Wolf Money(world market review 19-25 Jun 2023)

 

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Market Summary 19-25 Jun 2023

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- US Fed: more tare hikes are likely this year to fight inflation 

- Powell: process of getting inflation back down to 2% has long way to go  

- US biz activity fell to 3-mth low in Jun; services growth eased 1st time this year, contraction in manufacturing sector deepened 

+ US luxury sales increasingly coming from high-end shoppers are performing better 

- US existing-home prices suffer largest drop since Dec 2011

+ US smaller banks likely will be exempt from higher capital requirements: Powell 

- US proposed bill targeting Chinese e-commerce firms which have been rising quickly  

- US >50% of ppl don’t think they have enough in emergency savings 

+ Washington sate plans to require EV charging firms to include Tesla’s plug if they want to be part of state program 

- Goldman Sachs likely to take a large write-down for its 2021 ill-fated GreenSky deal; begins cutting about 125 managing directors globally

+ Musk will directly brief PM Modi on Tesla’s manufacturing plans for India: Reuters 

- Amazon used manipulative, coercive interface designs to trick users into enrolling in auto-renewal: FTC 

+ Amazon commits to US$15bn India investment: CEO 

+ Nvidia CEO says ‘extremely likely’ to invest in Europe 

+ IBM nears US$15bn deal for software provider Apptio: WSJ 

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+ China cuts benchmark lending rate for the 1st time in 10 mths; more stimulus measures in pipeline to spur recovery

+ China’s state planner singed LOI in Berlin on cooperation with German corporate giants from aviation, chemicals to automobiles 

+ China will speed up EV-Battery recycling, implement formal measures to improve the system 

+ China unveiled $72 billion tax break for EVs, other green cars to spur demand

+ China vowed to build high-quality charging infrastructure system by 2030 to support NEV development 

+ China at least 40 listed firms unveiled plans to sell Global Depository Receipts (GDRs) this year 

+ China end-May outstanding bonds held by foreign Cos. at ¥3.25 trillion

+ China files documents to join CPTPP, vows further opening-up 

+ China world’s largest solar silicon wafer maker Longi Green plans to raise US$2.8bn from GDR sale in Switzerland 

- China’s demand for Russian oil almost halved in June from previous mth 

+ Cosco completed 24.99% interest in container operation in German Hamburg Terminal 

+ China resumed cross-border electricity exports to Vietnam, amid power crunch, first time after 7-year hiatus 

+ China’s first underwater highway interchange of Shenzhen-Zhongshan cross-sea link project is completed 

+ China’s Dragon Boat Festival expected to see 100m tourist trips, surpassing pre-pandemic level in 2019 

+ China expects Jun passenger vehicle sales 1.83m, -5.9% YoY; NEV sales 670,000, up by 26%

+ Nio wins US$1.1bn investment from Abu Dhabi-backed fund 

+ TikTok to invest billions of dollars in SE Asia to help region’s businesses: CEO

+ Chinese regulator approved 89 new video games for sale in China for Jun

- HK stocks suffer biggest loss since mid-Mar on rates, China outlook 

+ HKEX launched HKD-RMB dual counter model boosts offshore RMB market 

- HK developers cut prices to 2018 levels for new projects to boost sales 

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- Japan’s manufacturing PMI dropped to seasonally adjusted 49.8 in Jun, fell back into contraction

+ Japan’s inflation stays above BOJ target, nationwide CPI rose 3.2% in May

+ Japan govt upgraded assessment of employment situation in Jun for first time in 11 mths 

- Russia Wagner gp backs down from coup attempt, warlord Prigozhin to leave Russia as part of deal to end insurrection  

+ Russian dropping criminal mutiny charges against Wagner fighters as part of a deal to defuse uprising 

+ Russian imports of Chinese cars nearly tripled from Jan-May 

- Brazil said EU latest proposal for trade deal with South American bloc Mercosur reaching an agreement impossible 

- Gold, silver slide to weakest level since March 

+ Bitcoin hits 1-year high amid BlackRock ETF excitement 

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- EU reportedly given up confiscating >US$200bn of Russian central bank funds 

+ Germany signed 20-year contract with US on LNG imports to replace Russian gas 

- German exports to Russia fell 36.7% to €700m in May YoY 

+ German approved law to attract skilled foreign workers 

- BOE hiked borrowing rates more than expected to 15-year high of 5%

+ UK consumer sentiment hit highest level since Jan 2022 

- UK public sector net debt surpassed 100% of GDP first time since 1961

- UK inflation rate unchanged at 8.7% in May compared to Apr 

- UK banks agreed to give homeowners who miss mortgage payments a year of grace before foreclosing

+ France President Macron opened climate summit in Paris for new global financial pact 

- Denmark’s Carlsberg confirmed sale of Russian business, owned 8 leading breweries in the country  

+ Turkey’s central bank hiked key rate by 650 bps to 15%, lira down to record low after unconvincing rate hike  

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+ NZ PM to visit China, will meet XI, leading a trade delegation includes some country’s biggest companies 

+ India-US agreed to terminate 6 outstanding disputes at WTO; India agreed to remove retaliatory tariffs on certain US products 

+ India-US announced defence and technology deals during Modi visit 

+ South Korea President visited Vietnam, expressed his intention to step up cooperation including security and economy 

+ Aramco, TotalEnergies signed US$11bn contract to build petrochemicals complex in Saudi Arabia 

+ Qatar secured 2nd major LNG supply deal with China; will purchase 4m metric tonnes of LNG annually 

+ Pakistan and China inked US$4.8bn deal to build 1200 megawatt nuclear power plant 

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+ Indonesia declared an end national emergency status of Covid-19 pandemic 

+ Jokowi launched final phase of 2025-2045 National Long Term Development Plan to realise his Golden Indonesia 2045 vision 

+ Thai Airways Int’l aims to finalise deal to buy >30 new aircraft by end year, could double narrow-body fleet over next decade 

+ Malaysia’s trade surplus expands 21.4% in May in 37 consecutive mth of double-digit expansion

+ Malaysia’s inflation slowed further to 2.8% YoY in May, core inflation moderated marginally to 3.5% 

+ Malaysia economy ministry allocated RM500m to small public infrastructure projects 

+ Malaysia recorded 4.5m tourist arrivals in Q1, mostly from ASEAN countries; target 16.1m tourists this year 

+ Sg further raises private housing supply to highest in 10 years 

+ MAS to recognise single-family offices contributions to charity, blended finance climate solutions: Tharman

+ Sg wealth management AUM surges to new record of S$7bn 

- Sg investment banking fees down 25% to US$401.8m in H1: Refinitiv 

+ Jurong Lake district launches 6.5ha site for new home, offices under master developer approach, set to complete in 10-15 yrs 

- Sg is world’s 2nd most costly city for expats: Mercer poll 

+ Sg takes top spot as Asia is the world’s most expensive region; according spending patterns of super-rich

- Grab fired 1000 workers in biggest layoffs since pandemic 

Contribution by Derek@valueinvestments chat group. Thank you

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