Wolf Money(world market review 24-30 Apr 2023)
Thai Pyramid Temple circa 1923
Collection of National Gallery Singapore
Market Summary 24-30 Apr 2023
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- US economy slowed in Q1 to 1.1% annual pace; higher interest hammered housing market, businesses reduced inventories
+ US consumer sentiment index increased by 2.4% to 63.5 pts in Apr
- US consumer spending unchanged in Mar; increase in outlays on services was offset by decline in goods
- US labour costs rose 1.2% in Q1, up from 1% in Q4, higher than consensus forecasts of 1.1%
- US banks are full of bad commercial property loans: Charlie Munger
- US regulators set to release confidential details of their oversight of SVB n Signature Bank since 2008 crisis
- US officials coordinating urgent talks to rescue First Republic Bank, as attempts by private-sector firms failed: sources
- First Republic Bank’s market value plunged below US$1bn from US$40bn peak; auction underway, deal expected end week
- FDIC asked JPMorgan, PNC for final First Republic bid
+ Pentagon awards US$78bn F-35 contract to Lockheed Martin
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- China’s Apr manufacturing PMI declined to 49.2 from 51.9 in Mar: NBS
+ Yuan surpassed USD to become most-used currency in China’s cross-border payments, surged from US$434.5bn in Feb to record US$549.9bn
- China 5 largest lender posted shrinking margins in Q1 as loan re-pricing bites
+ China maps out plan to bolster foreign trade; to streamline visas, faster int’l flight resumption, better services for trading firms
+ China bracing for record-high travel rush over Labour Day holiday; most popular sightseeing spots are fully booked
+ China railway to manage 120m trips in golden week, up by 20% from 2019
+ China set to test 1,000km/h ultra-high-speed-maglev train
+ China-Europe freight train cargo value surpasses US$300bn in 2022
+ China’s newly registered private enterprises in Q1 reached 2.04m, surged by 10.7% YoY
+ Xizang’s GDP hit US$8.31bn in Q1, highest rate nationwide
+ BYD profit surges 411%, operating revenue rose 80% to US$17.38bn, gross margin up 17.9%, sold 522,100 NEVs in Q1
+Nio: 90% of new cars will be smart EVs by 2030
+ HK approved 33,000 talent visa applications: SCMP
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+ BOJ maintains short-term interest rate target at -0.1%, continue purchase govt bonds, 10-year yields remain at around 0%
+ Japan’s retail trade in Mar rise 0.6% MoM; retail sales surged by 7.2% on yearly basis
+ Japan’s industrial production increased 0.8% in Mar MoM
+ Tokyo inflation at 3.5% on yearly basis
- Japanese start-up ispace lost contact with unmanned Hakuto-R Mission 1 lander in bid for historic moon landing
- Putin signed a decree allowing for temporary takeover of foreign assets deemed critical for country’s energy security
- Russia said could seize more Western after taking temporary control of Finland’s Fortum and Germany’s Uniper
+ Russia becomes world’s 2nd largest producer of mineral fertilizer, output up by 40% over past decade to 55m tons a year
- Canada’s economy grew less than expected in Feb from Jan, expected to shrink in Mar
+ Chile bets on becoming world lithium leader as demand rises
+ Argentina announced plans to use Chinese yuan to settle Chinese imports
+ Venezuela’s oil output by Chevron cold raise by 50%
- Raw sugar prices reached 11-year high this week
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+ Eurozone’s GDP grew 0.1% in Q1
- EU mulls export curbs for countries trading with Russia
+ Germany’s Q1 GDP remained unchanged versus previous qtr
+ UK businesses were their most optimistic in 11-mth high in April: Lloyds
- UK antirust regulator blocked Microsoft-Activision US$69bn gaming deal, biggest in tech, citing would stifle competition
+ UK set to abandon controversial plan to review or scrap all EU-era law
- British American Tobacco to pay US$635.2m, single largest North Korean sanctions penalty in US Dept of Justice history
+ France GDP rose 0.2% in Q1, foreign trade contributed 0.6 pts to growth
- France’s rating cut to AA- from AA by Fitch on deficits, debt
+ LVMH become the 1st European firm to reach US$500bn market value
+ Swiss National Bank Chairman stressed banking regulations must be reviewed after Credit Suisse carsh
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+ India Central Bank reported >84% jump in net profit at Rs 571 crore for qtr ended Mar
+ South Korea and US agreed to minimise chipmakers’ uncertainties on subsidy requirements
+ South Korea’s President meets Elon Musk in pitch for investment
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+ Indonesia attracted US$22.4bn in investment in Q1
+ Indonesia to allow Freeport, Amman Mineral to ship copper concentrate until 2024
+ Thailand to explore yuan-baht settlement for Thai-Chinese trade
+ BoT announced GDP growth in Q1 stronger than expected, expects 3.6% growth this year
+ Thailand’s EV registration rose to 8522 in Mar vs Jan 4543, overall auto production up 4%
+ Malaysia retains 2nd place in ASEAN for govt effectiveness: Chandler Report
+ Malaysia jumped 15 ranks in World Bank Logistics Performance Index to 26, 2nd-best performing Asean country
- Malaysia’s total trade in Mar amounted to RM232.7bn, 1.6% lower YoY
+ Malaysia exports of palm oil and palm-based products to China expected to increase this year
- Sg stepped up Additional Buyer Stamp Duty rates for residential properties, doubles foreigner rate to 60%
- Sg factory output falls 4.2% in Mar, marking 6th straight mth of contraction
- Sg headline inflation at 5.5% YoY in Mar, down from 6.3% in Feb, Core inflation decelerated to 8-mth low of 5% from 5.5%
+ Sg employment rises 34,500 in Q1, up for 6th straight qtrs
+ Sg private home prices rise 3.3% in Q1 over previous qtr, taking YoY increase to 11.4%
+ Sg rents and prices of industrial space continued to rise for 10th straight qtr in Q1
+ GIC to buy a portfolio of 6 logistics assets in Japan for >US$800m from Blackstone
+ Sg-Shanghai signed 15 deals between public and private organisations at 4th SSCCC meeting
- Sg number of bankruptcy applications rose 5.6% QoQ to 959 in Q1
- Sg mortgagee listings at auctions conducted by KF more than trebled to 32 in Q1 from 10 in previous qtr
- Edmund Tie’s mortgagee listings nearly doubled to 28 in Q1 from 15 in previous qtr
- Sg hotel’s average room rate, slips tp 7-mth low in Mar; overall revenue rises
+ UOB posted 67% rise in Q1 to S$1.5bn
Contribution by Derek@valueinvestments chat group. Thank you
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