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

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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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Disclaimers 

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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