Wolf Money(world market review 17-23 Apr 2023)
Market Summary 17-23 Apr 2023
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- Republicans will propose to either lift federal borrowing limit by US$1.5 trillion or suspend debt ceiling until Mar 2024
- US unprecedented rules limiting investments in China are expected later this mth
- US inflation still too high, Fed will act to lower it: Fed’s Williams Bank of NY
+ Fed likely to hike rates 1 more time and then hold steady: Bostic; Atlanta Fed Reverse
- Yellen warned any effort to decouple the economies of US and China would be disastrous for both countries and destabilising for the world
- US house speaker McCarthy called for spending caps to raise US debt ceiling
+ Biden plans to slash planet-warming pollution from power plants
+ Robert Kennedy Jr officially announced he will run for president of US next year
+ US 10-year and 2-year Treasury yield reached heights not seen since mid-Mar
- US 5-year credit default swaps rise to highest since 2011
- US existing home sales declined 2.4% MoM in Mar to seasonally adjusted annual rate of 4.44m
- US mortgage applications fell 8.8% in week ending Apr 14
+ JPMorgan, Citi upgraded China’s annual economic growth forecast to 6.4% n 6.1% YoY respectively
- US credit crunch has started: Morgan Stanley
- Morgan Stanley net revenues in Q1 declined 2% YoY to US$14.5bn, net income saw an annual fall of 19% at US$3bn
- US Treasury Dept warns US firms against Russian oil price cap evasion
- Microsoft president warns China becoming close rival of ChatGPT
- Disney to start laying off employees next week as part of 2nd round of job cuts to reduce workforce by 7000
+ Apple readies VR/AR headset apps with sports, TV+, fitness, gaming features
+ Apple opened its first flagship store in India, also hopes to turn it into a manufacturing hub
- Meta sacks tech teams in another round of cuts
- SpaceX’s Starship rocket exploded minutes after test flight’s liftoff
- Tesla’s net income tumbled 24% to US$2.51bn in Q1, to cut US prices for 6th time this year
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+ China’s economy saw higher than expected growth of 4.5% in Q1: official data
+ China is formulating plans to boost the recovery and expansion of consumption
+ PBOC maintains its 1-year loan prime rate at 3.65% n its 5-year loan prime rate
+ China’s FDI up 4.9% in Q1 reached US$59.5bn, with focus on high-tech: MOFCOM
+ Chinese chipmaking suppliers and state-backed funds plans to spend ¥50bn (US$7.26bn) strengthen domestic supply chain
+ China net inflows into yuan-denominated A-share market amounted ¥150bn in Q1, exceeding total of whole last year
+ China’s mortgage borrowing up 50% in Q1
+ China sees more state-sector funds launched after policy drive
+ China pledges support for private investment projects to issue REITs
- China private equity investment fell 53% to US$62bn in 2022 to 8 year low: Bian
+ China, US trade officials met in Beijing, exchanged views on strengthening communication and cooperation
+ China’s 3 state-owned telco giants into cloud expansion, could shake up market dominated by private owned tech firms
+ China to accelerate R&D in 6G, optical communication, quantum communication to support industry digitization
+ China caps steel production at 2022 level; manage post-pandemic recovery, control oversupply, meet decarbonization targets
+ China to increase soybean and edible oil crop planting areas by 10m mu to increase self-sufficiency
+ China expected to receive >160,000 tonnes of durians through Nansha Port in GZ in 2023
+ BYD to build US$290m battery components plant in Chile
+ Alibaba logistic arm Cainiao gears up for HK IPO, one of its 6 units under restructuring plan
- Taiwan export orders dropped at a record, down by 25.7% in Mar YoY to US$46.58bn, 7th consecutive mth of decline
- TSMC expressed concerns about certain parts of US chips and science act require to share details of operation, financial results
- TSMC’s Q1 net revenue at US$16.7bn, up 3.5% on annual level, net income up 2% YoY at US$6.8bn
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- Japan’s manufacturing PMI rose to 49.5 in Apr from 49.2 in Mar, shrank at slowest pace in 6 mths
- Japan’s industrial production index stood at 92 in Mar, down by 0.5% YoY but rising 4.6% MoM
- BOJ likely to maintain ultra-easy monetary policy, including interest rate targets and 0.5% cap set for 10-year govt bond yield
+ Toyota pledges to cut CO2 more than half by 2035
+ Russian, Venezuela working on an alternative financial system the SWIFT int’l payment system
- Russia to drop dollar, euro in energy trade
- Putin and Saudi crown price discuss OPEC+ deal
+ Russian billionaires see wealth rise to over half a trillion dollars: Forbes
+ Canada and Volkswagen lay out plans for US$15bn gigafactory
- Chile, world’s 2nd largest producer of metal essential in EV batteries, plans to nationalise its vast lithium industry
- Argentina increased its benchmark interest rate by 300 bps to 81% after inflation exceeding 104% YoY in Mar
- Venezuela has lost around US$29bn a year since US imposed sanctions in 2015: Vice President
- Airlines will hike ticket prices to pay for costly sustainable fuel
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+ EU Chips Act; leader strike €43bn deal, aim to double EU’s market share in semiconductors from 10% to 20% by 2030
- Eurozone annual inflation at 6.9% in Mar, rose 0.9% MoM
+ EU parliament approved world’s most comprehensive rules to regulate cryptocurrency, to protect investors against abuse and manipulation
+ ECB need to do all it an to bring inflation to 2%
+ Eurozone recorded €4.6bn goods trade surplus in Feb
- EU countries with highest annual inflation rate were Hungary and Latvia, with index up 25.6% and 17.2% respectively
+ EU new passenger car registrations up by 28.8% to 1,087,939 in Mar
- Short-sellers bet against European banks are set to lose a billion dollar in Apr
+ Airbus chief: global air traffic is on its way to surpassing pre-pandemic levels following reopening of Chinese economy
+ German business activity expanded for 3rd mth running in Apr, boosted by services sector revival
- Germany producer prices rose 7.5% in Mar YoY
+ UK consumer confidence highest since Feb 2022: Gfk
- UK annual inflation at 10.1% in Mar vs 10.4% in Feb, the only country in Western Europe with double-digit inflation in Mar
- UK producer prices up by 8.7% in the 12-mth to Mar, down from 11.9% in Feb
+ Jaguar Land Rover to invest £15bn into EVs over 5 years
- HSBC accused of exaggerating cost of break-up by largest shareholder Ping An
+ France Macron wants China’s help in brokering peace in Ukraine: Bloomberg
+ Norway’s US$1.4 trillion sovereign wealth fund posted profit of US$83.89bn in Q1, boosted by rise of global stock portfolio
+ Ikea retailer to invest US$2bn in new stores across US
+ ASML forecast a 25% jump in 2023 revenue, China to account for around 15% of sales despite US chip export restrictions
- Credit Suisse lodged US$440m London claim against SoftBank
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+ Australia and China in close contact over arranging Australian trade minister’s visit to China
+ India has surpassed China to become the world's most populous country: UN
+ India and China have snapped up vast majority of Russian oil so far in April at prices above Western price cap of US$60pb
+ India and Russia in talks over free trade deal
- South Korea average number of babies expected per woman dropped to 0.78 in 2022, down from previous record low of 0.81
- South Korea President signalled possible military aid to Ukraine
- Samsung may dump Google search for Microsoft’s Bing as default search engine on its devices: NYT
- Egypt need to privatise state assets and allow flexibility in its currency before bailout: IMF
+ Bangladesh set to make a loan repayment in Chinese yuan for a nuclear power plant being built by Russia
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+ Jokowi met representatives from BASF, Eramet and Volkswagen, appeared keen to invest in Indonesian EV battery industry
+ Thailand’s consumer confidence index at 3-year high in Mar: UTCC
+ Thailand Board of Investment: Chinese automaker Changan Auto to invest 9.8bn baht to produce 100,000 EVs annually
+ Thailand net profit for banking industry grew 13% in Q1 amid improving business operations
- Thailand might not reach target of 5m Chinese visitors this year as arrivals in first 4 mths were lower than expected
+ Malaysia headline inflation eased to 9 mth low of 3.4% in Mar from 3.7% in Feb, decelerated for 7th straight mth
- Malaysia’s total trade fell 1.6% in Mar
- Malaysia’s pension system gets below average rating of 4.3 from Allianz Gp, below Asian region’s average sustainability of 3.6
- Sg more SME business owners expect their performance to decline in next 6 mths: OCBC
+ Sg, China to collaborate more closely on financial regulation, opening up financial markets
+ Sg tourist arrivals surpass 1m in Mar, first time since 2020
+ MAS chief Ravi Menon set to leave post, Chia Der Jiun tipped to succeed
+ MBS Q1 net revenue rises to US$848m, casino taking hit new record
+ Sg govt may regulate insurance IP riders if cost of cancer care continues to escalate
+ Sg up to 3500 high-net worth individuals expected to become citizens in 2023, most from China: Lianhe Zaobao
+ Sg based startup Higgz Academia’s chatGPT-powered tutoring app seeks funding US$100m valuation
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