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【how much does a 4l60e transmission weigh】More of Southeast Asia, less of China this week

来源：cat of nine tails whip in the bible 编辑：Leisure 时间：2024-09-29 12:27:19

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Political strife in Thailand,how much does a 4l60e transmission weigh economic data out of Indonesia and a central bank meeting in Australia should take the spotlight in Asia this week.

【how much does a 4l60e transmission weigh】More of Southeast Asia, less of China this week


China takes the back seat for now with markets there closed for most of the week for the Lunar New Year holiday.

【how much does a 4l60e transmission weigh】More of Southeast Asia, less of China this week


Still, the official Purchasing Managers' Index (PMI) released on Saturday fell to 50.5 in January from December's 51, showing that manufacturing activity slowed last month and reinforcing the view that China's economy has started 2014 on a weak note.

【how much does a 4l60e transmission weigh】More of Southeast Asia, less of China this week


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China's January official PMI slips to six-month low


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"With New Year celebrations seeing the country taking a full seven days off, it would not surprise me to see the official PMI index joining the HSBC PMI index, and fall into contraction for the first time in 14 months," Evan Lucas, a market strategist at IG Markets said in a note.


The HSBC PMI for China last week slipped below the 50-mark in January that divides contraction from expansion in factory activity.


Thai turmoil


Disrupted Thai elections on Sunday put political turmoil in the Southeast Asian country back in focus at the start week.


Thai anti-government protestors have vowed to continue with their bid to oust Prime Minister Yingluck Shinawatra, with Sunday's poll unlikely to bring calm to months of political unrest.


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Demonstrators disregard Thai poll, vow march to oust Prime Minister


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Thailand releases January inflation data later on Monday, while December trade numbers from regional neighbor Indonesia are also on calendar.


Further signs of an improvement in Indonesia's trade balance could help the country weather the storm currently hitting emerging markets. Indonesia also releases fourth quarter growth data on Wednesday.


Economists polled by Reuters forecast Indonesia's economy grew 5.3 percent from a year earlier, compared with a 5.62 percent rise in the third quarter.


In recent weeks, currencies from Turkey (Exchange:TRY=) to South Africa (Exchange:ZAR=) and Argentina (Exchange:ARS=) have come under renewed pressure. Analysts say while expectations for an unwinding of U.S. monetary stimulus is hurting emerging markets in general, those countries with high debt levels or wide current account deficits remain the most vulnerable.


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Who will pay for the emerging market mess?


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Australia rate meeting


Elsewhere, the Reserve Bank of Australia (RBA) meets on Tuesday and is expected to keep its key interest rate unchanged at a record low of 2.5 percent.


"Interest rates have already been cut to record lows and evidence continues to build that rate cuts are getting traction," Shane Oliver, head of investment strategy and chief economist at AMP Capital, said in a note.


Story continues


"Our assessment remains that the RBA would prefer to wait for the full impact of past rate cuts to flow through and is now more focused on achieving and maintaining a lower level for the Australian dollar," he added.


The European Central Bank and Bank of England also meet on Thursday, while on Friday HSBC releases its China services PMI and the closely-watched U.S. non-farm payrolls report is due out.


Earnings season in Asia meanwhile continues this week, with China's Baidu (


BIDU


) and Japanese firms Toyota (Tokyo Stock Exchange: 7203.T-JP), Panasonic (Tokyo Stock Exchange: 6752.T-JP) and MUFG (Tokyo Stock Exchange: 8306.T-JP) all due to unveil results.


- By CNBC.Com's Dhara Ranasinghe;Follow her on Twitter


@DharaCNBC


More From CNBC


China's January official PMI slips to six-month low


Thai demonstrators disregard poll, march on


Who will pay for the emerging market mess?


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Data Gumbo Joins Blockchain In Transport Alliance5%, led by a 17% increase in average ticket and a slight decline in traffic. Growth in the quarter reflected the impact of households stocking up on essentials like paper goods and cleaning supplies as the pandemic became a nationwide concern, along with strength in discretionary categories as the quarter came to a close and stimulus dollars and tax refunds were disbursed.As shown below, the results in the quarter materially changed the trend in two-year stacked comps for each of the banners, along with a significant acceleration for consolidated comps.The increase in consolidated comps was the primary driver of an 8% increase in revenues to $6.3 billion. The company ended the quarter with 15,370 locations, up less than 1% year-over-year. This reflects a 7% increase in Dollar Tree units, offset by a 4% decline in Family Dollar units.The top-line results at each banner flowed through to their respective income statements, with Dollar Tree gross margins and operating margins declining year-over-year while Family Dollar gross margins and operating margins expanded year-over-year. On a consolidated basis, gross margins contracted by 120 basis points in the quarter to 28.5%, reflective of a shift to lower-margin consumables, tariff costs and the impact of markdowns from the Easter headwinds at the Dollar Tree banner. The company saw slight operating leverage on SG&A from higher comps, with the net result being an 80 basis point contraction in operating margins to 5.8%, with operating income declining 5% to $366 million. This is not adjusted for $73 million of pandemic-related costs, such as PPE supplies.In the first quarter, the company opened 85 stores (net of closures) and completed 220 Family Dollar renovations to the H2 format. Importantly, comps at renovated Family Dollar stores continue to outpace the chain average by more than 10%. On the call, management indicated that they plan on reducing both the number of new store openings (from 550 to 500) and the number of H2 renovations (from 1,250 to 750) in 2020.Personally, given the fact that Family Dollar is seeing material benefits to its business from the pandemic with new or lapsed customers coming into its stores, I think the company should try to get more aggressive with its renovation plans, not less. On the other hand, you could argue that renovations cause short-term disruptions and limit their ability to fully capitalize on the business momentum they are currently experiencing.As a result of fewer new stores and remodels, management now expects 2020 capital expenditures to total $1.0 billion compared to previous guidance of $1.2 billion. In addition, the company has temporarily suspended share repurchases. At quarter's end, the company had $1.8 billion in cash on its balance sheet compared to $4.3 billion in total debt.ConclusionIn recent years, Dollar Tree has been a tale of two cities. While its namesake banner has generally delivered impressive financial results, Family Dollar has been a persistent underperformer. This quarter, those results flipped, and given what we've seen in the weeks since quarter's end, there's a decent possibility that we will see something similar in the coming months. As the CEO noted, the second quarter is off to a very good start at Family Dollar.Here's the important question: how useful is that information is in terms of making future predictions about the business? Will recent success at Family Dollar translate into long-term success for the banner? The optimistic take is that new or lapsed customers, especially those visiting the renovated stores, could become recurring business for the banner. The pessimistic take is that they have experienced short-term success out of necessity as people went to any store that was open to try and find essentials like toilet paper and hand sanitizer that were largely out of stock throughout the retail landscape. From that view, many of these customers could abandon the retailer when life returns to normal. As Philbin noted on the conference call, early on [during the pandemic], folks needed us. Will people still shop as much at Family Dollar when it's no longer a necessity?Personally, I do not place too much weight on the recent results. I will need to see incremental data points that indicate that Family Dollar has truly won sustained business from these new customers. While I still believe that the Dollar Tree banner is a well-positioned retailer with attractive unit returns, I'm not yet willing to say the same thing for Family Dollar. For that reason, along with the recent run-up in the stock price, I plan on staying on the sidelines for now.Disclosure: NoneRead more here:Under Armour: A Tough Start to 2020Walmart: Continued Omni-Channel ProgressMatch: An Impressive Start to 2020Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.This article first appeared onGuruFocus.Warning! GuruFocus has detected 4 Warning Signs with DLTR. 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