The earnings season moves into second gear with results from three more Straits Times Index (SGX: STI) companies.
In April, CapitaLand Commercial Trust (SGX: C61U) said distributable income rose 8% thanks to a better performance of its portfolio. But it said negative rent reversions could impact revenue growth in 2019.
Keppel Corporation (SGX: BN4) has said it was confident of achieving a return on equity of 15% in the mid-term to long-term horizon. In the first quarter, the annualised return on shareholder funds was 7%. Net profits at the conglomerate in the first three months were affected by smaller gains from en bloc residential sales.
Ground handler, SATS (SGX: S58), said demand for aviation services and high-quality food in Asia Pacific continues to grow. In May, it said net profit declined due to the absence of one-off gains. But operating profit continued to improve year on year.
On the economic front, US retail sales growth could have slowed to 0.3% in June from 0.5% the previous month. In May, robust sales was seen for motor vehicles and a variety of other goods.
Retails sales growth could have slowed in China too. But the focus could be on China’s GDP growth rate. This could have moderated from 6.4% in the first quarter to 6.2% in the second three months of the year.
Japan’s headline inflation rate could have inched up from 0.7% in May to 0.8% in June. But the core inflation rate could have slowed from 0.8% to 0.6%.
Australia will report the number of people out of work for June. The unemployment rate is expected to be unchanged at 5.2%. Elsewhere, the unemployment rate in the UK is also expected to be unchanged at 3.8%.
And finally, Singapore will post non-oil exports for June. It could be another month of declining exports, which could add to concerns that the local economy is slowing.
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