Wolf Money(world market review 10-16 April 2023)
Splash circa 2003
Collection of Singapore Art Museum
Market Summary 10-16 Apr 2023
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+ US inflation rose 0.1% in Mar and 5% from a year ago, lowest level since May 2021
- US retail sales down 1% in Mar from Feb, sharper decline then 0.2% fall in Feb
+ Fed unlikely to raise interest rates in Jun: Goldman Sachs
- US public debt will continue to rise in coming years amid increased govt borrowing: IMF
- US debt-to-GDP ratio projected to be 122.2% this year, expected to rise further to 136.2% of GDP in 2028
- US banks may tighten lending further and negate need for more rate hikes: Yellen
- US regulator called for greater scrutiny of hedge funds after govt bond turmoil last mth
- Dollar headed for longest stretch of weekly losses in almost 3 years
- JPMorgan, Wells Fargo and BoA have lost US$521bn in deposits over past year, drop reach US$61bn inQ1: banking analysts
+ US crude oil inventories rose by 600,000 barrels to 470.5m
+ JPMorgan Chase posted 52% jump in Q1 profits, due to higher interest rates, revenue up 24.8% to US$38.4bn
+ Citigroup Q1 revenue grew by 12% to US$21.34bn, Well Fargo Q1 revenue up 17% to US$20.7bn
- Buffett: we are not through with bank failures
- Berkshire Hathaway sold 164.4bn yen debt, paid higher spreads across all 5 tenors vs previous deal in Dec
+ Musk pushes Twitter into finance, new partnership with an online brokerage allows stock and crypto trading
+ Musk created a new AI company called X.AI incorporated in Nevada
+ SpaceX gets US regulatory approval for debut Starship flight to space
+ Apple intalks with suppliers to make MacBooks in Thailand
- Binance struggles to find bank to handle its customers’ cash after failure of Signature Bank
๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ
+ China’s inflation down to 0.9% in Mar, up by 0.7% on annual basis
+ China’s GDP growth seen rebounding to 4% in Q1 YoY, from 2.9% previous qtr, 2023 rate seen at 5.4%: Reuters poll
+ China new home prices rose in Mar at the fastest pace in 21 mths
+ PBOC governor said Beijing has largely ended regular foreign-exchange intervention in market tilt
+ China wants multilateral lenders to participate in debt restructuring of poorer nations, part of 3-pt plan at global debt relief talks
- China 50 listed real estate firms, 24 net income decline, 16 recorded losses; 6 saw deficits exceed ¥10bn yuan in 2022 earnings
+ China state-owned China Southern Power Grid will acquire 2 assets in Peru from Italy’s biggest utility Enel for US$2.9bn
- Beijing newly leased space prime office buildings plunged 21%
+ China’s mega banks planning at least ¥40bn of bond sales, to comply with global capital requirements by early 2025
+ China’s new bank lending hit an all-time high in Q1 to record ¥10.6 trillion, up 27% YoY
+ Chinese yuan on Moscow Exchange (MOEX) hit all-time high in Mar, accounted for 39% total volume trading
- China’s passenger car sales dip 13.4% YoY to 4.26m vehicles in Q1 despite fierce price war
+ China gets record US$3.2bn container ship order from French giant CMA CGM
+ China largest-ever Canton Fair to be held with 35,000 exhibitors on-site, buyers from 226 countries and regions
+ China rolls out a 3-year action plan for reduction and substitution of soybean meal in animal feed; demand for US soybean may be affected
+ China announced review of existing anti-dumping and anti-subsidy duties on barley imports from Australia
+ China, India to drive about half of 2023 global growth: IMF
- China highly concerned about Japan’s chip policy, urges Tokyo to follow WTO rules
+ Geely moved closer to taking flying car to the sky as authorities initiated an airworthiness examination
- China launched investigation of Taiwan’s restrictive trade practices affecting >2400 mainland products
๐ฏ๐ต ๐ท๐บ ๐ง๐ท ๐ฆ๐ท ๐
- Japan’s producer price index increased by 7.2% in Mar YoY
+ Japan set to approve US$8.1bn plans for country’s first casino resort in Osaka
- Japan’s largest banking Gp MUFG roughly 1500 clients lost combined US$700m in Credit Suisse AT1 wipeout
+ Russia reveals massive shipbuilding plans, target about 150 cargo ships set to be constructed in next 3 years
- Russia’s current account surplus down by 73% in Q1 YoY at US$18.6bn, mainly due to drop in prices of exports
+ Russia’s inflation slows to 3.5% in Mar
+ Russia’s reserves surge past US$600bn, up by nearly US$7bn in a week
- Russia cuts oil production more than anticipated: Bloomberg
+ Russia-China trade up 38.7% in Q1, energy cooperation taking up >40% bilateral commodity trade
+ Russia sent first fuel cargo to Iran by rail: Reuters
+ Brazil President made clear he is counting China to help reinvigorate ailing industrial sector during China visit
- Argentina’s inflation soared to 104.3% in Mar; to rework US$44bn IMF deal as drought hits economy
+ UN seeking to reconnect some Russians banks to SWIFT in order to help keep grain shipments from Ukraine going
- IMF lowered world GDP growth forecast for world economy to 2.8% from 2.9% in Jan
- World Bank revised 2023 global growth estimate to 2%, up from Jan estimate of 1.7%
- G7 set to impose sanctions on large rough diamonds sourced from Russia, would potentially threaten millions jobs in India
+ Silver hit 1-year high following release of US inflation figure
+ Bitcoin surged past US$30,000
๐ช๐บ ๐ฉ๐ช ๐ซ๐ท ๐ณ๐ฑ ๐ซ๐ฎ ๐จ๐ญ
- Eurozone retail sales decreased by 0.8% in Feb MoM
+ Airbus unveiled research centre in Suzhou, further expanding tech investment in China
- EU states seeking alternatives to Russian uranium: Bloomberg
- Germany shuts down last 3 active nuclear power plants
+ France Macron’s pensions reform officially promulgated into law, raising retirement age from 62 to 64
- Societe Generale agreed to pay US$105m to settle US investor litigation accusing violating antitrust law to rig Euribor
+ LVMH’s revenue soared 17% to €21bn in Q1
- Netherlands has more than doubled of bankruptcies in Q1 with 781 companies and institutions went bankrupt
+ Finland started production at Europe’s largest nuclear power reactor
+ Swiss lawmaker backs US$120bn guarantee for Credit Suisse takeover
๐ฎ๐ณ ๐ธ๐ฆ ๐ฆ๐ช
- India CPI rose 5.66% YoY in Mar, below central bank’s target ceiling of 6%
+ Saudi Aramco to supply full volumes to Asia despite Opec+ oil cuts
- Dubai court orders KPMG to pay US$231m for Abraaj fund audit failure
๐ฎ๐ฉ ๐น๐ญ ๐ฒ๐พ ๐ธ๐ฌ
+ Jokowi asked visiting US Congress members for continuation of trade preference program GSP
+ Indonesia’s property, real estate contributed 14.63% to its GDP in 2022
+ Indonesia largest IPO this year nickel miner TBP advanced Jakarta debut after raising 10 trillion rupiah
+ Indonesia negotiating with China to lower loan interest rate to cover cost overrun Jakarta-Bandung HSR project
+ Bank Indonesia forecast to hold rates at 5.75% for rest of 2023: poll
+ Indonesia’s palm oil export to China and Bangladesh saw huge jump of 55% and 289% respectively in Feb
+ Thailand’s economy returned to pre-pandemic levels and gradually recovering, helped by tourism: central bank
+ Malaysia credit profile at A3 with stable outlook; Moody’s affirms
- Malaysia EPF refuted allegation claiming cash crunch crisis building up in the retirement fund
+ Malaysia attracted Int’l investors of US$982m into the nation’s debt in Mar, the most since Jan 2022
- Sg may need to spend more in areas such as enhancing economic competitiveness, social inclusion and mobility: DPM
- Sg economy grew 0.1% YoY in Q1; advanced estimates from MTI
+ MAS likely to maintain monetary policy stance for rest of 2023, warn of technical recession: economists
- Sg real estate investment activity slowed in Q1, total investment sales down 61% to S$4.2bn from S$10.8bn year-ago period
+ Cuscaden Peak Investments is selling its 3 FH bungalows in Nassim Rd at S$4500 psf on land area: BT
- MAS gave tacit directive at an industry gp meeting not to discuss the “significant sums of money” entering the country: FT
- Sg private banking gp denies MAS told banks to keep quiet about origins of wealth inflows
+ Sg sales of marine fuel; bunker fuel recovered at top refuelling hub in Mar at >2 years high: official data
+ SMRT-owned Strides Taxi and Premier Taxi to be merged to form 2nd largest taxi operator
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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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