Foxconn brought iPhone plant to about 90% peak capacity | 4 January 2023 | Daily Morning Note

The Daily Morning Note is a round-up of local and global business headlines that you need to know to get ahead of your day.

Apple’s biggest production partner Foxconn has brought the world’s largest iPhone plant to about 90 per cent of anticipated peak capacity.


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Key takeaways

Recommendations

Technical Pulse: Wilmar International Limited

Analyst: Zane Aw

Recommendation: Technical SELL Sell

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Summary

Singapore shares traded mixed on Tuesday, the first trading day of the year. The benchmark Straits Times Index fell by 0.2 per cent or 5.52 points to 3,245.80. Across the broader market, gainers beat losers 298 to 263 after one billion securities worth S$864.1 million changed hands.

Wall Street stocks shed earlier gains to end lower on Tuesday, with investors still wary of a recession and further interest rate hikes to come. The Dow Jones Industrial Average ended flat at 33,136.37. The broad-based S&P 500 slumped 0.4 per cent to 3,824.14, while the tech-rich Nasdaq Composite Index dropped 0.8 per cent to 10,386.98.

Singapore News

Singapore’s economy expanded 3.8 per cent year on year in 2022, with growth in the services sector helping to offset sluggish performance in the manufacturing sector, according to advance estimates from the Ministry of Trade and Industry on Tuesday. For the full year, manufacturing grew 2.6 per cent year on year, a far cry from the 13.2 per cent growth in 2021 when it helped to support the economy before border restrictions and other Covid-19 measures were lifted last year.

Private residential property prices inched up 0.2 per cent in the fourth quarter of 2022 after growing 3.8 per cent in the third quarter, finishing the year with a rise of 8.4 per cent, compared to the 10.6 per cent increase in 2021. Flash estimates released by the Urban Redevelopment Authority on Monday shows sale transaction volume falling by about 36 per cent to 21,437 for the whole of 2022 from 33,557 in 2021.

The interest rates for the latest Singapore Savings Bond have further slipped to 2.84 per cent for the first year and 2.97 per cent for the 10-year average, even as other short-term market investment products offer yields of around 4 per cent. The Monetary Authority of Singapore website showed that the 10-year bond for retail investors opened on Tuesday for issuance in February.

YKGI, the group which operates Yew Kee Duck Rice, bubble tea brand Chicha San Chen in Singapore, and six other F&B brands, is eyeing a Catalist listing. The initial public offering will not have a public offer but will instead comprise only a placement tranche.

Hong Kong-headquartered Comba Telecom, a global solutions and services provider of wireless and information communications systems, will be listing its shares on the Mainboard of the Singapore Exchange (SGX) at 9am on Jan 4. The group received its eligibility-to-list letter from the SGX-ST on Dec 29, 2022, for its secondary listing on the SGX.

The manager of EC World REIT says that its lenders have extended the mandatory repayment deadline to Feb 28 from the original deadline of Dec 31, 2022 with two conditions. First, Forchn Holdings Group Co., Ltd., the sponsor, will have to place a margin deposit of RMB200 million ($38.9 million) in the onshore facility agent’s escrow account, which is said to have been paid on Dec 30, 2022.

OUE Limited and OUE Commercial REIT Management, the manager of OUE Commercial REIT, have announced the reopening of the 446-room Orchard Wing at Hilton Singapore Orchard following a 10-month renovation.

US News

US construction spending unexpectedly rebounded in November, lifted by gains in non-residential structures, but single-family homebuilding continued to be hammered by higher mortgage rates. The Commerce Department said on Tuesday that construction spending climbed 0.2 per cent in November (8.5 per cent on a YoY basis) after falling 0.2 per cent in October.

A selloff in Brent crude Tuesday led the global benchmark to its biggest daily decline since Sept. 23. Contracts for March delivery of Brent dove 4.4%, closing at $82.10 a barrel.

The front-month traded gold futures contract rose 1.1% to $1,839.70 a troy ounce Tuesday, settling at the highest value since June 2021. Prices were boosted by China’s plan to scrap quarantine requirements for international travelers, representing a shift toward opening the world’s largest commodity consumer – Chinese consumers are big buyers of physical gold.

Apple’s biggest production partner Foxconn has brought the world’s largest iPhone plant to about 90 per cent of anticipated peak capacity. Foxconn executive Vic Wang said the company’s Zhengzhou plant in is now reportedly operating with roughly 200,000 staff, despite a Covid resurgence and recent staff upheaval.

Tesla shares finished Tuesday down 12% to $108.10, making them the biggest decliner on the S&P 500, after the company said it delivered fewer vehicles in 2022 than it initially targeted. The shares recorded their lowest close since August 2020.

     
     

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