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Quite light for Asian data this week but China data on Monday and Japan’s GDP data on Tuesday, Trade Data Thursday plus Inflation and Flash PMI Friday are the highlights.
China also releases it Loan Prime Rate on Thursday but no change exepcted. A broken trading week with S Korea, HongKong closed Wednesday for Budda’s Birthday.
In Europe; Flash PMI out Friday for most countries. Ahead of that employment data for the EU and UK along with Eurozone GDP and Inflation data. UK Inflation, PPI and Retail Sales in focus. Germany; PPI and the Bundesbank Report.
US Housing data, FOMC minutes and Flash PMI’s in addition to the normal weekly data.
Increased ransomeware attacks are likely to provoke a response in kind from the US unless Russia especially can show that it is acting to cease the operations of Darkside. FT quotes ‘James Lewis, a cyber security expert at the Center for Strategic and International Studies, said there was discussion as to whether there should be efforts to go further and hack criminal ransomware gangs, known as “hacking back”; something I have been mentioning recently. The article also says that Darkside was taking itself off line but with no indication as to whether that was permanent or not.
BDI fell 138pts on Friday Slight -VE Shipping names.
Australia Market to open higher could get Consumer Inflation data. Oil and gold higher +VE Santos, Woodside, Newcrest etc.
Japan Nikkei I expect it to open higher following the US rebound but with caution ahead of todays PPI and Tuesday’s GDP data. Company earnings continue to be in focus
S Korea Expect markets to open higher following the US but with caution over inflation. Earnings remain in focus. But key this week will be whether the recent foreign outflows continue. On Friday Tech and Bio saw a strong rebound but Steel and Insurance were weak.
Taiwan Market to open higher following the US but upside limited by the imposition of level 3 covid alert. Adding to the inflation concerns on input prices for Tech. Retail investors were under pressure this week to sell in order to meet margin calls which put the index under more pressure. That will ease if the market sees a rebound.
China Market to open lower on light volumes ahead of key data. Sentiment slightly -VE on new Covid cases in Shanghai. The news of Mars landing news +VE but investors more focused on the data (China House Prices, NBS Press Conference, Retail Sales, Industrial Production, Unemployment and Fixed Asset Investment).
HK ADR’s +223pts @ 28,250 a broad rebound with only Baba and CK Hutch in the red. Expect significant short covering as the market pops above 28,250 as most recent shorts were placed when the HSI was trading below 28,000. But general investors cautious ahead of the China data, which after the weak loans data could well come in light. Key will be whether we see a rise in T/O (excluding the IPO) as to guage sentiment. News that Jimmy Lai’s assets have been frozen under the National Security Law -VE for sentiment.
FT BIG READ. GLOBAL ECONOMY
The summer of inflation
Central banks say rising prices are a temporary phenomenon and insist they will not rush to unwind stimulus measures. But new consumer figures give investors a signal of the risks that could lie ahead.
DOW +1.06%, NDX +2.32%, S&P +1.49%, Russel 2K +2.47%
Markets opened higher and worked higher to close around the day highs largely ignoring the weak data, especially the weak Michigan Sentiment readings. Market still down on the week (Dow -1%, S&P -1% and NDX -2.3%). That could reflect a bigger move by retail/day traders than institutions.
Tech saw a big rebound along with re-opening plays after the CBCP eased guidelines on mask wearing and social distancing especially retail names but an exception was Disney which closed -2.6%
Banks JPMorgan Chase +1.6%, Citigroup +1.7% Wells Fargo +1.2%, Amex +2%
Work from home names: Facebook +3.5%, Apple +2%, Amazon +1.9%, Netflix +1.4%, Disney -2.6%, Zoom Video +6.1%, Alphabet +2.2% and Microsoft +2.1%,
Tech NXP Semi +3.1%, Nvidia +4.2%, Micron +3.3%, AMD +2%, Skyworks +2%
Re-opening stocks Boeing +2.6%, Caterpillar +0.9%, Simon Property +3.6%, Kohl’s +8%, Nordstrom +11%, Gap +6.6%, United Airlines +5.4%, Carnival +8.2%, Wynn Resorts +3.5%, Chevron +2.6%, Exxon Mobil +2.5%,
Lock down names Campbell Soup -0.6% General Mills -0.9%, JM Smucker -0.6%
Retail Sales Apr 0% MoM vs 10.7% Mar revised (F/cast was +0.3%)
Retail Sales Apr +51.2% YoY vs +29% Mar revised (F/cast was 30.5%)
Retail Sales Ex Auto Apr -0.8% vs +9% Mar (F/cast was +0.9%)
Export Prices Apr +14.4% YoY vs +9.5% Mar revised (F/cast was +13.9%)
Export Prices Apr +0.8% MoM vs +2.4% Mar revised (F/cast was +0.7%)
Import Prices Apr +10.6% YoY vs +7% Mar revised (F/cast was +7.3%)
Import Prices Apr +0.7% MoM vs +1.4% Mar (F/cast was +0.7%)
Industrial Production Apr +0.7% MoM vs +2.4% Mar revised (F/cast was +1.3%)
Industrial Production Apr +16.5% YoY vs +1% Mar (F/cast was +19%)
Manufacturing Production Apr +23% YoY vs +3.2% Mar revised (F/cast was +11.5%)
Manufacturing Production Apr +0.4% MoM vs +3.1% Mar revised (F/cast was +2.1%)
Capacity Utilisation Apr 74.9% vs 74.4% Mar (F/cast was 75.1%)
Business Inventories Apr +0.3% MoM vs +0.6% Mar revised (F/cast was +0.2%)
Michigan Data Preliminary
Sentiment May 82.3 vs 88.3 Apr (F/cast was 90)
Inflation Expectations May +4.6% vs +3.4% Apr (F/cast was +3.8%)
Consumer Expectations May 77.6 vs 82.7 Apr (F/cast was 83.5)
5 year Inflation Expectation May 3.1% vs +2.7% Apr (F/cast was +2.8%)
Current Conditions May 90.8 vs 97.2 Apr (F/cast was 98.5)
Baker Hughes Oil Rig Count 352 vs 344 prior
Baker Hughes Total Rig Count 453 vs 448 priorUSD was weaker vs Yen & Euro. VIX -18.7% @ 18.81
US T10 @ 1.635% eased after the weak retail sales data
Bitcoin -0.9% @ 49,851.26 but Dogecoin rallied after a Musk tweet about working with the developers to improve efficiency.
OIL Brent +2.48%, WTI +2.43% but futures strong after market but the covid wave in India remains a concern.
Gold +1.1%, Silver +1.72%, Copper -0.58% Platinum +2.04%, Palladium +0.92%.
AHEAD NY Empire State Manufacturing Index, NAHB Housing Market Index, Foreign Bond Investments, Overall Net Capital Flows, Net Long-term Tic Flows.
DAX +1.43%, CAC +1.54%, FTSE +1.15%
Markets opened higher DAX & CAC saw some initial selling then worked higher. FTSE opened flat and traded sideways. Sentiment +VE after the strong rebound in Asia and markets worked higher through the day to close at the day highs. UK Govt said it was worried about the new Indian covid variant.
Unicredit +2% but slight -VE as Blackrock votes against CEO’s renumberation package.
Atlantia -0.2% but off the initial lows after reporting Q1 net loss on Thursday and confirmed that it would make a decision on the sale of a majority stake in its motorway unit by June 11.
Man Group +5% after Credit Suisse raised its price target.
Commerzbank +3.7% led a broad rally for banks, after price target raises from Independent Research and Morgan Stanley.
Earnings from CureVac +7.5% and British software firm Sage +3.8%
No data released
EUROZONE No data due
GERMANY No data due
FRANCE No data due
UK No data due
Expect market to opened higher following the US rebound but with caution ahead of todays PPI and Tuesday’s GDP data. Company earnings continue to be in focus
Yen closed weaker at 109.34
Data due pre market
PPI Apr (March was +0.8% MoM F/cast is +0.6%)
PPI Apr (March was 1% YoY F/cast is +3.3%)
Later Machine Tool Orders Apr (March was +65% YoY F/cast is +50%)
Tokyo reported 854 new covid cases Friday, Osaka 576 (below 600 for the first time since April 5) and Aichi 593, the national total was
Japan has declared a state of emergency in three more prefectures hit hard by the COVID-19 pandemic, PM Suga said on Friday, a surprise move that reflects growing concern about the spread of covid. The latest declaration comes as Japan grapples with a surge of a more infectious virus strain just 10 weeks before the Tokyo Olympics are due to start on July 23. Hokkaido, Okayama and Hiroshima will join Tokyo, Osaka and four other prefectures on Sunday. Slight -VE
PM Suga also said that Japan was determined to hold the Olympics. I think he is wrong and that couldseriously damamge his election chances -VE although it could give Abe a chance at returning.
Suzuki likely to see significant impact from the covid surge in India along with Honda, Panasonic and Nippon Steel all of whom have large operations -VE
Honda Motor Friday forecast a 10.3% drop in net profit to ¥590 billion ($5.4 billion) in the current business year through next March amid uncertainty over semiconductor supplies and surging material costs. Honda’s cautious outlook came after record car sales in China and cost-cutting helped the automaker report a 44.3% gain in net profit to ¥657.43 billion, the first rise in three years. For fiscal 2021, Honda aims to sell 5 million cars globally as demand is expected to recover from the coronavirus pandemic, following a 5.1% drop to 4.55 million in fiscal 2020. Honda expects to sell 18 million motorcycles in the current business year, up from 15.13 million. “We expect the impact (of the shortage) to continue in the first half of the current business year, but we will recover in the second half,” Executive Vice President Seiji Kuraishi told a news briefing. Honda experienced a production cut of 100,000 units in fiscal 2020. Kuraishi did not elaborate on the projected impact for fiscal 2021. Slight -VE
Mazda Motor Corp (7261.T) said on Friday it expects a semiconductor crunch to affect around 100,000 of the Japanese automaker's vehicles globally during the fiscal year. However, Mazda will fully leverage available inventory to minimize the hit to about 70,000 wholesale units, it said in a statement.
Toshiba Corp (6502.T) forecast on Friday a 63% rise in annual operating profit as restructuring measures bear fruit. The conglomerate, under scrutiny for a strategic review after it dismissed a $20 billion buyout bid, said it was open to credible offers and is projecting 170 billion yen ($1.6 billion) in operating profit for the year to end-March. That compares with a consensus estimate of 179 billion yen drawn from 13 analysts polled by Refinitiv. For the year just ended, Toshiba posted an 20% slide in operating profit to 104.4 billion yen. It also said on Friday it had been hacked in Europe by the DarkSide ransomware group widely believed to have been behind a crippling fuel pipeline attack in the United States this week.
Sumitomo Mitsui Financial Group Inc (8316.T) (SMFG), reported on Friday Q4 net profit -15.2%, primarily due to an increase in credit-related costs amid the COVID-19 outbreak. Profit was 78.9 billion yen ($722.13 million) vs 93.1 billion yen in the year-ago period, according to Reuters calculations based on the bank's filing. -VE
Mizuho Financial Group Inc and Sumitomo Mitsui Financial Group Inc (SMFG), on Friday forecast a drop in credit-related costs this year on expectations the economy will recover as vaccination proceeds. Mizuho (8411.T) is predicting credit-related costs of 100 billion yen ($914.6 million) this year, while SMFG's sees costs at 300 billion yen. Both figures smaller than the last financial year.
While Japanese banks have seen an increase in lending since last year as companies rushed to borrow due to the COVID-19 pandemic. Bank lending in Japan rose 4.8% in April from a year earlier, according to data compiled by the Bank of Japan. Japanese bank shares have outperformed the 2.3% rise in the benchmark Nikkei index (.N225) in the year to date, with Mizuho's shares up 23.7% and SMFG 25.5% higher. "While Japan's economy is expected to recover gradually as vaccination proceeds, it's still unclear how COVID-19 would impact specific industries," SMFG's chief executive Jun Ohta told an earnings briefing.
Even though the banks expect smaller credit-related costs in this fiscal year, they need to closely monitor the costs especially the ability of some sectors to make repayments as the situation continues to deteriorate for sectors like aviation and retail .
Amazon.com Inc is in talks with Japanese power utilities and trading houses to build a renewable power plant in Japan to procure clean energy for its local data centres, the Nikkei reported. It is seeking ways to procure electricity over the long term from exclusive renewable energy power stations. A Japanese trading house is considering supplying electricity to Amazon from an off-shore wind farm to be built in Japan if it wins in the government auction that began last year, the Nikkei said.
Expect markets to open higher following the US but with caution over inflation. Earnings remain in focus. But key this week will be whether the recent foreign outflows continue. On Friday Tech and Bio saw a strong rebound but Steel and Insurance were weak.
No data due Monday; this week the only major data is PPI on Friday.
KDCA announced Saturday 681 new covid cases vs (Friday 747) but they remain concerned about the potential for another uptick. New Prime Minister Kim Boo-kyum said the nation would have new social distancing rules from July if the coronavirus situation stabilizes.
Prosecutors on Friday indicted the founder of cash-strapped budget carrier Eastar Jet for embezzlement and breach of trust. He became the second sitting lawmaker to be put behind bars in the current legislature. -VE
Korea Electric Power Corp. said Friday its operating profit for the first quarter surged 32.8 percent on-year to 571.6 billion won ($505.9 million), while its revenue fell 0.1 percent to 15 trillion won in the same period. Partly due to lower fuel costs, its new adaptive pricing system and cost savings. +VE
Hanwha Group, said Friday that its Q1 operating profit spiked to 848.5 billion won ($751.6 million), +186% YoY. Net profit +343.94% YoY to 819.9 billion won, largely on the back of the group’s disposal of unprofitable businesses. Revenue -11.23% to 12.8 trillion won.
Hanwha Group’s helped by key affiliates Hanwha Solutions and Hanwha Aerospace, both of whom enjoyed record quarterly performance in the January-March period. Outlook is likely to be tougher now that the easy savings have been made.
Hyundai Motor Co. and its affiliate Kia Corp. said Friday they will suspend some of their assembly lines for several days next week due to semiconductor shortages. -VE
Samsung Biologics said Friday that it has not been decided yet whether it will manufacture Moderna Inc.'s COVID-19 vaccines here. Come after local press reported that it was close to signing a contract to manufacture the US drug firm's mRNA vaccine against the novel coronavirus at plants in Songdo, west of Incheon. Slight -VE after stock bounced 9.4% Friday on the rumour.
Samsung Electronics Co. said Friday it has expanded support for blockchain users trading virtual assets on its Galaxy smartphones amid rising interest in cryptocurrencies. It said its latest update will allow users to easily manage their transactions by importing their virtual assets stored on select cold hardware wallets to the Samsung Blockchain Wallet available on most Galaxy smartphones. +VE
Expect market to open higher following the US but upside limited by the imposition of level 3 covid alert. Adding to the inflation concerns on input prices for Tech. Retail investors were under pressure this week to sell in order to meet margin calls which put the index under more pressure. That will ease if the market sees a rebound.
No data due Monday. Data this week; Export Orders and Current Account on Thursday
On Saturday Taiwan's Central Epidemic Command Center (CECC) raised the COVID-19 alert level for Taipei and New Taipei cities to Level 3; as the cities struggled to contain a spiraling number of domestic infections. The new alert will be effective from today through May 28, the CECC said. Under the CECC's four-tier alert system, a Level 3 alert means people are now required to wear masks at all times when they leave their homes, indoor gatherings of more than five people are not allowed, and outdoor gatherings are limited to 10 people. According to the CECC, Taiwan recorded an additional 180 new domestic cases through Friday night.
TSMC annoucned after market it is weighing plans to pump another tens of billions of USD into its chip factories in the U.S. state of Arizona, although prospects for an advanced European plant remain in the air, people familiar with the matter told Reuters. +VE
Hon Hai Precision yesterday said that a global supply crunch that has hit the consumer electronics and automaking industries will worsen this quarter, after it weathered component shortages to post better-than-expected quarterly profit last quarter. It reported Q1 net income of NT$28.2 billion (US$1 billion) beating the average NT$24.4 billion of adjusted analyst estimates. Revenue in Q2 will likely be steady from the previous quarter’s NT$1.35 trillion, as growth in its consumer electronics and components divisions is countered by a slowdown in its server and computer divisions, in part because of parts shortages, Hon Hai said. +VE
The Industrial Technology Research Institute (ITRI) yesterday revised upward its growth forecast for Taiwan’s chip industry, expecting production value to increase 18 percent to NT$3.81 trillion (US$136.01 billion) this year from NT$3.22 trillion last year. +VE
China Steel Corp Taiwan’s largest steelmaker, on Thursday said that it is raising domestic steel prices by 8% on average for delivery next month, reflecting climbing steel demand worldwide and increased manufacturing costs due to higher raw material prices. Its the 12th consecutive month of hikes , taking a cue from its Chinese counterparts Baosteel Group Corp and Wuhan Iron and Steel Corp, as well as Formosa Ha Tinh Steel Corp in Vietnam. +VE
Formosa International Hotels Corp Friday posted NT$295 million (US$10.53 million) in net income for last quarter, +87.27% YoY as properties across Taiwan largely rebounded from the COVID-19 pandemic. The figures are the best showing in five quarters and translated into earnings per share of NT$2.11, FIH said after a board meeting. The outlook is slightly -VE after the recent surge in covid cases.
Expect market to open lower on light volumes ahead of key data. Sentiment slightly -VE on new Covid cases in Shanghai. The news of Mars landing news +VE but investors more focused on the data.
China House Prices Apr (March was +4.6% YoY F/cast is 4.8%)
NBS Press Conference
Retail Sales Apr (March was +34.2% YoY F/cast is +26%)
Industrial Production Apr (March was +14.1% F/cast is +10%)
Unemployment Apr (March was 5.3% F/cast is 5.3%)
Fixed Asset Investment (YTD) Apr (March was 25.6% YoY F/cast is 19.5%) .
China reported 12 new COVID-19 cases on Friday, including its first local transmissions in more than three weeks, national and regional authorities said. Four of the cases were local infections in the eastern province of Anhui, all linked to the same case, surnamed Li. State media reported mass testing being carried out in two cities in the province, Luan and Hefei. 5 cases were reported as imported.
warning executives from Didi Chuxing and nine other companies against price fixing and monopolising data.
Inflation re-cycling: Chinese exporters pass higher costs on to customers around the world. A metal coatings plant in China’s manufacturing hub has been hit by price increases of up to 30% for raw materials including steel, aluminium, thinner and paint since the Chinese New Year in February and has passed them on to clients. A sign that operating on tight margins they have no alternative but to pass the costs on. Comes as the government said it would move to control rapidly rising commodity prices; one option would be the releasing of some of China’s commodity reserves, or it could impose price controls and levy penalties for hoarding. So far there has been little impact on China’s domestic CPI but it is likely to come.
Worth noting that some Chinese factories have stopped accepting orders due the volatility in raw material prices.
China has given emergency use approval to a COVID-19 vaccine developed by Shenzhen Kangtai Biological Products, the company said on Friday, adding a sixth shot to the country’s vaccination drive.
Philippine President Rodrigo Duterte has rebuffed a call from China to withdraw vessels from disputed areas of the South China Sea and said “We have a stand here and I want to state it here and now again that our ships there ... we will not move an inch backward,” he saidhe would not bow to pressure, even if it jeopardises his friendship with Beijing. The Philippines has boosted its presence in contested areas of its Exclusive Economic Zone (EEZ), including Thitu island, near to Chinese military installation, in defiance of the months-long presence of hundreds of Chinese boats it believes are manned by militia. China last month said the Philippines must “stop actions complicating the situation and escalating disputes” in response to a rare maritime exercise conducted by the Philippines. Duterte has been criticised for refusing to press China to abide by a 2016 arbitration ruling on the South China Sea that went in Philippines’ favour. The loss of ‘friendship’ with the Philippines would proably allow Biden to increase leverage there. But I doubt China will back down -VE.
SCMP reports China population: state pension fund under pressure from ‘unprecedented challenge’ as nation gets older Last year, China’s working age population fell, while the nation’s elderly population grew, adding to the pressure on the state pension fund. China’s state pension fund could run out of money by 2035, with China’s elderly population potentially reaching 300 million by the end of 2025. An interesting read and I would also recommend listing to the recording of this week’s free ERI-C webinar on 'The Implications of Global Demographics For Long-Term Investors: Charles Goodhart & Manoj Pradhan in conversation with Stewart Paterson'
Beijing removes 90 apps in crackdown on information collection, flexing new data regulation muscles The Ministry of Industry and Information Technology removed 90 apps from app stores on Thursday over the “irregular collection of personal information”. The move comes two weeks after the implementation of a new regulation on what types of user data apps can collect. Slight -VE E-commerce names.
Sohu.com Limited (SOHU.US) announced that, for the first quarter ended 31 March 2021, the non-GAAP net income from continuing operations was US$37 million, compared with a net loss of US$8 million in the first quarter of 2020.
ADR’s +223pts @ 28,250 a broad rebound with only Baba and CK Hutch in the red. Expect significant short covering as the market pops above 28,250 as most recent shorts were placed when the HSI was trading below 28,000. But general investors cautious ahead of the China data, which after the weak loans data could well come in light. Key will be whether we see a rise in T/O (excluding the IPO) as to guage sentiment. News that Jimmy Lai’s assets have been frozen under the National Security Law -VE for sentiment.
No data due but after market Friday
GDP Growth Rate Q1 +5.4% QoQ vs +0.5% Q4 revised (F/cast was +5.3%)
GDP Growth Rate Q1 +7.9% YoY vs -2.8% Q4 revised (F/cast was +7.8%)
SF REIT (02191.HK) debut Monday closed at $4.94 in gray market, down 4 cents or 0.8% against the listing price of $4.98, on volume of 1.62 million units and turnover of $8 million, PhillipMart data showed.
NATIONAL SECURITY LAW
The Security Bureau announced Friday that national security police have frozen the assets of Jimmy Lai Chee-ying, including his shares in Next Digital (0282), three private companies, and all assets in local bank accounts. The Security Bureau issued a statement confirming the seizure but did not give any details. Very -VE for local sentiment and whilst to date the HKMA has been saying that HK has not seen assets being moved off shore that could now change. I think so far HK citizens have not moved assets off-shore but have not repatriated excess monies.
Short Selling Friday 16.9% vs 12.2% Thursday
Top Shorts Country Garden (2007) 41%, CK Assets (1113) 40%, CLP (2) 38%, Henderson Land (12) 37%, MTRC (66) 35%, BoC HK (2388) 34%, Hengan (1044) 32%, Wharf REIC (1997) 32%, Bank Of China (3988) 32%, AIA (1299) 31%, Hang Seng Bank (11) 28%, Bud Apac(1876) 28%, Baba (9988) 27%, China Overseas Land (688) 27%, Shenzhou Int (2313) 27%
Alibaba affiliate Ant Group became China’s largest seller of non-money-market mutual funds in Q1 industry data showed, disrupting a market dominated by banks despite a regulatory crackdown.
Regulators have urged Ant to reduce the size of Yu’ebao, China’s biggest money market fund managed by Ant-controlled mutual fund house Tianhong. It highlights the rapidly growing clout of independent fund advisers that sell funds via mobile apps and the internet, by-passing bank outlets. Ant’s top rankings could also reflect lower risk appetite as investors shift away from equities funds to fixed-income products, which are popular on Alipay.
Hong Kong's economy has seen green shoot but the resumption is not balanced, opined the Government Economic Advisor Andrew Au. He anticipated that the local demand of the second quarter will further improve as the business and consumption sentiment in April and May have turned vibrant, while the full revival still takes time.
AAC TECH (02018.HK) CFO Guo Dan said the optical GPM registered evident increment, but the overall GPM rise still needs time. The company aspired to diversified strategy in future.
NEXT DIGITAL (00282.HK) announced that Chang Yue Shing has tendered his resignation as an executive director of the Company in order to pursue his personal interest. The management of the Group has determined to cease publication in print form of the Group’s newspaper in Taiwan, namely Taiwan Apple Daily, with effect from 18 May 2021. This Strategic Plan will enable the Group’s management in Taiwan to increase focus on the strong market for digital media in Taiwan. The Group will be making certain redundancies in respect of its operations in Taiwan.
The Hong Kong Monetary Authority announced that at the end of April 2021. Foreign assets, representing the external assets of the Exchange Fund, decreased during the month by HK$8 billion to HK$4.0085 trillion. The Monetary Base, comprising Certificates of Indebtedness, Government issued currency notes and coins in circulation, the balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$2.1117 trillion. Claims on the private sector in Hong Kong amounted to HK$246.7 billion.
Centa-City Leading Index (CCL) last tracked at 183.68, up 0.23% weekly to a new high since September 2019.
CCL Mass grew 0.57% weekly to 186.95;
CCL (mid-and-small units) added 0.48% weekly to 184.40;
CCL (large units) slipped 1.14% weekly to 179.85.