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
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- 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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All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.
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