Wolf Money(world market review 6-12 March 2023)
Woman with Pipe circa 1954
Collection of National Gallery Singapore
Market Summary 6-12 Mar 2023
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- Powell reaffirmed of higher and potentially faster interest rate hikes, emphasised debate still under way
- California banking regulators closed Silicon Valley Bank, putting it into receivership, to disposal its assets to protect despositors
- SVB is seeking a buyer after regulators closed its bank unit, transaction might involve selling assets piecemeal or as a whole
- US 4 largest banks saw stock prices lose cumulative US$52bn after trouble at SVB
- Yellen says working to address SVB collapse, but not looking at bailout, wants to avoid contagion
- US consumer debt across all categories totalled US$16.9 trillion in 2022 YoY, up by US$1.3 trillion, delinquencies all up
+ US private employment up by 242,000 in Feb, increased more than expected: ADP
+ US payroll rose 311,000 in Feb, more than expected, unemployment at 3.6%
- US employers announced 77,770 job cuts in Feb, a 410% increase YoY
+ Biden proposing series of tax increases on investors and top-earning Americans in his annual budget
- US is facing economic downturn could start in 3rd qtr and continue into 1st of 2024: BoA
- Yellen warned US House Representatives that defaults on US debt would case “economic and financial catastrophe”
+ Chicago Mercantile Exchange (CME) will launch options on its existing US dollar/yuan futures on April 3
- Silvergate, crypto-focus lender to wind down operations and voluntarily liquidate its bank after a collapse in crypto market
- US plans to introduce new export restrictions to further curb China’s access to advanced US chip technology: Bloomberg
- US to seize aircraft owned by Russian oil firm Rosneft worth around US$25m
+ US CDC lifts Covid-19 testing requirements for travellers from China
- Meta expected to begin 2nd round of job cuts in 4 mths, plans to sack thousands more people
- Binance bans dollar and euro transfers from Russia
- Roku could lose 25% of its cash after Silicon Valley bank failed, Rocket Lab, Roblox also affected
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+ Xi Jinping re-elected as Chinese president for 3rd term, Li Qiang as new premier
+ China kept its central bank governor Yi Gang in his post and retained his finance and commerce ministers
+ China’s annual inflation rate fell to 1% in Feb from 2.1% in prior mth, lowest level in a year
+ China to reorganise science n tech ministry, set up national data bureau, create new top regulator to manage data resources
+ China to form data bureau to boost digital economy, facilitate data handling on cross-border data transfers
- China’s exports for Jan-Feb fell 6.8% to US$506.3bn, imports fell by 10.2% to US$389.42bn YoY
+ China’s forex reserves down slightly in Feb to US$3.1323 trillion, overall reserves likely to fall in 2023 as imports increase
+ China top priority in 2023; expand domestic demand, improve business environment for private firms, prevent financial risks
- China’s new yuan-denominated loans totalled ¥1.81 trillion (US$259.85bn) in Feb, up by ¥592.8bn YoY
+ Chinese yuan has outperformed greenback by volume of trading on Moscow Exchange for the first time on record
+ China to amend Anti-Unfair Competition Law, provide fairer market environment: SAMR
+ China average price of new homes in 100 major cities remained unchanged in Feb from Jan, after falling 7th mths
+ China’s auto exports surged 43.2% in first 2 mths, new-energy vehicles lead a US$13.91bn
+ Geely, Chery and Great Wall Motors took 17% share of Russia’s car market in 2022, filling void left by Western n Japanese brands
- China’s 2023 national budget released suggests local govt’s revenue from land sales will remain sluggish
+ China to build 600,000 5G base stations in 2023
+ China to resume outbound group tours for Chinese citizens to another 40 countries
+ Luckin Coffee reported first annual operating profit of ¥1.16bn for 2022 vs loss of ¥539bn previous year
+ HKEX to allow tech firms with no earnings, no profit to list after rule change this mth
+ Cathay Pacific reported first annual operating profit since 2019
+ Taiwan to resume regular direct flights to 10 mainland cities, also resume chartered flight service to further 13 mainland cities
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- Japan’s economy grew at annual pace of 0.1% in Q4, downgrade from earlier 0.6% increase
- Japanese real wages slumped the most since 2014 in Jan as inflation outpaces growth in incomes, earnings fell 4.1%: ministry
- Japan central bank left its ultra-easy monetary policy unchanged
- Japan posted record current account deficit of ¥1.98 trillion in Jan, hurt by slower export growth and energy
+ Nikkei index ended 6-mth high on weaker yen, hopes for tourism sector through an increase in foreign visitors
+ Russia-China trade surged 36.4% to hit US$33.59bn in Jan-Feb with energy cooperation in focus
+ Russia’s top nickel producer selling its metal on spot market in yuan using mix of London and Shanghai prices in deals
+ Canada said will not force Chinese investors in 3 of its large mining firms to divest stakes
- Argentina’s grain harvest suffers under worst drought in 60 years, its main export
- Canada will restrict imports of aluminium and steel products from Russia
+ G7 planning to reconsider price ceiling for seaborne exports of Russian crude oil, possibly next few weeks
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+ EU moving towards joint gas-buying by launching first tender next mth, hoping to clinch first deals in June
+ EU remains top buyer of Russia’s fossil fuels, namely coal, oil and gas: CREA
- EU’s cheap gas era over, consumers should prepare for further price hikes: IEA
- Germany considering banning certain components from Huawei and ZTE in its telecoms networks: German media
+ UK set to ratify free-trade agreement with Australia as soon at this mth
- UK’s National Grid asked coal-fired plants to be ready to generate power for the first time in winter
- UK 600,000 small businesses could go bust this year: report
- UK tens of thousands of junior doctors set to strike for 3 days next week amid pay dispute
- Netherlands confirmed it’s about to ban export of more advanced chipmaking equipment to China
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- Australia hikes key interest rate to 3.6% to fight inflation
+ Australia-China trade amounted to US$37.47bn in Jan and Feb, both imports and exports achieving double-digit growth YoY
+ Australia drops Covid testing requirements for Chinese travellers
+ India, US will sign MOU on production of semiconductor chips; will map semicon supply chain and opportunities for JV
+ India imposed money-laundering regulations on trade in cryptocurrencies
+ India imports of Russian oil hit record high to 1.62m bpd in Feb
+ Saudi Arabia and Iran to restore diplomatic ties in China-brokered deal after 7-year rift
- Saudi Arabia hikes oil process for Europe and Asia
+ Saudi launched new national airline Riyadh Air, to serve >100 destinations, to boost tourism and diversify economy from oil
+ Aramco’s net profit for 12 mths soars 46% to record US$16bn in 2022, driven by higher oil prices
+ UAE boosted its purchases of Russian crude oil
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-Bank Indonesia says inflation will remain above 5% in H1
+ Thailand consumer confidence rose 8th straight mth in Feb to 3-year high
+ Thailand expecting between 25-30m foreign visitors this year
- Vietnam PM asks central bank to take measures to support property
+ Malaysia PM assured investors that govt would not implement proposed capital gain tax on unlisted shares hastily
+ Malaysia projecting 20% growth in foreign direct investments and domestic direct investments
+ Malaysia attracted RM264.6bn approved investments in 2022
+ Malaysia’s inflation rate falls to 3.7% in Jan
+Johor to modernise its agriculture technology and increase output through cooperation with Singapore
+ MAS boost gold reserves 30% in Jan to 199 tonnes, total value of bullion at US$4.5bn end Jan
+ Sg says willing to facilitate a dialogue between US and China to repair their relationship
+ Sg tourist arrivals rise again to 957,605 in Feb, setting new record since pandemic began, vs 1.7m recorded in Jan 2020 before Covid pandemic
+ Sg Orchard Condo Marq sets record S$100,000 per mth rental
+ HDB resale prices flatten in Feb, ending 31-mth rally
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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