- US Pending Home Sales Unexpectedly Rise in May
- US Durable Goods Orders Remain Robust
- Malaysia Producer Prices Rise at Faster Pace
- US stock futures slipped, Gold remained under pressure
US Pending Home Sales Unexpectedly Rise in May Pending home sales in the US unexpectedly increased 0.7% mom in May of 2022, the first rise in seven months, and beating market forecasts of a 3.7% fall. Despite the gain in May, much higher mortgage rates and low supply are expected to continue to weigh on the housing market. The NAR estimates that at the median single-family home price and with a 10% down payment, the monthly mortgage payment has increased by about $800 since the beginning of the year as mortgage rates have climbed by 2.5 percentage points since January. For year-on-year basis, pending home sales declined 13.6%.
US Durable Goods Orders Remain Robust New orders for US-made capital goods went up 0.7% mom in May of 2022, the third straight month of gains. Figures beat market forecasts of a 0.1% rise, in a sign that business spending plans remain strong so far despite higher interest rates and inflation. Orders for transportation equipment led the increase (0.8%), followed by capital goods (0.8%), machinery (1.1%), and computer and electronics (0.5%). Orders for non-defense capital goods excluding aircraft, a proxy for investment in equipment, rose 0.5%, after a 0.3% gain in April.
Malaysia Producer Prices Rise at Faster Pace Producer prices in Malaysia increased by 11.2 %yoy in May of 2022, following a 11.0 percent gain a month earlier, amid soaring commodity prices. Cost grew at faster rates for both mining, 20.6 percent vs 18.4 percent in April, and manufacturing 10.1 percent vs 9.8 percent, while those of water supply water supply was steady at 1.2 percent. Meanwhile, cost of agriculture, forestry & fishing grew slower to 16.7 percent vs 18 percent. By contrast, cost of electricity & gas supply fell by 0.6, reversing from a 0.6 percent rise in April. On a monthly basis, producer prices gained by 1.2 percent in May, accelerating from 0.2 percent in April.
US stock futures slipped, Gold
remained under pressure
The 10-year government bond yield (interpolated) on the previous
trading day was 2.93, +2.06 bps. The benchmark government bond yield (LB31DA)
was 2.89, +5.00 bps. LB31DA could be between 2.84-2.93. Meantime, the latest
closed US 10-year bond yields was 3.20, +7.00 bps. USDTHB on the previous
trading day closed around 35.42 Moving in a range of 35.29-35.39 this morning.
USDTHB could be closed between 35.32-35.38 today. US stock futures slipped
further on Tuesday. Investors remained suspicious of last week’s rally given an
increasing risk of a recession, while the Federal Reserve continues to tighten
policy to curb surging inflation. Gold traded around $1,825 an ounce on
Tuesday, holding near its lowest levels in two weeks, pressured US Treasury
yields that remain at elevated levels.
Sources : ttb analytics , Bloomberg, CNBC, Investing, CEIC
