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"How easy to be amiable in the midst of happiness and success." Anne Sophie Swetchine MALAYSIA Global Market Snap Shot 17 August 2016 Rise in Islamic banking assets (NEW STRAITS TIMES) Islamic banking assets in Malaysia now stand at more than a quarter, or 27 per cent, of the total banking system, surpassing the targeted 20 per cent under Bank Negara Malaysia’s financial sector master plan. According to a recent Thomson Reuters report on Islamic finance assets, Malaysia, Saudi Arabia and Iran hold almost 65 per cent of global Islamic assets last year. Equities REGIONAL DJIA Singapore non-oil exports sink 10.6% in July, much worse than expected (Straits Times) Singapore's non-oil domestic exports (NODX) slid sharply in July, much worse than expected, as global demand showed no signs of recovering. NODX last month sank 10.6 per cent from a year earlier - sharper than the 2.5 per cent decline expected by economists in a Reuters poll and the 2.4 per cent contraction in June. Shipments fell to all of Singapore's top 10 markets, except the EU 28, with the worst hit being China, the US and Indonesia. Indonesia: President Unveils 2017 State Budget, Sets Economic Growth Target at 5.3% (Jakarta Globe) President Joko "Jokowi" Widodo revealed his government's proposed 2017 state budget during a plenary session at the House of Representatives in Jakarta on Tuesday (16/08). The budget assumes that the rupiah will appreciate in value next year and that Indonesia's economy will grow at 5.3 percent, compared to the 5.2 percent growth target in the 2016 revised state budget. "The global economy is expected to improve [next year], although we have to work hard to deal with uncertainties," Jokowi said in his speech. (All data as per previous day's closing) Major Indices Points % change 18,636.05 -0.45 S&P 500 2,190.15 -0.55 EuroStoxx50 3,046.65 -1.00 16,869.56 -1.62 3,125.20 -0.49 22,932.51 -0.75 Straits Times 2,867.21 -0.29 FBM KLCI 1,690.33 0.57 Jakarta Comp 5,320.56 0.96 Bangkok Set 1,549.11 -0.75 Nikkei Shanghai Comp Hang Seng Exchange Rates / Forex MYR Thailand: Prayut touts ‘value-added’ economic model CNY 0.6030 (National Multimedia) Prime Minister Prayut Chan-o-cha said yesterday that Thailand would upgrade to a value-based economy through its 20-year strategic plan (2017-36) and 12th National Economic and Social Development Plan (2017-21). Thailand's current economic model - Thailand 3.0 - focuses on heavy manufacturing. The earlier models were 1.0 for agriculture and 2.0 for light manufacturing. The Thai government will increase R&D investment to 1 per cent of gross domestic product, while investing in digital infrastructure, he said. THB 11.5094 Cambodia: Listed firms lax on fiscal reports (Phnom Penh Post) Six weeks since the close of the fiscal first half, none of the four listed companies on Cambodia’s stock exchange have issued their required half-year financial statements, and one firm has not disclosed any financial data since 2014 – casting doubts on the tiny bourse’s commitment to enforcing basic disclosure rules.State utility Phnom Penh Water Supply Authority (PPWSA) and garment manufacturer Grand Twins International (GTI) have routinely delayed issuance of financial statements by months, while recently listed state port operator Phnom Penh Autonomous Port (PPAP) looks set to follow their lead. Goldman Sachs: Look at exports and commodities to judge China's economic transition (CNBC) "While the exports share of gross domestic product (GDP) in China today is similar to the level seen in the mid-1990s, the types of goods exported by China have changed significantly" Goldman explained. Footwear, clothing, and toys were the top five categories of Chinese exports back in 1995, while telecom equipment, automatic data processing machines, cathode valves, furniture, and jewelry became the top five exports in 2014, GS noted. "This is evidence that China has been moving up the export value chain." Appetite for 'new economy' commodities, such as soybeans, nickel, and gasoline, have risen in recent years, versus 'old economy' resources like wheat, steel, and diesel that have been relatively stable, the note said. GLOBAL U.S. inflation tame despite economy gaining momentum (Resuters) U.S. consumer prices were unchanged in July but a rise in industrial output and home building suggested a pickup in economic activity that could allow the Federal Reserve to raise interest rates this year. Tuesday's economic reports came as influential New York Fed President William Dudley said the U.S. central bank could raise interest rates next month, citing a tightening labor market that he said was starting to spur faster wage growth. UK inflation hits 20-month high at 0.6% – as it happened (The Guardian) Britain’s inflation rate has hit its highest level since November 2014, at 0.6%, thanks to a rise in alcohol, transport and hotel costs. The Office for National Statistics says there is no immediate impact from Brexit, but today’s data also shows that firms are being hit by higher input prices, due to the weaker pound. That is likely to push inflation higher in the month ahead. IDR 0.0305 SGD 2.9805 HKD 0.5139 AUD 3.0803 GBP 5.1785 JPY 3.9723 EUR 4.4976 USD 3.9845 Commodities Price (USD) % change Brent (Crude Oil) 48.20 -0.23 WTI (Crude Oil) 45.74 1.84 Gold (Spot) 1,346.24 0.06 Silver (Spot) 19.79 0.22 Source: Bloomberg DISCLAIMER: Any third party views or opinions expressed in this report are those of such third parties, and not those of CIMB Bank Berhad and or its affiliates (“CIMB Group”).The information obtained in this report is reasonably believed to be correct at the time of issue but that may not have been inde pendently verified and are subject to change. The report is general information only and does not take into account your individual objectives, financial situations or needs. CIMB Group makes no express or implied warranty as to the accuracy or completeness of any such information and opinion contained in this report. The information in this repo rt is subject to change without notice and its accuracy is not guaranteed. 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