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Green economy offers $1bn boost to Southeast Asia: study (nationthailand.com)

Green economy offers $1bn boost to Southeast Asia: study

EconNov 26. 2020

By The Nation

Southeast Asia is waking up to a US$1 trillion (Bt30.3 trillion) annual economic opportunity if it pursues the economic and social potential of the green economy.

This is among the findings of global consultancy Bain & Company’s Southeast Asia sustainability outlook, “Southeast Asia’s Green Economy: Pathway to Full Potential”, released on Thursday.

The region could be greener by 2030, spurred on by accelerating global momentum and investment to address sustainability and climate challenges.

Yet Southeast Asia still has a long way to go. With its share of global population, biodiversity and resources, the region can play a far bigger role, offering significant growth potential moving forward, the report said.

Accelerating development of the Southeast Asian green economy offers a $1 trillion economic opportunity annually for businesses by 2030, enabling regional companies and societies to build a competitive advantage for the future.

As part of Bain’s continued efforts to drive sustainability transformation across the globe, the firm has launched a Global Sustainability Innovation Centre (GSIC), with the support of the Singapore Economic Development Board.

The GSIC will seek to pioneer innovative solutions to accelerate corporates’ sustainability journeys, tackling some of the planet’s biggest challenges. The centre will be based in Singapore and will support Bain’s deep expertise in sustainability in the region – helping companies to reach their ESG goals.

“Globally, countries are prioritising sustainability investments as concerns about climate change and the resulting transition to a green economy gathers speed and urgency,” said Gerry Mattios, co-director of the Singapore centre and co-author of the report.

“Stimulus programmes injected into economies around the world to address the Covid-19 pandemic and promote ‘build back better’ initiatives are accelerating the push towards greener, more sustainable industries. Yet in this race, Southeast Asia can build a lot more momentum to seize the opportunity.”

The report says Southeast Asia is lagging behind other regions in their green initiatives. This lag presents a threat to Southeast Asia’s global competitiveness but also creates immense opportunities for the region, it adds.

“Adopting green practices will meet the region’s wider environmental, social and governance (ESG) ambitions and in turn deliver societal benefits such as preservation of the earth’s natural ecosystems and social inclusivity – ends in themselves that also underpin increased growth,” explained Dale Hardcastle, co-director of the Global Sustainability Innovation Centre in Singapore and report co-author. “By unlocking the green economy, the economic growth of a wide range of sectors in the region would immediately follow.”

Southeast Asia has pathways across industries that can unlock the trillion-dollar potential of the green economy, says the report. It also identifies areas where Southeast Asia can be a global leader:

Sustainable energy and resources: Where excessive resource extraction and energy consumption followed by waste mismanagement were the norm, the region could benefit from a $270 billion opportunity as it embarks on decarbonisation and electrification, a sustainable energy transition, responsible consumption and embedded circularity.

Healthy and sustainable food systems: Where agricultural growth has typically been inefficient and wasteful, Southeast Asia has the potential to innovate and increase production in a regenerative and conscious manner that will make nutrition widely accessible. This represents an $205 billion opportunity for the region.

Efficient industrial operations and logistics: As industrial activity in Southeast Asia expands due to geopolitical shifts, manufacturing processes can be reimagined and supply chains connected and made transparent with full traceability. The region can help ensure low carbon footprint and capture an $200 billion opportunity while doing so.

Green and connected cities: As urban populations grow, the way is clear to build affordable green homes in satellite settlements connected by green public transportation, representing a $185 billion opportunity in Southeast Asia.

Green financing and liquid carbon markets: While sustainable initiatives have struggled for financing and carbon-offset revenues have gone to waste, Southeast Asia can take the lead in green financing be a home for a liquid carbon market where incentives to reduce emissions can be part of the prescription.

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Gold price falls despite rise in US market (nationthailand.com)

Gold price falls despite rise in US market

EconNov 26. 2020

By The Nation

The price of gold dropped by Bt50 per baht weight in morning trade on Thursday after falling by Bt250 per baht weight at close on Wednesday, the Gold Traders Association reported.

As of 9.27am, the buying price of a gold bar was Bt25,900 per baht weight and selling price Bt26,000, while gold ornaments cost Bt25,438.48 and Bt26,500, respectively.

At close on Wednesday, the buying price of a gold bar was Bt25,950 per baht weight and selling price Bt26,050, while gold ornaments cost Bt25,483.96 and Bt26,550, respectively.

The spot gold price moved to US$1,811 (Bt54,921) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in December rose to $1,805.50 per ounce on Wednesday from a weakening dollar and mass buy ups of the precious metal in response to a rise in US jobless claims.

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SET rises, but worries over political unrest, overbought stocks cast shadow (nationthailand.com)

SET rises, but worries over political unrest, overbought stocks cast shadow

EconNov 26. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 8.82 points, or 0.62 per cent, to 1,424.54 in the morning session on Thursday.

An analyst at Krungsri Securities expected the day’s index to fluctuate between 1,405 and 1,425 points amid forecasts of a smooth US presidential transition, progress on Covid-19 vaccines and the rising oil price.

“However, investors should beware of mass selloffs in shares due to uncertainty over Thailand’s political unrest and signs of overbought stocks,” he said.

He recommended investors buy:

> PTTEP, PTTGC, Top, IVL and SPRC, which benefit from the rising oil price.

> Mint, Centel and AOT, which benefit from the development of a Covid-19 vaccine.

> Amata, WHA, SAT and AH, which will benefit from the Asia-Pacific Regional Comprehensive Economic Partnership pact.

The SET Index closed at 1,415.72 on Wednesday, up 14.09 points, or 1.01 per cent. Total transactions amounted to Bt117 billion, with an index high of 1,428.36 points and a low of 1,392.42.

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Back-to-work rotation in stocks falters on data (nationthailand.com)

Back-to-work rotation in stocks falters on data

EconNov 26. 2020Pedestrians reflected in an electronic stock board outside a securities firm in Tokyo on Oct. 29, 2020. MUST CREDIT: Bloomberg photo by Kiyoshi Ota. 

By Syndication Washington Post, Bloomberg · Yakob Peterseil, Vildana Hajric · BUSINESS, US-GLOBAL-MARKETS

The rotation out of tech shares and into cyclicals, sparked by promising vaccine news, reversed Wednesday as investors cast a wary eye on a batch of data that suggest a possible slowdown in economic growth. Treasurys edged higher.

The S&P 500 Index retreated from an all-time high, while the Dow Jones industrial average fell back below 30,000. The tech-heavy Nasdaq indexes edged higher. Volume dwindled into the closing auction as traders headed out for the Thursday holiday that will keep markets closed. A deluge of data brought the first back-to-back rise in weekly U.S. jobless claims since July, an uptick in durable-goods orders and a widening trade deficit.

Minutes from the Federal Reserve’s latest meeting did little to alter views. The central bank discussed providing more guidance on its bond-buying strategy during the Nov. 4-5 policy meeting. Traders are also assessing the pandemic’s effect on the economy as cases continue to rise and more jurisdictions tighten restrictions.

“The market is caught between two powerful impulses — optimism for the post-pandemic world and fear because present reality is that the pandemic is exploding throughout the country,” said Jeff Klingelhofer, co-head of investments and portfolio manager at Thornburg Investment Management, which has $44 billion in total client assets. “Markets could be choppy, but downside is likely limited by the vaccine.”

Small caps slumped. The Russell 2000 is still up 20% in November, headed for the best month in its 41-year history. Gold was little changed, bitcoin pulled back from near a record and the 10-year Treasury yield fell. The dollar weakened.

The mediocre economic data dimmed positive vaccine news and the formal start of President-elect Joe Biden’s transition to power — including the selection of Janet Yellen as treasury secretary — that had fueled optimism about the outlook for risk assets. At the same time, restrictions to curb surging coronavirus cases threaten to slow the world’s economic recovery. An MSCI gauge of global shares stalled on Wednesday after gaining 13% in November, still set for the best month since 1988.

“We remain on fragile footing heading into the winter as cases continue to climb globally,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “And since the markets are forward looking, this data will likely be taken in stride. The markets tend to cheer on certainty so the presidential transition and vaccine developments are two factors it’s latched onto lately.”

In Europe, the Stoxx Europe 600 Index edged lower, as cyclicals such as mining and energy firms fell, offsetting advances in defensives including utility shares. ABN Amro Bank NV and Commerzbank AG dropped more than 3% and led euro-area lenders lower after the European Central Bank said the industry will probably have to set aside more money to soak up losses when government pandemic support ends.

Here are the main moves in markets:

Stocks

– The S&P 500 Index slid 0.2% as of 4 p.m. EST.

– The Nasdaq 100 rose 0.6%.

– The Dow average lost 0.6%

– The Stoxx Europe 600 Index declined 0.1%.

– The MSCI Asia Pacific Index was little changed.

– The MSCI Emerging Market Index fell 0.4%.

Currencies

– The Bloomberg Dollar Spot Index fell 0.1%.

– The euro gained 0.2% to $1.1914.

– The British pound rose 0.1% to $1.3378.

– The onshore yuan strengthened 0.3% to 6.574 per dollar.

– The Japanese yen was little changed at 104.4 per dollar.

Bonds

– The yield on 10-year Treasurys declined one basis point to 0.87%.

– The yield on two-year Treasurys was little changed at 0.16%.

– Germany’s 10-year yield fell one basis point to -0.58%.

– Britain’s 10-year yield declined to 0.318%.

– Japan’s 10-year yield dipped less than one basis point to 0.021%.

Commodities

– West Texas Intermediate crude gained 3.6% to $45.62 a barrel.

– Brent crude gained 1.5% to $48.59 a barrel.

– Gold futures were flat at $1,810.70 an ounce.

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U.S. jobless claims post first back-to-back increase since July (nationthailand.com)

U.S. jobless claims post first back-to-back increase since July

EconNov 25. 2020A restaurant in the Old Town neighborhood of San Diego on Nov. 19, 2020. MUST CREDIT: Bloomberg photo by Bing Guan. 

By Syndication Washington Post, Bloomberg · Henry Ren · BUSINESS, US-GLOBAL-MARKETS

Applications for U.S. state unemployment benefits unexpectedly rose for a second straight week in the first back-to-back increase since July.

The data indicate that soaring coronavirus cases and fresh lockdowns are spurring a new wave of layoffs.

Initial jobless claims in regular state programs increased by 30,000 to 778,000 in the week ended Nov. 21, according to Labor Department data Wednesday. Without adjustments for seasonal fluctuations, the figure rose by about 78,000 during the week.

Follow reaction in real time here on Bloomberg’s TOPLive blog

Continuing claims — the total pool of Americans on ongoing state unemployment benefits — fell by 299,000 to 6.07 million in the week ended Nov. 14. But the number of Americans on an extended assistance program continued to increase, a sign that more people have exhausted regular state benefits.

The main figures compared with economists’ projections for 730,000 initial claims and 6 million continuing claims, based on the median estimates in Bloomberg surveys.

The consecutive increase in claims offer evidence that the coronavirus threatens to stall an economic rebound that was already moderating from a breakneck pace in the third quarter, with some economists predicting a contraction for the first quarter.

The job market faces additional hurdles as states and cities restrict business activity and hospitalizations spike.

“The continued weakness of the labor market is something that is going to drive the whole economy down,” Catherine Mann, global chief economist at Citigroup, said on Bloomberg Television. At the same time, solid sectors like manufacturing are “going to keep us from being in official recession, but it’s going to be very grim,” she said.

Several states recorded significant increases in initial claims, led by Illinois, where Chicago issued a stay-at-home advisory starting last week. Michigan, Washington, New Mexico, California and Minnesota also reported higher filings.

U.S. stocks edged lower at the open with 10-year Treasury yields, while the dollar fluctuated.

Continuing claims for Pandemic Unemployment Assistance, which provides benefits to self-employed and gig workers, increased by about 466,000 to 9.15 million. The Pandemic Emergency Unemployment Compensation, which provides payments to the long-term unemployed, was used by 4.51 million Americans. Those two programs will expire at year-end, leaving many without government aid.

In other economic data released Wednesday:

– U.S. durable goods orders increased at a faster-than-expected clip in October, supported by demand for computers and metals, underscoring a manufacturing sector that continues to support the economy.

– The economy expanded at a record 33.1% annualized pace in the third quarter, unrevised from the initial reading.

– The U.S. merchandise-trade deficit widened in October as imports reached the highest in more than a year, outpacing a gain in the value of exports.