Wolf Money(world market review 3-9 Apr 2023)

 

Bridal headdress with 174 pins

Circa Late 19th century or early 20th century 

Collection of National Museum Singapore@Peranakan Museum

Market Summary 3-9 Apr 2023

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- US almost US$1.5 trillion of commercial real estate debt comes due for repayment before end 2025 

+ US Nonfarm payrolls up 236,000 jobs in March, led by bars and restaurants, jobless rate fell to 3.5% vs 3.6% in Feb 

+ US average hourly earnings rose 0.3% to 12-mth increase to 4.2%, lowest level since Jun 2021 

- US job cuts soared to 270,416 for far in 2023, up 396% YoY, tech cuts 102,391, up 38,487% YoY

- US private payrolls rose by 145,000 in Mar vs 261 in Feb, below expectations of 210,000 

+ US commercial banks deposits rose near end of Mar first time in about a mth, after 2 largest bank failures 

- US financial activities lost 51,000 job and professional and business service fell by 46,000 in Mar

- US commercial bank lending dropped nearly US$105bn in 2 weeks ended Mar 29, contracted by the most on record 

+ US new-vehicles sales rose 7.5% in Q1

+ US leisure n hospitality added 98,000 workers, trade, transportation n utilities grew 56,000, construction up 53,000 in Mar

- US job openings tumbled below 10m in Feb for first time in nearly 2 years at 9.93m, down by 632,000 from Jan

- Exxon decided to ends it drilling mission in Brazil after failing to find oil 

- JPMorgan CEO: recent turmoil in financial industry by collapse of SVB has made US recession more likely  

- US-China tensions could cost the world about 2% of its output: IMF

+ Morgan Stanley closer to setting up futures company in China after securities regulator accepted its application

- Boston University: up to half a trillion dollars in debt needs to be written off to help developing nations for sustainability 

+ Tesla to build new Shanghai factory to produce storage batteries 

+ Tesla cuts prices on its entire US EVs models, 3rd cut this year, sales rose 36% in Q1 

+ Google plans to add AI chat features to its search 

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+ Chinese state-owned telecom firms are developing US$500m undersea fibre-optic internet cable network to link Asia, ME and Europe 

+ Caixin manufacturing PMI eased slightly registering 51.9 in Mar

+ Caixin Services PMI rose to 57.8 in Mar from 55 in Feb, 3rd consecutive mthly expansion, highest since Nov 20

+ China’s gold reserves rose to 66.5m ounces end Mar, up from 65.92m ounces in Feb, 5th consecutive mth of increase 

+ China’s foreign exchange reserves expand 1.62% in Mar to US$3.18 trillion 

+ China opening up US$5 trillion swaps market to foreign investors needing to hedge their exposure to RMB debt 

+ China and France completed first cross-border yuan settlement for LNG trade, using Chinese CBCD – digital yuan 

+ China established national semiconductor standards committee to further advance industry development 

+ China’s real estate industry sales revenue in Jan and Feb saw positive growth of 2.3% YoY amid consumption recovery 

+ China’s fixed-asset investment in railway projects up 5.9% in Jan-Feb to US$8.66bn 

- China said to slow down M&A approvals for US firms 

+ Chinese businesses posted strong rebound in sales revenue since start of this year

+ China ready to restart exchanges with EU at all levels: Premier Li 

+ China successfully launched a new commercial rocket: the Hyperbola-1 

+ Evergrande said has entered into restructuring agreement with group of int’l creditors 

+ Petrol China launched drilling campaign of 14 O&G wells in Indonesia after winning 20-year extension of exploration contract 

+ Shanghai unveiled 20 measures to attract and facilitate the use of foreign capital 

+ Chinese, French companies signed 18 cooperation agreements 

+ China to hold another large-scale 3rd consumer products expo in Hainan

+ Alibaba’s US$20bn logistic arm Cainiao Network Tech started preparations for HK IPO 

+ HKMA intervened in local FX market since mid-Feb after currency slid past the weak end of its trading band, bought HK7.1bn  

+ HKMA aims to launch RMB settlement of HK listed stocks around middle of the year 

+ Macau’s gaming revenue surged 247% to HK$12.33bn in Mar after more Chinese tourists flocked to the city  

+ Foxconn founder Gou to run for Taiwan presidency for 2nd time 

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+ Japan’s household spending in Feb up 1.6% , first rise in 4 mths 

+ Toyota to launch 10 new battery EV 

- Russian ruble fallen to 1-year low against US dollar and euro  

- Russian economy contracts 2.1% in 2022, GDP volume at 152,435.2bn rubles 

+ Russian e-commerce giant Ozon reported impressive revenue growth for 2022, up 55% YoY to US$3.4bn 

+ Kazakhstan plans to increase supply of oil to Germany via Russia’s Druzhba pipeline to 100,000 tons this mth 

- El Salvador exploring opening world’s 2nd Bitcoin embassy in US Texas 

+ Gold extended rally past US$2000 

+ World Wrestling Entertainment (WWE) and Ultimate Fighting Championship to merge into US$21bn entertainment company 

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- EU has been buying Russian fuel through India: Reuters 

+ Airbus singed order of 160 aircraft with Chinese partner, to open 2nd assembly line in Tianjin  

- Airbus deliveries fell by 11% to 127 jets in Q1

- Germany new homeowner’s loans fell by a record 54% YoY in Feb

+ German insurers renew Nord Stream coverage; suggests that restoring the pipeline has not been ruled out: sources 

- UK CMA will open investigation into Amazon’s US$1.7bn acquisition of iRobot 

- Richard Branson’s rocket firm Virgin Orbit filed for Chapter 11 bankruptcy in US 

+ France China signed series of important cooperation agreements during a state visit by President Macron to China 

+ France and China will study need for cargo planes and long-haul jets in due course: joint statement 

+ French tycoon LVMH CEO topped 2023 World’s Billionaires ranking worth US$211bn, US$31bn more than Musk 

- Credit Suisse failure would have crashed Swiss economy: Finance Minister 

- Belgium consumer prices jumped 20.6% in Mar YoY, attributed to surge in energy prices 

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- Australia to ban TikTok on govt devices, following US, UK 

+ Indian central bank pause rate hikes in light of global macroeconomic and financial conditions

- South Korea’s economy remains weak due to lower export levels: KDI

+ South Korea to offer US$5.3bn in financial support for its battery makers seeking to invest in infrastructure in North America 

- Samsung will cut memory chip production after estimating a 96% drop in its quarterly operating profit 

- Saudi Arabia, OPEC+ nations announced cutting oil output 

- Saudi Arabia and Iran’s foreign ministers met in Beijing for their first formal gathering 

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- Indonesia’s inflation fell below 5% for the first time at 4.97% since govt raised fuel prices in Sept last year

+ Thailand Songkran spending by locals and foreigners anticipated to be around US3.5bn: TCCU 

+ Thai medical tourism market to recover to pre-covid level in 2023 

- Philippines sees inflation hit 8.6%, far above Indonesia, Thailand and Vietnam 

+ Malaysia to continue diplomatic approach in engagements with other states, including China: Ministry 

+ Anwar: several leading firms from China have decided to make Malaysia their regional hub 

+ Anwar instructed all ministries and departments to get ready with infrastructure and human skills to receive increasing FDI

- Sg PMI fell 0.1 pt to 49.9 in swift return to contraction territory in March 

- Sg sees slowest quarter in total investment deal since 2020 amounted to S$4.2bn in Q1, down by 61% YoY

+ Sg retail sales rebound in Feb with 12.7% rise 

+ Sg remittance market will exceed US$12bn in transaction volume by 2030, ¾ S’poreans send or receive money via digital app

+ HDB launched largest solar leasing tender, >1000 HDB buildings and a hundred govt buildings will have solar panels installed 

+ Sg new S$10m fund for media featuring Sg and rejuvenation plans for Orchard Rd to boost tourism 

+ Changi Airport soared to 9th place in int’l passenger traffic ranking  

Contribution by Derek@valueinvestments chat group. Thank you

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