Wolf Money(world market review 1-7 May 2023)
Market Summary 1-7 May 2023
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- Fed raised interest rates by 25 bps to 5%-5.25% pt , signalled may pause further hikes
- US Treasury announced first buyback scheme in decades to boost liquidity
- US job openings in Mar fell to the lowest level in nearly 2 years to 9.6m from nearly 10m in Feb
+ US added 253,000 jobs in Apr vs expected 185,000, jobless rate fell to 3.4%
+ US private payrolls surged 296,000 in Apr, much higher than expected: ADP
- US Senate launched latest attempt to counter China, include limit flow of technology
+ US sanctions drive Chinese firms to advance AI without latest chips: WSJ
- US Treasury says govt may default on debt as early as Jun
- Republican debt cap plan to cut jobs, slow growth: Moody’s chief economist
- US trade deficit contracted 9.1% to US$64.2bn
- US retailers replaced tech firms in cutting most number of jobs in April; the sector has cut 36,000 jobs this year
+ SEC adopted new disclosure rules for hedge fund and private equity fund advisors, share buybacks
- Fed data showed large part central bank’s emergency lending activities in recent weeks was to First Republic Bank
- First Republic Bank seized and sold to JPMorgan Chase, 3rd midsize bank to fail in 2 mths
- US >2000 banks ae near insolvent as they have burned through their capital buffers: Telegraph
- US officials assessing possibility of ‘market manipulation’ behind recent big moves in banking sector stocks
+ US permits more flights of 12 weekly round-trips by Chinese carriers, from current 8
+ Berkshire Hathaway posted US$35.5bn profit, buy back more shares
- SVB deposits if had not been covered it would have been catastrophic: Buffett
- US former top executives of 2 failed banks will testify before Congress this mth
- Binance faces US probe of possible Russian sanctions violations
+ Microsoft, Google CEOs called to AI meeting at White House
+ Apple sales beat expectations owing to strong sales of services n iPhones, sales fell 2.9% in Greater China and 2.5% globally
+ Microsoft opens its AI-powered Bing to all users
- FTC proposed ban on Meta profiting from minors’ data
+ US top CEO pay rose 7.7% last year to record US$23.3m
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+ China will step up policy to support to encourage consumption, unleash purchasing potential; removal of administrative restrictions in housing and automobile markets
- China’s private Caixin Manufacturing PMI stood at 49.5 in Apr from 50 in Mar
+ China’s Caixin services PMI hits 56.4 in Apr, 4th consecutive monthly expansion, 2nd highest since Dec 2020
- China’s real estate sector lost its Q1 momentum, housing sales fell 22% short of pre-Covid levels
- China at least 3 nationwide banks cut deposit rates following similar move by smaller rivals last mth
+ China’s growth plans must focus on manufacturing and technology: Xi
+ Chinese so far 5155 listed firms released Q1 results, total revenue up 3.8% YoY to ¥17 trillion, total profit up 1.42% to ¥1.5 trillion
+ China’s domestic listed firms total operating income of ¥71.53 trillion YoY in 2022, up by 7.25%
- China restricts providing key corporate information to overseas clients
+ China approved Mobile trial of 5G air-to-ground (5G-ATG), enables users to access internet on planes
+ China to speed up construction of charging facilities for EVs
+ China has been the largest NEV producer for 8-year in a row
+ China issued new rules on service of accounting firms for SOEs and listed companies
+ China domestic trips during May Day holidays hit 274m, jumping nearly 71% YoY
+ China Canton Fair deals worth US$82m for Xingjiang cotton products signed
+ Chinese firms are flocking to Saudi Arabia especially tech firms focused on AI, cloud, fintech and e-commerce
+ China’s largest express delivery firm SF Holding started preparations for its HK 2nd listing, expect to raise US$2-US$3bn
+ HK Q1 GDP expanded by 2.7%, led by strong recovery of inbound tourism and growing local market demand
+ TSMC plans for 1st German chip fab with cost up to €10bn
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+ Japan Astellas Pharma will buy US pharmaceutical firm Iveric Bio for about US $5.9bn in its largest takeover
+ Japan’s seafood imports from Russia hit record ¥155.2bn in 2022
+ JAL logged an annual net profit for the first time in 3 years, buoyed by soaring domestic n int’l demand
+ Russian >60% of crude and petroleum products to be shipped to Asia this year: Deputy PM
+ Russian bank could be restored to SWIFT: Turkey
- Russia accused Ukraine of Putin assassination attempt
+ Argentina offered to fast-track imports from Brazil if adopts a new credit system that reduces its dependence on the dollar
+ WHO declares end to Covid global health emergency
- World Bank board elects US nominee Ex-Master CEO Ajay Banga as President
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- Eurozone inflation rises to 7% in Apr after mths of decline
- ECB hikes key interest rates by 25 bps to 3.25%, signalled more tightening to come as it fights inflation
- ECB will stop investing cash from maturing bonds bought under its €3.2 trillion Asset Purchase Programme from July
- Eurozone unemployment fell to 6.5% in Mar
- EU nation pledges to transfer seized Russian assets to Ukraine
- Eurozone retail sales fall more than expected in Mar
- Airbus posted smaller than expected 39% drop in Q1 core earnings on lower airplane deliveries
- Germany industrial orders fell 10.7% in Mar MoM
- German exports fell more than expected in Mar, down by 5.2% on previous mth
- Adidas mulls selling Russian business
+ UK plans to loosen IPO rules to make London more attractive as financial centre
+ UK first trade after Brexit FTA with Australia and NZ will come into force by end May
- HSBC shareholders rejected proposal of Asia spin-off in AGM voting
+ Turkey announced major oil discovery, citing will help the country energy independent: Erdogan
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+ Australia’s export to China hit A$19bn in Mar at record high, up 31% YoY
+ Asia set to lead world economic growth pushed by China’s reopening: IMF
+ India’s exports of goods and services could touch US$900bn in current financial year vs US$770bn in previous year
- India’s Go First Airways owed financial creditors US$798m
- South Korea’s exports fell for 7th straight mth in April for their longest losing streak in 3 years, driven by extended slump in Sales to China
+ South Korea Posco Holdings to spend US$441m to build a nickel refining facility in Indonesia
+ Bhutan and Nasdaq-listed Bitdeer Tech plan to seek investors for fund up to US$500m fund to develop green crypto mining
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+ Indonesia’s GDP expanded by 5.03% in Q1; beats forecasts on consumer, govt spending
+ Indonesia plans to launch carbon exchange in H2
+ Thailand’s headline CPI rose by 2.67% YoY, lowest since Dec 2022
+ Thailand opposition parties on course to sweep election, could see an end to 9 years of military-backed govt: poll
+ Thailand in talks with CATL and other battery makers to build production facilities in the country
+ Hozon New Energy Automobile of China to start production in Thailand, to have initial capacity of 20,000 units a year
+ Vietnam to more than double power generation by 2030, lower offshore wind target
- Malaysia raised benchmark interest rate by 25bps to 3% citing to normalise monetary
+ Malaysia in talks with other countries to bring back 1MDB-linked fugitive Jho Low: Anwar
+ Malaysia govt announced additional funds to expedite construction of Penang LRT project
- Sg PMI down 0.2% to 49.7 in April, shrinking for 2nd time in a row: SIPMM
+ Sg retail sales up 4.5% in Mar vs Feb double-digit growth
+ Sg to introduce passport-free clearance at all checkpoints from 2024
- Dyson to build battery plant in Singapore, boost AI development
+ FedEx plans to move Asia HQ, executives to Singapore from Hong Kong
- MAS increases DBS additional requirement to S$1.6bn after successive disruptions
+ Sg and HK neck and neck in wooing MNCs: CBRE
Contribution by Derek@valueinvestments chat group. Thank you
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