powell sees no interest rate hikes on the horizon as long as inflation stays low

(PUBLISHED THU, JAN 14 20212:08 PM ESTUPDATED THU, JAN 14 20214:02 PM EST)

~ “When the time comes to raise interest rates, we’ll certainly do that, and that time, by the way, is no time soon,” the Fed chief said Thursday.

~ Powell addressed a range of issues during a Q&A session presented by Princeton University.

~ Should inflation accelerate, Powell said “we have the tools for that, and we will use them.”


Federal Reserve Chairman Jerome Powell affirmed his commitment to keeping interest rates low for the foreseeable future even as he expressed hope for a strong economic recovery.

“When the time comes to raise interest rates, we’ll certainly do that, and that time, by the way, is no time soon,” the central bank chief said Thursday during a Q&A session presented by Princeton University.

During the wide-ranging discussion, Powell spoke about how the Fed handled the challenges brought on by the Covid-19 pandemic as well as his expectations for what is ahead.

In its most recent policy statement, issued in December, the policymaking Federal Open Market Committee said it would keep an accommodative stance until it sees “substantial further progress” toward its employment and inflation goals.

On the employment mandate, Powell stressed the Fed’s new approach to inflation in which it will not raise rates even if unemployment falls below levels that historically would have been considered a warning sign for pricing pressures ahead.

“That wouldn’t be a reason to raise interest rates, unless we start to see inflation or other imbalances that would threaten the achievement of our mandate,” he said.

One such imbalance would be inflation. In recent days, a few Fed officials have cautioned that inflation could move up sooner than the central bank expects and might force the removal of some policy accommodation sooner than committee members have forecast.

The Fed’s benchmark short-term borrowing rate is anchored near zero and it is continuing to buy at least $120 billion in bonds each month. Core inflation is running around 1.4%, well below the Fed’s 2% target.

“If inflation were to move up in ways that are unwelcome, we have the tools for that, and we will use them,” he said. “No one should doubt that.”

Powell noted that even though the economy faces powerful challenges and there is a long way to go until the labor market heals, there’s reason for optimism.

“We were in a good place in February of 2020, and we think we can get back there, I would say, much sooner than we had feared,” he said.

Powell spoke the same day that the Labor Department reported the highest rise in jobless claims since August.

That release itself came the week after the department reported that nonfarm payrolls fell in December for the first time since April amid a crush on the leisure and hospitality sector due to Covid-related restrictions.

Despite those challenges, Powell said the economy faces a bright future in part because of the lack of contagion that happened during the financial crisis in 2008. There has been some concern expressed over the continuous surge in corporate debt as well as stretched stock market valuations, but the Fed chair said he’s not concerned about those issues.

“Every economy, and certainly our economy, faces plenty of longer-run challenges,” he said. “But I would say there were no obvious imbalances that threatened the ongoing expansion. You really can’t identify something that looked like if this blows up, the expansion.”


## https://www.cnbc.com/2021/01/14/powell-sees-no-interest-rate-hikes-on-the-horizon-as-long-as-inflation-stays-low.html

Posted by Keyman188 > 2021-02-03 12:08 | Report Abuse

Malaysia says its delivery of Pfizer vaccines on track

(February 02, 2021 20:19 pm +08)

KUALA LUMPUR (Feb 2): Malaysia said on Tuesday it expects its Covid-19 vaccination plan to proceed as scheduled after the government received assurances from the EU and Belgian ambassadors about the delivery of Pfizer's vaccine.

The Pfizer vaccine is produced in Belgium and the European Commission said on Friday it had agreed a plan to control exports of vaccines from the European Union, including to Britain, arguing it needed to do so to ensure its own supplies.

Malaysia's science minister, Khairy Jamaluddin, said Belgian ambassador Pascal Gregoire gave his assurance that the Southeast Asian nation's advanced purchase agreement with Pfizer will be fulfilled, upon Pfizer applying for export authorisation.

"With the assurances of both the EU and Belgian Ambassadors, the Covid-19 immunisation plan is expected to proceed according to plan," Khairy said in a statement.

Malaysia announced on Monday that it expected to receive the first batch of Pfizer's vaccine, jointly developed by the US drugmaker and German partner BioNTech, on Feb 26.

In November, Malaysia announced it had agreed to buy 12.8 million doses of the vaccine, with the first one million doses scheduled for the first quarter of this year. Deliveries of 1.7 million, 5.8 million and 4.3 million doses will follow in subsequent quarters.

Malaysia also signed a second deal with Pfizer to secure an additional 12.2 million doses of the vaccine, besides agreements to buy 18.4 million doses of other vaccines produced by Russia's Gamaleya Research Institute and China's Sinovac.


## https://www.theedgemarkets.com/article/malaysia-says-its-delivery-pfizer-vaccines-track

Posted by Keyman188 > 2021-02-03 15:20 | Report Abuse

KLIC already far left behind other regions rally since Jan'21...

Consolidation & formation are over...

Are you ready to catch up upcoming rally !!!........

Posted by Keyman188 > 2021-02-04 09:58 | Report Abuse

Consecutive drop in new COVID-19 cases ‘encouraging news’: WHO

"The number of new COVID-19 cases globally has fallen for the third week in a row, the World Health Organization (WHO) reported on Monday, though urging countries not to let up efforts to defeat the disease. "

## https://news.un.org/en/story/2021/02/1083522


Are you ready to catch up upcoming bull market !!!...........

Posted by Keyman188 > 2021-02-08 12:23 | Report Abuse

Data shows COVID-19 pandemic slowing down across the world

(AFP / February 6, 2021)

~ Biggest decrease in South Africa where the number of new cases dropped by 49%

~ COVID-19 pandemic picking up most speed in Malaysia at 30% more cases

~ US had highest number of new cases, with 133,500 per day on average


## https://www.thenews.com.pk/latest/785572-data-shows-covid-19-pandemic-slowing-down-across-the-world


07/02/21 - 345,735

06/02/21 - 424,332

05/02/21 - 495,889

04/02/21 - 493,987