Wolf Money(world market review 12-18 Jun 2023)
Market Summary 12-18 Jun 2023
๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ
+ Fed pauses interest rate hikes after 15 mths, signals more increases will come
+ US inflation rate eases to 4% in May, lowest level in 2 years YoY
+ US consumer’s near-term inflation expectation dropped to >2-year low in Jun: survey
- Powell: probably we need about 2 years before we talk about rate cut
- Powell: it may make sense for rates to move higher, but at a more moderate pace
+ Fed officials see 3.2% inflation end 2023, 2.5% of 2024
- BofA expects Fed to deliver 2 more rate hikes; JPMorgan sees 1 more hike in July
+ Blinken holds talks with Chinese FM in Beijing during highest-level official visit in 5 years
- US Treasury Dept placed 7 economies on "monitoring lists” for unfair foreign exchange practices: China, Germany, Malaysia, Singapore, S Korea, Switzerland, Taiwan
- US judge blocks Microsoft’s US$69bn purchase of Activision
+ Intel to invest US$4.6bn in new chip plant in Poland
+ Micron says committed to China, invests US$602m in plant
+ SEC, Binance strike deal to keep US customer assets in country
+ US Stock Exchange won’t delist Yandex if it divests from Russia by end year
+ Bill Gates met Xi Jinping and other high-level officials in China; Gates foundation to donate US$50m to partnership in China
+ GM to be the latest to join Tesla’s all-star charging network
- Citigroup job cuts to hit 5000 by end Jun
+ Twitter video app for smart TVs is coming: Elon Musk
๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ
+ China to promptly formulate policies that restore and expand consumption, continuously improve consumption environment
+ China’s May industrial output up 3.5% YoY, retail sales jump 12.7% YoY; Jan-May growth at 3.5% pts, faster than Q1, recovery remains on track
+ China has been amassing gold reserves for 7th consecutive mths, up by total 144 tons since Nov 2022
+ China Premier Lit to make official visit to Germany, France in first overseas trip; economic ties in focus
+ PBC lowered interest rate on its 1-year medium-term lending facility loans to financial institutions from 2.75% to 2.65%
+ China Ministry of Finance issued ¥12bn (US$1.67bn) of treasury bonds in HK
+ China encourages private firms to participate in key supply chain projects
- China’s jobless rate for youth of 16-24 years old hits 20.8% in May: NBS
+ China’s US Treasury holdings fell US$400m to US$868.9bn in Apr, below US$1 trillion for 13th straight
+ China’s new yuan loans balance reached ¥227.53 trillion (US$21.8 trillion) in May, up 11.4% YoY increase, new yuan loans decline in May
+ Shanghai released action plan for facilitating high-quality development of manufacturing sector covering 2023 to 2025
+ China commercialization of 6G to be realised around 2030: observers
+ China to launch annual NEV promotion campaign in rural areas
+ China starts construction of photovoltaic (PV) facility that make monocrystalline silicon wafers with annual output of 100GW, monocrystalline cells with annual output of 50GW
+ China’s first smart floating production, storage and offloading (EPSO) vessel delivered in Nantong
- China will lose 13,500 millionaires, biggest net outflow globally as wealth growth slows: Bloomberg
+ China-Palestine to facilitate negotiations on FTA
+ Taiwan seeks closer EU ties in return for chip investment
๐ฏ๐ต ๐ท๐บ ๐จ๐ฆ ๐ง๐ท ๐
+ BOJ keeps policy setting unchanged for now
+ Japan not on US currency watch list for 1st time since 2016
- Japan may change stance on arms exports: WSJ
+ Japan's Nidec to JV with Brazil’s Embraer to make electric flying vehicle components
+ Japan to open up Apple and Google dominated phone apps to competition
- Russian ruble declined to 1-year low against US dollar
+ Putin: >80% of Russia-China trade settlement now using local currencies
+ Putin signed law ratifying gas supplies to China through Far Eastern route
- Russia’s biggest lender Sber completed withdrawal from EU banking market
+ Russian households’ share of Chinese yuan savings set to top 45% by end 2024: VTB Bank
+ Russian to host annual St. Petersburg Int’l Economic Forum with delegates from >100 countries to attend
+ Russia signed tax treaty with Gulf state, expected to boost trade
+ Russia exports of oil to North Korea have resumed after 2-year halt: UN
- Canada announced freezing ties with Asian Infrastructure Investment Bank (AIIB)
+ Brazilian cotton export to China expected to overtake US next few years, trade cold be settled in Yuan in future
- IEA raised outlook for world oil demand to record high of 102.3m bpd 2023, to grow 6% between 2022 and 2028 to 105.7bpd
๐ช๐บ ๐ฉ๐ช ๐ฌ๐ง ๐ซ๐ท ๐ฎ๐น ๐จ๐ญ ๐น๐ท
- ECB raised borrowing costs to highest level in 22 years, left door open to more hikes
- Eurozone consumer inflation at 6.1% in May YoY, down from 7% in Apr
+ EU vowed FTA between EU and Mercosur (Brazil, Argentina, Paraguay n Uruguay) will be concluded as soon as this year
+ EU is funding Huawei in 6G and AI research: report
- Eurozone banks must leave Russia: ECB
- EU Commission to ban Huawei, ZTE from its connectivity services
+ Airbus is closing towards potentially record deal to sell 500 narrow-body A320-family jets to India’s IndiGo
- Germany, France clashed over how to reform EU’s fiscal rules
+ Siemens CEO Busch and his delegation met China’s MIIT minister in Beijing
+ UK eased up its windfall taxes for oil and gas companies
+ UK Vodafone< CK Hutchison agree mobile business merger
+ France President Macron hopes to attend BRICS summit in South Africa in Aug
- Italy’s state debt soared to all-time high, jumping by €22bn in Apr MoM to hit record high of €2.81b trillion
+ UBS completed Credit Suisse takeover; assets worth double Switzerland’s GDP
+ Istanbul Airport sets new European flight record; capture demand due to geopolitical tensions
๐ฎ๐ณ ๐ฐ๐ท ๐ธ๐ฆ ๐ช๐ฌ ๐ต๐ฐ
- India govt asked Chinese mobile phone makers; Xiaomi, OPPO, Realme n Vivo to bring in local equity partners, appoint Indian nationals in key roles such as CEO
+ Samsung Electronic to try partial day-day workweek system
+ Saudi-China extend cooperation beyond oil to new energy, NEV, services and more
+ Egypt submitted application to join BRICS
+ Pakistan pays for Russian oil in Yuan: Reuters
๐ฎ๐ฉ ๐น๐ญ ๐ฒ๐พ ๐ธ๐ฌ
- Indonesia’s trade balance nearly wiped out in May due to steeper increase in imports, May surplus lowest in 37 mths
- Indonesia’s palm oil export down 19.2% in Apr vs previous mth
+ Jakarta-Bandung high-speed train targeted to become operational in mid-Aug, speed at 300kph in latest test
+ Thailand aims to conclude FTA talks with European Free Trade Association by Q1 2024
+ Phuket tourism revenue returns to pre-Covid level with lower Chinese visitors
+ Malaysia’s foreign investment surged to record high in 2022, FDI reached RM47.6bn, DIA hits RM58.6bn
+ Malaysia Ramadan bazaars recorded RM2.5bn in sales
+ Sg GDP estimated to expand by 1.4% in2023: MAS Jun Survey
- Sg headline inflation and MAS core inflation to come in at 5.2% and 4.6% respectively: MAS projections
- Sg key exports tumble 14.7% in May, below expectations
+ SGX securities turnover value up 23% to S$23bn in May from S$18.6m in Apr
+ Sg total employment expanded by 33,000 in Q1, brings total employment to 3.8% above pre-pandemic level at Dec 2019
+ SG developer sold 1038 new private home in May, up from 887 or 17% higher than Apr
+ Sg new S$290m Siemens factory set to open by 2026 for its industrial automation and digitalisation pdts, to create 400 jobs
+ Sg climbed 10 places to 8th in latest global start-up ecosystem ranking, first time entered top 10
- SG horse racing to end in 2024
Contribution by Derek@valueinvestments chat group. Thank you
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