Wolf Money(world market review 23-29 Jan 2023)
Market Summary 23-29 Jan 2023
๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ
- US national debt edged closer to US$31.4 trillion statutory ceiling
+ US GDP rose 2.9% annual rate in 4th qtr, higher than expected
- US leading indicators index falls for 10th straight mth, Conference Board Leading Economic Index slid 1% in Dec to 110.5
+ US pending Dec home sales post first gain in 7 mths , Pending Home Sales Index rose 2.5% to 76.9
- US secured deal with Japan, Netherlands on China chip export limit: Bloomberg
+ NASA to test nuclear fussion-powered spacecraft engine by 2027
+ US House panel to vote next mth on possible TikTok ban
+ Boeing to employ 10,000 new workers in 2023
+ Yellen and Liu He met in Zurich
+ Goldman Sachs signals partial retreat from consumer banking by scrapping plans for checking account
+ AMEX's revenue rose 17% YoY to record US$14.18bn in Q4
+ Visa’s revenue in Q1 fiscal 2023 amounted US$7.9bn, up by 12% YoY
+ Mastercard’s Q4 revenue up 12% YoY to US$5.8bn, net income up 6% YoY to US$2.5bn
+ Apple wants India to account from up to 25% of its production, up from current 5% to 7%
- US justice Department says Google uses anticompetitive, exclusionary and unlawful means to eliminate competition
- Alphabet announced massive job cuts of 12,000 worldwide, >6% of its workforce
- Amazon job cuts to exceed 18,000 roles, workers in UK are striking for the first time ever over wages
- Meta been fined total of €390m for breaches of EU data protection rules
- Intel shares down >9% following disappointing Q4 results, revenue fell 32% YoY, full-year net income and EPS fell 60%
+ American Airlines reported profits topped estimates, revenue up nearly 17% from 2019 before pandemic halted travel
- Twitter has lost 80% of staff since Musk’s takeover: CNBC
๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ
+ China will support the healthy development of property market, still a pillar industry for the economy: Liu He
- China tells US to fix its own debt problems after Yellen Africa remarks “China a barrier to debt reform in Africa”
+ China’s digital yuan in circulation hits ¥13.61bn in 2022
+ China’s retail sales hit ¥44 trillion (US$6.49 trn) in 2022, down by 0.2%, contributing 32.8% of GDP growth vs 65.4% in 2021
+ China’s central bank will roll over 3 lending tools to increase support for targeted sectors
+ China will outpace Western economies this year after abandoned zero-Covid rules and eased monetary and fiscal policy: UN
+ China has filed more int’l patents than any country in the world but fewer original in AI, Semiconductors vs US and Europe
+ China electricity consumption predicted to rise 6% in 2023, in line with GDP expansion projection
+ China plans to build 3000km railways in 2023, including 2500km of high-sped lines
+ China 225m passenger trips made during week-long Spring Festival holidays
+ China resumes issuing visas for Japanese
+ Hainan duty-free sales reached US$379m during Spring Festival, up 329% from 2019
+ China holiday travel spending soars 30% over CNY
+ China major ports are putting more focus on domestic consumption in 2023
+ China approved JPMorgan to take full ownership of China Int’l Fund Mgnt, SCB to set up wholly owned securities business
+ China consortium to invest up to US$1bn to develop untapped lithium deposits in Bolivi, expected to start exporting in Q1 of 2025
+ China air tickets, hotel bookings during CNY exceeded 2019 levels
+ China urged soybean industry participants to boost domestic cultivation, production and sales to further stabilise suppliers
+ China approved to build trade demonstration parks with Indonesia, Philippines
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- Japan’s core consumer inflation rose 4.3% in Jan YoY, fastest annual gain in nearly 42 years
- Japan’s trade deficit hitting record high of ¥19.97 trillion (US$155bn): Nikkei
- Japan recorded first increase in number of firms (6367) bankruptcies in 3 years in 2022, up by 6% YoY
- BoJ emphasized to maintain its current monetary policy, including leaving yield curve control unchanged
- Japan, Netherlands to join US in China chip controls: Bloomberg
+ Japan’s industrial robot orders hits new record in 2022
+ Japan considering easing South Korea export curbs
- Toyota CEO and President Akio Toyoda to step down
- Russia to ban selling oil to buyers under Western price cap mechanism
+ Russia boosts oil exports to China and India: Reuters
+ Russian gold exports to Asian countries soared by 67.3% in physical terms and 63.3% in monetary terms from 2021
+ Russian discovered large gold deposits in Serbia: Minister
- Bank of Canada raised key interest rate to 4.5%, highest in 15 years
+ Brazil and Argentina set to start work on creating a currency union eventually involve other nations on the continent
- Mexico and Tesla yet to reach Gigafactory deal in Nuevo Leon, Mexico
- Global economy projected to grow 1.9% in 2023, one of the lowest growth in recent decades: UN report
- Global smartphone shipments plunged in Q4, due to macroeconomic weakness and soft consumer demand
๐ช๐บ ๐ฉ๐ช ๐ฌ๐ง ๐ซ๐ท ๐ฎ๐น
+ EU looking to quickly resolve EV subsidies dispute with US
- EU new vehicles registered in 2022 plunged to lowest in 30 years, down by 4.6% to 9.3m units: ACEA
- EU and UK unlikely to change Brexit deal much despite issues: report
- EU exploring options to confiscate frozen Russian funds to help rebuilding Ukraine
+ Airbus to expand global workforce by >13,000 in 2023
- EU, G7 less than 9% of companies owned subsidiaries in Russia left the country since sanctions introduced: Swiss Uni St Gallen
- Germany’s energy subsidy to business and households will cost the federal govt >€16.6bn by end May
- Germany’s floating LNG terminals will reach necessary capacity no sooner than 2026: Ministry
- Germany exports to Russia last year plummeted to lowest in 2 decades
+ German consumer sentiment set to improve for 4th consecutive mth as energy prices fall: GFK survey
- Germany to send initial shipment of 14 Leopard 2 tanks to Ukraine
+ Germany and France urged EU to boost spending to compete with US
- BoE to lift rates to 4% on Feb 2, finish at 4.25% in Mar: Reuters poll
- UK private-sector economic activity fell at fastest rate in 2 years, flash composite PMI dropped to 47.8 in Jan from 49 in Dec
- UK >1400 millionaires left in 2022: Henley & Partners
- UK house prices will fall by up to 10% this year: Lloyds Bank CEO
- British regional airline Flybe halted trading, revoked all scheduled flights from and to UK
- France >1m ppl protested again controversial pension reform plan
+ France will boost military spending by >1/3 in coming years: Macron
+ LVMH’s revenue surged 23% to €79.2bn in 2022, net profit rose YoY to €14.1bn
- Italy will completely end its dependence on Russian gas in winter of 2024-25: Eni
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- Australia’s inflation rose to new 32-year high of 7.8% in Q4
- India Adani’s personal wealth fell by US$50bn as Gp Company shares hit by fraud accusations by US Hindenburg Research
- South Korea economy contracted for the first time in 2.5 yrs in final qtr by -0.4%
- South Korea national pension fund will deplete earlier than expected by 2055 due to shrinking population, low growth
- South Korean cost of coal and gas imports reached record high in 2022 due to surging energy prices
+ South Korea agreed to invest total US$6.37bn in Indonesia new capital megaproject
- Gulf Cooperation Council economies to grow half the rate of 2022 this year on sluggish oil demand: Reuters poll
- Pakistani rupee dived to historic low against USD after an exchange cap lifted to unlock vital bailout from IMF
๐ฎ๐ฉ ๐น๐ญ ๐ต๐ญ ๐ฒ๐พ ๐ธ๐ฌ
+ Indonesia 2022 FDI rose by 44.2% YoY to US$45.6bn, highest in history
+ Indonesia new capital Nusantara has 140 infrastructure projects: Govt
+ Indonesia to start trial use of 40% biodiesel (B40) fuel in March
+ Indonesia, Malaysia to discuss CPO benchmark pricing
+ Thailand, Laos in talks of potential China-Laos-Thailand railway link could reduce cargo transport costs by 30-50%
+ Thailand EU to resume FTA talks by March
+ Philippines economy ended 2022 with fastest growth in >40 years to 7.6%, underpinned by robust final qtr
+ Malaysia’s total trade up 8.6% to RM236bn in Dec
+ Anwar to be in Singapore early next week for first official visit
- Sg headline inflation averaged 6.1% in 2022, core inflation at 4.1%
- MAS could tighten monetary policy in April after sticky inflation data in Dec: economists
- Sg manufacturing output dropped 3.1% in Dec, excluding biomedical manufacturing, output would have grown by 0.3%
- Sg manufacturing sector expected to continue declining in H1, mainly on electronics: Maybank research
+ Sg central region office rents up 5.1% in Q4 over previous qtr; full year increase at 11.7%
+ Sg private home prices up 0.4% in Q4; went up by 8.6% in 2022 vs 10.6% rise in 2021
+ HDB resale price growth at 10.4% for 2022
- Sg latest savings bond undersubscribed; received S$471m for S$700m allotment, 10-year average return at 2.97%
+ Marina Bay Sands reported record mass gaming, retail revenue in Q4 to US$682m in net revenue contribution
+ Strong demand for tech talent in Sg despite global big tech layoffs: Minister
+ Mustafa Centre to open flagship store in JB
Contribution by Derek@valueinvestments chat group. Thank you.
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