This article first appeared in The Edge Malaysia Weekly on November 18, 2024 - November 24, 2024

The key focus at home this week is the October trade and inflation data, expected to be released aby the Department of Statistics Malaysia on Nov 19 and 22 respectively.

Based on Bloomberg estimates, the country’s Consumer Price Index (CPI), the main gauge of inflation, will remain unchanged at 1.8% in October, while exports may rise 3.3% after a 0.3% contraction in September.

Data on labour productivity and statistics on the manufacturing industry capacity utilisation for 3Q will be out on Nov 20. On Nov 22, Bank Negara Malaysia will release data on its international reserves as at Nov 15. The international reserves had dipped slightly to US$117.6 billion as at Oct 30, from US$119.6 billion as at Oct 15.

On the corporate front, more companies will release their 3Q financial results and there is also a slew of annual general meetings (AGMs) planned, including that of Aemulus Holdings Bhd (KL:AEMULUS) on Nov 19, Pecca Group Bhd (KL:PECCA) and Media Prima Bhd (KL:MEDIA) on Nov 21, and Malton Bhd (KL:MALTON) on Nov 22.

On Nov 22, the flash — or early estimate — Purchasing Managers’ Index (PMI) data for November in major economies, including the US, UK, eurozone, Japan, Australia and India, will be keenly watched to gauge any potential immediate impact arising from Donald Trump’s recent victory in the US election.

“There could well be a near-term impact, through the pre-ordering and shipping of goods around the world to front-run the imposition of potential tariffs, notably from mainland China. Hence the flash PMI surveys will be eyed for any signs of shipping congestion and for the potential impact that any stretching of supply chains or spike in demand may have on prices, even if just through raised shipping costs,” says S&P Global Market Intelligence in a Nov 15 note.

Regionally, Thailand and Singapore will announce their 3Q gross domestic product (GDP) numbers on Nov 18 and 22 respectively.

UOB Global Economics & Markets Research projects that Singapore’s final 3Q GDP growth could be revised upwards to 4.6% from an advance estimate of 4.1%, factoring in the upside surprise in the September industrial production data and a slight moderation in services.

The research firm expects the Thai economy to experience a cyclical upturn, growing 2.6% in 3Q compared with 2.3% in the previous quarter. “External demand and private consumption are anticipated to be the main growth drivers, although both softened towards the end of the quarter. Increased government spending in 4Q2024 should also provide a boost to growth,” it says in a Nov 15 outlook report.

There will be attention on news developments out of Rio de Janeiro, Brazil, which will host the Group of 20 (G20) Leaders’ Summit on Nov 18 and 19. Among the main topics to be discussed are social inclusion, reform of international institutions and energy transition.

The Hong Kong Monetary Authority will hold the third edition of the Global Financial Leaders’ Investment Summit from Nov 18 to 20, which will see the participation of more than 300 guests, including chairpersons and CEOs of global banks as well as China’s Vice-Premier He Lifeng.

Indonesia has a monetary policy decision on Nov 20, while China will fix its loan prime rate on Nov 20.

At home, major court cases during the week include the Nov 18 hearing of Malaysia Competition Commission’s (MyCC) appeal at the Court of Appeal against the High Court’s ruling last year which quashed MyCC’s decision to impose a proposed fine of RM86.77 million on Grab Holdings Inc, together with its subsidiaries GrabCar Sdn Bhd and MyTeksi Sdn Bhd, for allegedly abusing its dominant position to restrict its drivers from promoting other e-hailing platforms.

Also on Monday, the appellate court will deliver its decision on whether to allow the prosecution’s appeal against Sabah Barisan Nasional chief Datuk Seri Bung Moktar Radin and his wife Datin Seri Zizie Izette Abdul Samad’s acquittal in the graft case involving RM2.8 million linked to a Felcra Bhd investment.

Meanwhile, SRC International Sdn Bhd’s two lawsuits against Umno — specifically central Umno and Umno Selangor — to recover funds totalling RM19.5 million from the political party that were allegedly syphoned from SRC, will go to trial at the High Court on Monday.

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