Is local still lekker for investing in South Africa?
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It is hard to imagine that only a year ago, markets hit rock bottom and investors were worried about how the rest of 2020 would pan out, says Debra Slabber, portfolio specialist at Morningstar Investment Management South Africa.
Across the globe, investors were faced with numerous questions questions around market recovery, disinvestment, and inertia.
“Today we are facing a different dilemma. Markets are at an all-time high. In a short space of time, everything has changed. The rollout of Covid-19 vaccines and associated hopes for imminent economic recovery, along with unprecedented fiscal and monetary support from governments and central banks around the world, has driven equity markets beyond or close to record highs of late.
Headline Durable Goods New Orders Improved Again In January 2021 econintersect.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from econintersect.com Daily Mail and Mail on Sunday newspapers.
December 2020 Headline Manufacturing New Orders Improvement Continued
US Census says manufacturing new orders improved month-over-month with unfilled orders continuing to shrink. Our analysis shows the rolling averages improved but remain in contraction.
Analyst Opinion of Census Manufacturing Sales
According to the seasonally adjusted data, the increase was widespread except for civilian aircraft.
Of course, this year-over-year contraction was caused by the coronavirus shutdown of the economy.
Market expected (from Econoday) month-over-month
growth of 0.1 % to 1.8 % (consensus +0.7 %).
Manufacturing unfilled orders were down 0.3 % month-over-month.
Econintersect Analysis:
Unadjusted manufacturing new orders (but inflation-adjusted) up 0.8 % year-over-year.
Three-month rolling new order rolling averages accelerated 1.2 % month-over-month and down 1.0 % year-over-year.
Headline Durable Goods New Orders Improved Again In December 2020
The headlines say the durable goods new orders improved for the eighth consecutive month. Our analysis shows the rolling averages improved.
.
The data this month was within expectations - and, the previous month was revised up.
In the adjusted data, the improvement was again driven by defense aircraft and motor vehicles
Econintersect Analysis:
unadjusted new orders growth was unchanged (after accelerating 4.6 % the previous month) month-over-month and is now up 3.8 % year-over-year.
the three month rolling average for unadjusted new orders accelerating 1.3 % month-over-month and up 2.2 % year-over-year.
Year-over-Year Change of 3 Month Rolling Average - Unadjusted (blue line) and Inflation Adjusted (red line)
November 2020 Headline Manufacturing New Orders Improvement Continues
US Census says manufacturing new orders improved month-over-month with unfilled orders continuing to shrink. Our analysis shows the rolling averages improved but remain in contraction.
Analyst Opinion of Census Manufacturing Sales
According to the seasonally adjusted data, the increase was widespread.
Of course, this year-over-year contraction was caused by the coronavirus shutdown of the economy.
Market expected (from Econoday) month-over-month
growth of -2.5 % to 7.5 % (consensus +0.6 %).
Manufacturing unfilled orders were down 0.1 % month-over-month.
Econintersect Analysis:
Unadjusted manufacturing new orders (but inflation-adjusted) up 0.5 % year-over-year.
Three-month rolling new order rolling averages accelerated 2.5 % month-over-month and down 4.3 % year-over-year.
Unadjusted manufacturing unfilled orders accelerated 0.3 % month-over-month, and down 6.3 % year-over-year