World Money(world market review 15-21 May 2023)

Apinan Poshyananda Thailand 1956

How to Explain Art to a Bangkok Cock circa 1985 remade 2019

Collection of National Gallery Singapore 

Market Summary 15-21 May 2023

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+ Powell said tighter credit conditions resulting regional banking crisis may cause central bank to ease off rate hikes 

+ US retail sales rose 0.4% in Apr, below DJ estimate for 0.8% 

- US weekly jobless claims fell more than expected last week; labour market remains tight 

- US credit card debt stood at US$986bn in Q1, unchanged from record hit end 2022: Fed Reserve Bank of NY 

- US total consumer debt hit fresh new high in Q1, pushing past US$17 trillion despite sharp pullback in home borrowing

- Yellen: more bank mergers necessary 

- Biden comments on sanctions on Chinese defense minister; whether to lift sanctions under negotiation 

- US existing home sales fell 3.4% in Apr from March, annualised pace of 4.28m units, sales 23.2% lower than Apr 2022 

+ US govt to invest nearly US$11bn for renewable energy in rural areas 

- Biden said not agree to proposal for tax break for oil industry 

- US state Montana becomes first state to pass legislation banning TikTok on all personal devices operating within state 

+ Exxon bought drilling rights to Arkansas land for lithium: WSJd

+ Pfizer to raise US$31bn in debt offering to fund Seagen acquisition: SEC filing 

- Wells Fargo agreed to pay US$1bn to settle a class action lawsuit by shareholders 

- American Airlines pilots reach tentative agreement on new contract 

- United Airlines pilots demanding higher pay and better work-life balance, could go on strike next  

- Microsoft gained EU antitrust approval for its US$69bn acquisition of Activision, but UK has blocked, US seeks to block 

+ Bezos’s Blue Origin to build moon lander 

- Disney cancelled plans for US$1bn campus, 2000 jobs in Florida, amid rising tensions with state’s governor 

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+ China’s digital economy exceeded ¥50 trillion (US$7.15 trillion) for the first time 

+ China’s fiscal revenue rose 11.9% in first 4 mths YoY, to totalled ¥8.32 trillion 

- Yuan both onshore and offshore fell past 7 per USD for the first time in 5 mths after economic data undershot forecasts 

+ China vowed to resolutely curb major fluctuations in exchange rate: CFXC 

+ China’s new regulator vowed to build an iron wall of financial security 

+ China expected to hold lending benchmarks steady in May: Reuter survey 

- China to carry out pilot programs for centralised operation of cross-border funds in local and foreign currencies for MNC firms 

- China says US chipmaker Micron failed in its national cybersecurity review 

- China regulator ordered Futu and UP Fintech to rectify illegal operations n stop signing up new customers based in mainland  

+ China plans to set up regional AI highlands and related tech platforms 

- China jobless rate for 16-24 age group hit record hight of 20.4% in Apr, up from 19.6% in Mar 

+ China discovered additional 200 tons of gold reserve at Xiling gold mine in Shandong, brings total reserve to 580 tons estimated economic value of US$28.5bn  

+ China domestic air travel bounces back to top the pre-pandemic levels by 3.4% 

- Hainan duty-free hub saw weak retail sales during first golden week May Day since Covid lifted, revenue dropped 11% vs 2021 

+ China-5 Central Asian countries to enhance economic, trade ties, expanding cooperation in digital tech, green development 

+ China-Central Asia to facilitate new railway, road facilities expansion and upgrade, boost regional trade, prosperity 

+ China to resume US$400m Australia timber trade: Chinese ambassador 

+ China resumed group tours from Taiwan to boost cross-straits exchanges 

+ Alibaba reported 2% increase in revenue for its Q4, board also approving full spin-off of its cloud Cainiao units 

+ Tencent reported 11% up in revenue for Q1, driven by growth in advertising and game sales 

+ Geely to double Aston Martin stake in £234m deal 

+ HK launched digital coin trial run, edges towards public roll-out 

+ Taiwan-US reached an accord of first part of their 21st Century Trade Initiative 

- TSMC expects revenue to remain stagnant in 2023 due to unfavourable global economic outlook 

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+ Japan’s Nikkei closed at 33-year high at 30,808 

+ Japan major firms raised wages by average 3.91%, sharpest rise in 31 years 

- Japan’s export growth at 2.6% in Apr, hit weakest pace vs 3% expected on weak China demand 

+ Japanese firms plan to invest >US$22bn in UK, including funding offshore wind power, other clean energy projects: Sunak

- Russia’s economy shrank 1.9% YoY in Q1: stats service 

- Argentina hiked base interest rate by 6 pts to 97% as inflation soars 

- Global debt tops US$300 trillion, emerging markets owe more than ever 

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- EU inflation increased first time in 5 mths in Apr, surging to 7% 

+ EU agreed tougher tax rules for crypto transactions, to enforce all crypto asset providers based in EU to report transactions 

+ Germany’s DAX stock index hits record high amid growing market optimism 

+ BMW to produce new line of EVs in China from 2026 with investment of US$1.4bn in new factory 

- Volkswagen completed sale of its business in Russia to local auto dealer group Avilon, part of its exit from the country 

- UK telecom BT plans to cut up to 55,000 jobs out of 130,000 workers by end of decade as part of overhaul to slash costs 

- France raided 5 banks in alleged tax fraud investigation 

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+ Australia’s property inquiries from China buyers soared in Q1

+ India projected to expand 5.8% in 2023, supported by resilient domestic demand: UN 

+ Samsung not planning to replace Google with Bing in phones

- Korean Air and Asiana merger was rejected by EU for the 2nd time  

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+ Indonesia outlined plan to lower budget deficit further next year at pre-pandemic range 

+ Indonesia looks for untapped potential in blue economy; vas maritime territories for more economic development 

+ Indonesia air travel passenger figures reached 80% of pre-pandemic level 

+ Thailand pro-democracy parties emerged as biggest winner in election 

+ Thailand economy grew 2.7% in Q1, expanded faster than expected 

+ Thailand received 9.47m tourists so far this year, generating about US$11bn of revenue, forecast 28m foreign arrivals for 2023 

+ Vietnam plans to quadruple by 2030 its gas processing capacity, bets big on LNG, South China Sea gas fields 

- Philippines military chief visits remote islands near disputed Spratlys 

- Malaysia’s total trade for Apr down 14.5% to RM198bn, exports dropped 17.4%, imports decreased 11.1% 

+ Malaysia govt to discuss petrol subsidy within 2-3 mths: Minister  

+ Malaysia to focus on digital, green economy: Minister 

- Malaysia fugitives Jho Low has his citizenship status revoked by Cyprus Cabinet  

- Sg GDP growth moderating but has ample fiscal space against downside risks: IMF

- Sg key exports contract 9.8% in Apr in 7th straight mth of decline 

+ Sg private residential rents my soften in H2: Savills 

+ Sg to build new fast start power station to ensure reliable electricity supply 

+ Sg-US trial to speed up cross-border payments shows blockchain viability; execute more efficiently involve multiple currencies 

+ GIC tied up with Brookfield India REIT to acquire 2 prime commercial real estate assets in India value around US$1.4bn 

+ SIA reported record revenue and earnings of annual profit of S$2.16bn for FY 2022/23 vs S$962m net loss previous year 

Contribution by Derek@valueinvestments chat group. Thank you

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