Wolf Money(world market review 20-26 March 2023)
Market Summary 20-26 Mar 2023
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- Fed raises key interest rate by 25 bps to 4.75% and 5%
- US credit card debt at record high as interest rates continue to rise, reached record of US$930.6bn end 2022
+ US new home sales up by 1.1% in Feb, mortgage application rose 3% in week ending March 17
- US not considering insuring all bank deposits: Yellen
+ US jobless claims for week ending March 18 fell by 1000 to 191,000; labour market remains tight
- US might take years to refill its Strategic Petroleum Reserve: Energy Secretary
+ US likely invest billions in packaging semiconductors in Canada: Biden
- US probes Swiss banks over Russian clients: Bloomberg
- US small banks see record drop in deposits following collapse of Silicon Valley Bank
- SEC plans to bring enforcement action against Coinbase
- Binance deposits and withdrawals paused due to standard operating procedure: CEO
- Amazon plans to cut 9000 more jobs, bring total to 27,000 in 2023
- Microsoft threatens to restrict data from rival AI search tools
- Ford records US$2.1bn net loss in EV business in 2022, expect to lose similar amount this year as it invests heavily in new technology
+ Ford plans to build 500,000 EVs annually at its US$5.6bn Tennessee campus
+ Apple CEO praises China’s rapid innovation and long ties with US on Beijing visit
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+ China Premier Li Qiang stressed focus of economic development on real economy, more efforts to boost advanced and high-end manufacturing
+ China set first batch of rare-earth mining in 2023 at 120,000 tons, up by nearly 20% amid rising demand
+ China plans to increase cumulative production of oil by >2m tons and natural gas by around 3bn cubic meters by 2025
+ China will reduce number of high-risk institutions to help fend off systemic financial risks: central bank
- China urged US to explain seriousness of bank crisis, how US authorities plan to deal with it, minimise spill over effects
- China Association of Automobile issued warning to cool down intense competition sparked by efforts to boost sluggish sales
+ China to implement zero tariffs on coal imports until end 2023
+ Chinese car brands such as Haval, Chery and Geely now account for almost 40% of Russia’s new car sales
+ China CSPC Pharmaceutical reports winning approval for first homegrown mRNA Covid Vaccine
- China authorities raided Beijing office of US HQ due diligence firm Mintz Gp and detained 5 staff
+ China leads Hurun Global Rich List 2023 with 969 billionaires despite losing 164 billionaires last year
+ Evergrande announced restricting its US$22.7bn offshore debt to defuse market risks
+ China said would firmly oppose any forced sale of TikTok
- TikTok CEO testified before a congressional committee as platform faces potential forced sale or ban in US
+ Tencent’s Q4 revenues of fiscal 2022 at US$20.8bn, up 0.5% YoY
- Xiaomi’s Q4 revenue decline 22.8% to ¥66bn, managed to record net income of ¥1.5bn (US$218m)
- HK raised benchmark interest rate by 25 bps following US Fed
+ HK announced measures to lure wealthy family offices, to get tax concessions in revamp
+ HK airport handled 2.1m passengers in Feb, cargo volume up 6.7% to 290,000 tonnes, flight movements rose 95.7% to 16,305
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+ Japan inflation rose 3.1% in Feb YoY, slowing from 4-decade highs in previous mths
+ Japan land prices up for 2nd year in 2022
+ Toshiba said will support ¥2 trillion takeover bid by a consortium led by investment fund Japan Industrial Partners
- Russia, China signed long term nuclear deal, including development of new atomic reactors
+ Russian inflation drops below 6%
- Putin says to place nuclear weapons in Belarus
+ Russia and China ironing out new gas megadeal on the Power of Siberia 2 pipeline
+ Russia became China’s largest oil supplier in Jan-Feb, up by 23.8% YoY, overtaking Saudi Arabia
+ Russia’s gas supply to China to hit 22B cubic meters in 2023 via Power of Siberia pipeline
+ Canada, US said would work together to create bilateral semiconductor manufacturing corridor
+ Brazilian President to pay state visit to China
- Honduras ended decades-long relationship with Taiwan, to only recognised China
๐ช๐บ ๐ฉ๐ช ๐ฌ๐ง ๐ซ๐ท ๐จ๐ญ ๐น๐ท ๐บ๐ฆ
- EU may introduce trade restrictions on some Central Asian countries believe in helping Russia circumvent Western Sanctions
+ EU and Germany struck deal over phaseout of fossil fuel cars
- Deutsche Bank shares plunge after cost of insuring bank’s debt against risk of default shot up to >4 years highs
- ECB pressuring Austria’s largest bank Raiffeisen to leave Russia” Reuters
- UK inflation came in at 10.4% in Feb
- BoE hikes interest rates by 25 bps to 4.25%
- UK producer prices up 12.1% in Feb YoY
+ UK employers agreed pay rises averaging 5% in 3 mths to Jan
- France unions staged more strikes to protest against increase in retirement age pushed through parliament
- France tapping into strategic fuel reserves
- UBS, Credit Suisse are on list of banks under scrutiny by US DOJ for allegedly helping Russians to evade sanctions
- Swiss National Bank hikes policy rates by 50 bps to 1.5%
+ UBS to buy Credit Suisse for US$3.2bn in government-brokered deal
- Credit Suisse wouldn’t have survived another day of trading amid a crisis of investor confidence: Finance Minister
- Turkey’s budget deficit widened to US$8.99bn in Feb after earthquakes
- Ukraine reconstruction to cost US$411bn: World Bank
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- India raises tax on certain equity derivative products
- South Korean Do Kwon, co-founder of Singapore-based TerraUSD and Luna has been arrested in Montenegro
+ Saudi Arabia and Syria close to restore diplomatic ties following negotiations mediated by Russia
+ Qatar’s Al Thani submit new £5 bn bid for Manchester United
+ Sri Lanka received first tranche of IMF bailout, will kick off next round of talks with creditors
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+ ASEAN-6’s nominal GDP to top US$4 trillion by 2025: DBS
+ Indonesia plans to add Rp8 trillion (US$531m) this year’s budget for new capital megaproject Nusantara
+ Indonesia govt to allocate Rp7 trillion (US$456m) to subsidise purchase and conversion of electric motorbikes next 2 years
+ Indonesia state-owned electricity firm PLN committed to cutting carbon to net-zero by 2060
+ Thailand expects about 6m foreign tourists arrival in Q1
+ Malaysia’s exports expanded 9.8% to RM112.28bn in Feb, to stay in soft patch in H1
+ Malaysia to focus on fiscal strengthening, identify new sources of growth such as smart agriculture, biomass, tourism-related
+ Anwar will meet Xi Jiping and Premier Li Qiang during his visit to China end mth
- Sg manufacturing slump worsens with 8.9% output drop in Feb, shrank for 5th straight mth
+ Sg side completed 45% of JB-SG RTS Link, on track for 2026 launch
+ MBS S$4.5bn expansion work to start in April 2024 after 2 delays
Contribution by Derek@valueinvestments chat group. Thank you
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