Wolf Money(world market review 13-19 Mar 2023)
Kampung Scene circa 1953
Collection of National Gallery
Market Summary 13-19 Mar 2023
๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ
- US consumer prices rose by 0.4% in Feb and 6% over the past 12 mths vs 6.4% in Jan
- US Consumer Sentiment Index fell 5.4% in March MoM to 63.4: Uni of Michigan
+ US industrial production unchanged in Feb
+ Fed may pause rate hike next week with cuts to follow: traders bet
- US prices for all items other than energy, food, shelter and used vehicles increase an annual rate of 5% in Feb n 4.3% over 3 mths from Dec to Feb
+ US headline producer prices fell 0.1% MoM in Feb vs expectations 0.3% rise
- US banks took out combined US$164.8bn in loans from 2 Federal Reserve facilities over last 2 weeks
- Biden pressed Congress to take action and hold executives who managed now-defunct banks accountable
- Goldman Sachs loses around US$200m in market turmoil following SVB collapses: FT
+ US regulators willing to share losses for sales of SVB, Signature Bank: FT
+ Yellen: ‘customers’ can feel confident that their deposits will be there when they need them’
- SVB Financial Gp, parent company of Silicon Valley Bank to file for bankruptcy under Chapter 11
- First Republic Bank gets US$30bn in deposits from JPMorgan, BofA, Wells Fargo, Goldman Sachs and Morgan Stanley
+ First Citizens BancShares evaluating an offer to acquire Silicon Valley Bank: Bloomberg
- Warren Buffett in discussion with senior US officials on banking crisis and possible ways out of it: Bloomberg
- Nasdaq plans to delist Russia’s largest IT firm Yandex, e-commerce firm Ozon and 3 other tech firms
- Trump says he expects to be arrested as prosecutors consider charges over hush money payment to a porn star
+ Boeing inked deal with US army to build 184 Apache helicopters
- US demanded TikTok to sell their stakes or face ban
+ Microsoft unveiled AI for its office suite of more users
- Apple delays bonuses for some and limits hiring in latest cost-cutting effort
- Meta starts new round of layoffs with 1500 recruiting, HR jobs
๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ
+ China to cut reserve requirement ratio (RRR) for financial institutions by 0.25% pts to 7.6%
- China cuts US Treasuries for 6th straight mth to US$859.4bn in Jan from US$867.1bn in Dec, lowest level since GFC
+ China retail sales grew 3.5% in first 2 mths vs contraction of 1.8% in Dec
+ China’s new home prices in 55 out of 70 large and medium-sized cities saw MoM increases vs 36 in Jan: NBS
+ China will reduce number of high-risk institutions to help fend off systemic financial risks
+ Xi to visit Russia in a trip of ‘friendship cooperation and peace’
+ Xi says agricultural is a national security issue of extreme importance
+ China state media: the collapse of SVB offers an important lesson for the country’s banking industry
+ China may allow foreign financial firms to list in China: ex FM
+ Beijing city launches first China-Europe freight train
+ China ramps up sci-tech self-reliance drive with establishment of new central commission
+ China’s exports expected to keep growing to make contributions to overall economic growth in 2023
+ China to step up financing support for private and small enterprises
- China fined Deloitte US$31m for auditing negligence in assessing asset quality of Huarong Asset Mgnt
+ China gearing up for harvest 2450 tonnes of its first domestic durian in Jun after >4 years of cultivation
+ China’s power consumption registered robust increase in Feb, jumped 11% YoY: NEA data
+ Huawei has replaced >13,000 parts in its products hit by US trade sanctions: founder
+ Baidu unveiled ChatGPT rival Ernie
- TikTok considers splitting from ByteDance if deal with US fails
+ HKEX applies to launch RMB counter for trading its shares
+ Cathay Pacific has very good chance posting net profit this year and returning to full capacity in 2024: CEO
- Foxconn wins AirPods order, plans US$270m factory in India
๐ฏ๐ต ๐ท๐บ ๐ญ๐ณ ๐
- Japan posted trade deficit of ¥897.7bn in Feb, record for the mth, hurt by higher energy imports and weaker yen
+ Japan’s labour unions confirm average wage hikes of 3.8%, a 3 decades high
- Russian oil and gas production to shrink this year: Minister
+ Russia’s Sberbank recommends record dividend payout: CEO
+ Russian firms flooded Kazakhstan partners with new requests to circumvent Western sanctions and import needed goods
+ Honduras to seek official ties with China at Taiwan’s expense
+ Art auction hit record in 2022 with >1m artworks were put up for auction despite gloomy global economy
๐ช๐บ ๐ฉ๐ช ๐ฌ๐ง ๐ซ๐ท ๐จ๐ญ ๐ซ๐ฎ ๐น๐ท
- ECB increases rates by 0.5%, from 2.5% to 3% to fight inflation
- Eurozone industrial production up by 0.7% in Jan
- EU to curb imports of Chinese green technologies and products including solar panels
- EU’s automaker exit from Russia costs almost €700m
- Germany’s IfW predicts 0.5% GDP growth in 2023 amid high inflation
- Germany cold face shortage of LNG next winter as volumes secured under existing contracts are falling short of demand
- Germany 4 airports workers on strike led to cancellation of hundreds of flights, the latest bout of industrial action
- Volkswagen joins e-car price war as battle for global dominance in EV segment intensifies
- UK facing biggest decline in living standards since records began in 1950s, and highest taxes since WWII: OBR
+ UK to incentivise business investment with tax breaks in latest budget
- UK set to ban TikTok from govt issued phones
- HSBC buys SVB UK unit for £1, planning to inject £2bn of liquidity into the division
- France annual inflation rose to revised 7.3% at record pace in Feb from 7%
- Swiss central bank to provide liquidity lifeline of US$54bn to Credit Suisse to shore up liquidity after a plunge in share prices
+ UBS seeks US$6bn in govt guarantees for Credit Suisse in close to a deal to takeover
- Credit Suisse talks extended into Sunday, UBS racing to put together a deal to take over or break up
- Finland’s inflation hits 60-year high, food prices saw historic jump of 16.3% in Feb annual terms
+ Turkey will ratify Finland’s NATO membership application: Erdogan
๐ฎ๐ณ ๐ฐ๐ท ๐ธ๐ฆ ๐ฎ๐ท
+ India’s pwer consumption surged 10% during Apr-Feb this fiscal year, surpassed the level in entire 2021-22
+ South Korea and Japan agreed to drop dispute on high tech materials
+ South Korean and Japanese leaders meet in Tokyo for the first time in 12 years to restore relations
+ Saudi Arabia in active talks with China to price some oil sales to China in Yuan
+ Saudi Arabia 2 airlines signed deal for up to 121 planes from Boeing worth US$37bn
- Saudi Arabia will stop selling oil to any country that impose a price cap on its supplies: Minister
+ Iran’s oil exports reach 5-year high
๐ฎ๐ฉ ๐ป๐ณ ๐ฒ๐พ ๐ธ๐ฌ
+ Indonesia recorded about US$8.6bn in budget surplus ended Feb, on 34th consecutive monthly trade surplus
+ Indonesia would become 3rd largest producer of lithium batteries by 2028: Minister
+ Jokowi urged to reduce dependence on foreign payment systems to negate potentially disastrous economic consequences
- Vietnam’s central bank seeking to reduce maximum stake investors can hold in Vietnamese banks
+ Vietnam to relax some visa requirements to attract more foreign tourists
- Malaysia and Indonesia to meet EU in May over palm oil ban
+ Petronas plans to expand venture capital arm with up to US$200m as early as April: sources
- Sg key exports contract 15.6% in Feb in 5th straight mth of decline; NODX fell 8% on seasonally-adjusted MoM
+ Sg total employment growth at all-time high in 2022, driven largely by return of foreign workers
- Sg latest 6-mth T-Bill cut-off yield at 3.65%, lowest since last Sept’s 3.32%
+ Sg and Indonesia inked agreements on tech, smart cities during Jokowi’s visit
+ Changi Airport has been named world’s best airport for 12th time by Skytrax, regaining its crown after losing out in 2021/22
Contribution by Derek@valueinvestments chat group. Thank you
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