Wolf Money(world market review 5-11 Jun 2023)
Market Summary 5-11 Jun 2023
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- US trade deficit jumped 23% to US$74.6bn in Apr, widened by most in 8 years
+ US shares struck new highs for the year on Fri, helped lift world stocks to 13-mth peak
- Yellen: US economy is strong amid robust consumer spending, while banks may struggle with commercial real estate and face some consolidation
+ Fed will not raise interest rates for the first time in over a year at it Jun 13-14 meeting: economists polled by Reuters
+ US household wealth rose US$3.05 trillion in Q1, household sector total wealth US$168.5 trillion, liabilities rose US$23bn to US$19.6 trillion
+ US jobless claims totalled 261,000, well ahead of DJ estimate 235,000, highest weekly rate since Oct 31, 2021
- Americans filing new claims for jobless benefits surged to highest level in 1.5 yrs last week
+ US senators introduced 2 separate bipartisan AI bills to address issues surrounding the technology
- SEC sued world’s largest crypto exchange Binance and CEO Zhao for US securities violations
- SEC sued Coinbase, accusing it operating illegally as if failed to register as an exchange
+ Binance US suspends US dollar deposits after crackdown by regulators
- Goldman Sachs Gp planning for a period of sluggish growth and higher inflation: bank’s president Waldron
- Boeing sued for allegedly stealing IP, counterfeiting tools for NASA projects
- Boeing warned new defects on 787 Dreamliners will slow deliveries
+ OpenAI’s CEO called on China to help shape AI safety guidelines
+ Tesla’s record run drives nearly US$200bn jump in value
- Tesla short sellers lost about US$6.08bn in stock’s 11-session winning streak: data from S3 Partners
+ GM to invest >US$500m in Texas plant for future SUVs
- US expanded a ban imports from China’s Xinjiang region, banning 2 new Chinese firms
- Trump has been summoned appear in court in latest criminal case; charged with 37 counts in classified documents case
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- China’s PPI for May fell for 8th consecutive mth, down 4.6%, fastest decline since Feb 2016, vs 3.6% drop in Apr
+ China’s CPI rose 0.2% in May vs 0.1% in Apr, further easing deflation fears
+ China’s Q2 GDP expected to grow at faster rate in YoY terms: governor of central bank
- China’s exports slumped 7.5% YoY in May, biggest decline since Jan, Imports down 4.5% vs expected 8%
+ China’s forex reserves came in at US$3.177 trillion in May, down 0.88% vs previous mth
+ China’s 5 major state banks lowered deposit rates by 15bps, 2nd time since last Sept to spur investment, consumption
+ China’s economy will grow at 5.6% this year, up by 1.3% from Jan forecast: World Bank
+ China’s stimulus could focus on its dire property sector: economists
+ China to further open financial sector; regulator tells Citigroup CEO
- China fundraising by mutual funds from retail investors hitting the lowest in 4 yrs in first 5 mths
+ Shanghai set to launch int’l reinsurance trading market
+ China’s regulator will resolutely crack down on insider trading and market manipulation amid recent volatility: official
+ China first batch of firms complete filings for overseas listings through new administration mechanism
- China Int’l flights in May were just 37.9% of 2019; domestic flight services had returned to pre-pandemic levels
+ China exported 107m automobiles in Q1, surpassing Japan for the first time to become world’s largest automobile exporter
+ China’s passenger car exports doubled in first 5 mths to 1.38m vehicles
+ China’s ministry to organise promotional activities across the country to boost auto sales in H2
+ China should standardise requirements for EV batteries to keep its edge over other markets such as US, Europe: ex minister
+ China to hold world’s first supply chain expo in Beijing from Nov 28-Dec 2; US firms largest gp among foreign MNCs to date
- China number of leading investment banks reportedly reduced remuneration budgets in recent mths
+ Chinese commercial space firms plan more launches in Q3, to optimize design, reduce cost for satellites production
+ Xinjiang region autonomous region vowed border opening-up, to deepen cooperation with Central Asia
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+ Japan’s current account surplus expands 76.3% YoY to ¥1.9 trillion in Apr
+ BOJ expected to maintain ultra-loose monetary policy and forecast moderate economic recovery next week
+ Toyota to build US$50m lab in Michigan to test batteries for electric and hybrid vehicles
+ Japan’s toy market topped ¥1 trillion for the first time in the year ended Mar 2023, driven by Japanese anime characters
- Russian budget deficit first 5 mths narrowed to US$42bn after May recorded marginal surplus
+ Russia-China trade growth 51.9% from Jan to May, both imports and exports experienced double-digit growth
- Canada central bank raises interest rate to 22-year high of 4.75%
- Canada’s jobless rate raises for first time in 9 mths to 5.2% in May
+ Argentina-China renewed bilateral currency swap agreement with size of ¥130bn / 4.5 trillion Argentina pesos (US$18.2bn)
- World Bank raised 2023 global growth to 2.1% from 1.7%, cut 2024 global growth to 2.4% from 2.7% in Jan
- Half of large global MNCs plan to reduce office space to adjust to hybrid working patterns, cuts likely modest: Knight Frank
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- ECB will hike key interest rates by 25 bps on Jun 15 and again in July to break sticky inflation: economists polled by Reuters
- Eurozone entered a recession in Q1, reported GDP of -0.1%, after Germany, Ireland revisions
- EU failed to agree on next round of Russia sanctions: Politico
- Germany refusing Intel’s additional demand for subsidies for chip plant
+ Germany and India in talks on €5bn submarine deal
+ UK-US agreed an innovate economic partnership, to work together more closely than ever before across full spectrum of economic, tech, commercial and trade relations
- UK home prices fall for the first time in 11 years, average property prices down 1% in May YoY
- UK lenders, led by HSBC are removing mortgage deals from market again, to reprice home loans to account for inflation
+ France central bank expects 0.1% growth in Q2; industrial and service activity picks up
+ France plans to close tax loophole benefitting short-term furnished rentals such as Airbnb
+ Norway seeks to open vast ocean area to deep-sea mining, could become first to extract battery metals from ocean floor
+ UBS signed agreement with Swiss govt to cover up to 9bn Swiss francs in losses from its emergency takeover of Credit Suisse
- Credit Suisse and JV partner seeking buyers for their China securities brokerage business
+ Erdogan taps former Goldman banker Erkan, first woman to head Turkey’s central bank, could raise interest rates
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+ Australia-China trade jumped nearly 20% in Jan-May with both imports and exports showing double-digit growth
- India approved <25% of total 435 foreign direct investment applications from China since April 2020
+ India inflation likely cooled to 20-mth low in May; food prices rises slowed further: Reuters poll
- India’s palm oil imports hit 27-mth low, down 14% from 510,094 tonnes in Apr to 441,000 tonnes in May
- South Korea semiconductor exports down 36.2%, shipments to China slid 20.8% in May
- Egypt’s inflation accelerated after a mth long respite to stay above 30%
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+ Indonesia’s Parliament approved US$1bn budget top-up for new capital
- Indonesia’s forex reserves dropped to US$139.3bn in May from US$144.2bn previous mth
- Indonesia pushed back China-funded consortium’s plan to start full commercial operation high-speed train service in Aug
+ Indonesia and Malaysia to fight against EU palm oil discrimination
+ Thailand inflation falls for 5th straight mth in May amid lower electricity and fuel prices
+ Thailand consumer confidence rose in May for 12th mth to 39-mth high, boosted by higher foreign tourist arrivals
+ Thai automaker teams up with CATL for manufacturing cell-to-pack batteries in Thailand
+ Malaysia’s foreign debt inflows continued for 5th consecutive mth in May to RM2.2bn vs RM1.3bn in Apr: UOB
+ Malaysia appointed Abdul Rasheed Ghaffour as central bank governor
+ Malaysia PM agreed subsidies and price control for chicken, eggs be continued
+ Sg retail sales rose 3.6% YoY in Apr, extending Mar’s growth
+ Sg information and communications sector grew 8.6% in 2022, outpacing 3.6% growth clocked by overall economy
+ DBS had lent MAS S$30bn as it is “not funding enough opportunities to put the money to work”
+ Temasek subsidiary and African Union are considering backing a plan worth US$150m to develop 123 new cities across Africa
+ Tharman to stand in Sg’s next presidential election
Contribution by Derek@valueinvestments chat group. Thank you
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