Wolf Money(world market review 27 Mar-2 Apr 2023)
Market Summary 27 Mar – 2 Apr 2023
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- US consumer spending rose 0.2% in Feb, core PCE price index rises 0.3%; up 4.6% YoY, income climbs 0.3%
- Fed may stick with one more rate hike even as inflation cools: Reuters
+ Nasdaq records best quarterly gain since 2020 after volatile start to year
- US banks have US$620bn of unrealised losses on their books from investments in low-yielding bonds
- US bank deposits fell in week ended March 22 to their lowest since Aug after SVB collapse
- US regulator seeks sales of Silicon Valley Bank, Signature Bank portfolios: sources
- US 174m square feet of office space is available for sublease across the country, almost twice that was available pre-pandemic
+ US Japan reached agreement on trade in minerals that are key to EV batteries
+ US replaces Russia as EU’s top oil suppliers: Eurostat
+ US govt to provide US$1bn for rural renewable energy, small businesses and farmers will be eligible to apply
- US former Treasury Secretary Lawrence Summers said too soon to be confident US has turned a corner on financial troubles
+ US approved California plan requiring half of heavy duty trucks be EV by 2035
- US rejects calls to lower Russian oil price cap
- Goldman Sachs: AI could replace 300m workers, 2/3 of jobs in US and Europe are vulnerable to some degree of AI automation
- Citigroup equity strategists flagged likely 5% contraction in global profits this year in aftermath of banking turmoil
- Binance, NBA star Jimmy Butler, crypto influencers hit with US$1bn suit for promoting unregistered securities
+ Elon Musk making plans to visit China as early as April, seeking a meeting with China’s Premier Li Qiang
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+ China’s official manufacturing PMI at 51.9 in March vs 52.6 in Feb: NBS
+ China’s non-manufacturing PMI; business sentiment in services, constructions sectors rose to 58.2 in Mar at 12-year high
+ China will move steadily on implementing preferential tax and fee policies, will effectively ease tax burden of small firms, household businesses
+ China’s first RRR cut this year, releasing mid and long-term liquidity of ¥550bn to benefit property, capital market, to consolidate economy recovery
+ China launces yearlong campaign “Invest in China” in strong move to attract foreign investment
+ China ready to work with Malaysia and other SEA nations to speed up consultation for South China Sea code of conduct
+ China 2nd phase of Big Fund II makes intense investments in semiconductor manufacturing to overcome US chip ban
+ China conducted first LNG purchase settled in yuan, transaction involved shipment from UAE: Shanghai Exchange
- China hits back at US in chip war with probe into Micron’s products
+ China’s top lithium producers agreed to set floor price of ¥250,000 (US$36,380) per tonne of lithium carbonate
+ China could be safe haven amid banking turmoil: Citi
- China’s 3 big state-owned airlines in 2022 ballooned to US$15.8bn as Covid-19 restrictions upended travel
+ Chinese companies and inventors filed 19,941 patent applications at European Patent Office in 2022, up by 15.1%
+ Huawei reported net profit of ¥35.6bn (US$5.18bn) for 2022, slump 69% YoY, revenue increase 0.9% to ¥642.3bn
+ Huawei partners more automakers; Chery, BAIC and Anhui Jianghuai Automobile to produce Aito-branded EVs
+ Meng Wanzhou begins her term as rotating chairperson of Huawei Tech on 1 April
+ China’s AI leader Sense Time to rollout own ChatGPT rival in mid-2023
+ Alibaba plans to split into 6 units and explore fundraisings or listings for most of them in biggest overhaul
- Country Garden reported first annual loss since 2007 HK IPO with net loss of US$885m in 2022
- Sunac logged a net narrowing core loss of US$2.02bn in 2022 due to slowed project construction and higher interest expenses
- HK fell to 7th IPO market as fundraising plunged 52% on Q1, with total 17 IPOs raised US$837m, worst Q1 since 2009
+ HK office-rental market showing sings of bottoming out, agents are fielding more leasing enquiries
+ HK buyers snapped up 75% of Wheelock’s new flats in Lam Tin
+ World Bank issued US$350m in insurance-linked securities (ILS) first ever in HK in the form of Chile Catastrophe Bond
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+ Tokyo core consumer inflation rose 3.2% in Mar YoY, above central bank’s 2% target
+ Japan industrial production and retail sales improved more than expected in Feb, industrial production rebounded 4.5% MoM
- Japan to restrict chip equipment exports, aligns with US push to curb China’s ability to make advanced chips
+ Japan wants to keep its investment in Russia Sakhalin oil and gas projects to ensure its energy security: PM
+ Nissan, Renault confident of finalising alliance deal soon
+ Russia settled 2 issues of dollar-denominated Eurobonds of US$221.1m in full
+ Russia has completely redirected all oil exports from unfriendly states to new markets; Asia, Africa, Latin America and ME
+ Russia and India agreed to substantially increase supply of crude oil and diversify its grades: Rosneft
- Russia global food supply tightening after 2 of the biggest int’l traders to halt grain purchases for export from the country
+ Canada gave final approval for Rogers Communications C$20bn buyout of Shaw Communications, created 2nd largest
+ Brazil-China signed agreement on trade in mutual currencies, abandoning US dollar as intermediary
- Sovereign default at record high as global macroeconomic environment remains challengins: Fitch
- Global M&A activity shrank to its lowest level in more thana decade in Q1
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- EU may allow member-states to block shipments of Russian LNG without introducing sanctions: Bloomberg
- European Commission informed member states price cap on Russian crude oil remain unchanged
- Eurozone consumer prices rose by 6.9% in Mar vs 8.5% in Feb, biggest deceleration since data collecting started in 1991
- EU business environment worsens, creating difficulties for Chinese companies’ investment and operation: China’s trade promotion
+ Germany to ease immigration rules to tackle workforce shortage, >50% firms having trouble finding skilled workers
+ Germany import prices registered smallest increase in 2 years in Feb at 2.8% increased YoY
+ UK will join 11 other countries in a major Asia-Pacific trade partnership, biggest post-Brexit trade deal
- UK households now spending 12% more on essentials then they were a year ago: Nationwide
- UK govt threatened with legal action over Australia trade deal
+ France’s consumer prices rose 0.9% in Mar, bringing 12-mth inflation rate to 6.6% at 6-mth low
- French prosecutors raided 5 banks including Scoiete Generale, BNP Paribas and HSBC in massive tax fraud case
- Italy temporarily blocking ChatGPT over data privacy concerns, the first western country to take such action
- Norwegian wealth fund will vote against re-election of Credit Suisse Chair Axel Lehmann and 6 others directors at AGM
- Swiss bank helping rich Americans dodge taxes: US lawmakers
- UBS takeover of Credit Suisse poised to reduce it workforce by up to 30%
- Turkey’s foreign trade deficit surged 51.4% YoY to US$12.08bn in Feb with imports climbing 10.1%
+ Ukraine received US$15.6bn loan package from IMF a
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- India’s external debt rises to US$613.1bn as of end Dec
+ India imports of Russian oil surged by >20-fold last year
+ India considering investment in Russian Arctic shipping
- India regulator probing some Adani offshore deals for violations of disclosure rules
- Saudi Arabia announced surprise oil production cut exceed 1m bpd from May
+ Saudi Aramco signed JV deal for US$12bn refinery, petrochemical complex in NE China
- UAE’s central bank cancelled licence granted last year to Russia’s MTS bank
+ Iran, Saudi foreign ministers agreed to meet soon
+ Int’l Court of Justice (ICJ) ordered US to pay compensation to Iranian for illegally allowed to freeze their assets
- Pakistan posted highest-ever annual inflation of 35.37% in Mar
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+ ASEAN set to discuss dropping US dollar, euro, yen and pond from transactions, moving to settlements in local currencies
- Indonesia tax office mulling proposal to split away from finance ministry as a probe into a US$20bn scandal over them
+ Indonesia govt encourages own payment system GPN to replace Visa, Mastercard
+ Thailand recorded current account surplus of US$1.3bn in Feb, after revised deficit of US$2.1bn in previous mth: BoT
+ Thailand Travel Agents expects 1m Chinese tourists in Q2 following positive signs of flight resumptions
+ Vietnam to join ASEAN payment connectivity soon, Brunei, Laos and Cambodia will also follow
+ Malaysia PM Anwar pays courtesy call on XI Jinping during official visit to China, calls for revived push for China’s B&R projects
+ Malaysia, China to announce major deals as investor confidence rises under Anwar: trade minister
+ Malaysia-China closer cooperation may help revive Kuala Lumpur-SINGAPORE high-speed railway project: Global Times
+ Malaysia, China inked partnership to stabilise palm oil supply chain
+ SG-China expected to expand depth, scope of BRI cooperation on PM Lee’s visit: Global Times
+ Sg-China agree to restore flights, people exchanges to pre-pandemic levels
- Sg IRAS probes home buyers who used “99-to-1” loophole to avoid paying ABSD
+ Sg PMET share of job vacancies rose to 56% in 2022 from 53% in 2021; tech demand remains high
+ Sg tourism board and Walt Disney’s subsidy agreed to make Sg the first Asian homeport for one of company’s cruise ships
+ Sg hotel revenue and occupancy rates picked up in Feb, overall hotel room revenue grew to S$354.5m, up 10.4% from Jan
Contribution by Derek@valueinvestments chat group. Thank you
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