Wolf Money(world market review 10-16 July 2023)
Market Summary 10-16 Jul 2023
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+ US inflation rose just 0.2% in Jun and up 3% YoY, lowest level since Mar 2021
+ US producer price index for Jun rose less than expected at 0.1%
- Fed set to raise rates in July after data showed inflation cooled sharply in Jun but remains above central bank’s target
+ US consumer sentiment surged to highest level in nearly 2 years, inflation subsided and labour market remained strong
- US budget deficit nearly triples in first 9 mths fiscal year to US$1.39 trillion in Jun, up from USS$515.1bn YoY
+ US import prices moved lower in Jun, 5th decline in past 6 mths
- US imports from China Jan-May fell about 25% to $169bn
+ Biden administration set to cancel US$39bn in student debt for >800,000 borrowers
+ US climate envoy John Kerry arrived in Beijing
+ US n China are discussing US Commerce Secretary Raimondo’s visit to China
+ JPMorgan, Citigroup, Wells Fargo reported better-than-expected profits
- JPMorgan, Wells Fargo prepare for losses on office loans
+ United Airlines pilots reached labour agreement, boost pay
- FTC filed appeal again seeking to block Microsoft-Activision deal
- US FDA disagreed with WHO’s classification of soda sweetener aspartame on possible cancer link
+ Tesla builds first Cybertruck at plant in Austin after 2 years of delays
- Twitter’s cash flow still negative as ad revenue drops 50%: Musk
+ MacDonald’s China denied shareholding structure change, targets opening 10,000 stores in China
- Hollywood actors to join screen writers in strike over wages, AI, bringing major studio projects to standstill
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+ China’s Q2 GDP growth expected to see fastest pace in 2 yrs: officials
+ China expected maintain reasonable GDP growth, to keep in place normal monetary policy, positive interest rates, upward yield curve: central bank governor
+ China’s consumer prices likely decline in Jul before recovering: central bank deputy governor
+ China’s foreign trade in goods reached historical high of US$2.8 trillion in H1,up 2.1% YoY
- China’s imports of integrated circuits chips from US slumped 18.5% in H1 YoY by volume
- Beijing office vacancy rate rises to 13-year high to 18.3% of office spaces in Q2, up 1.5% from previous qtr
- China’s new-home prices in 70 cities, excluding state-subsidized housing, fell 0.06% in Jun, secondary market declined 0.44%
+ China carmakers delivered more vehicles to Russia than anywhere else in the world first 5 mths this year
+ China car sales first 6 mths totalled 9.5m units, up by 2.7% from low point last year when strict Covid controls disrupted sales
- China likely lost the title top exporter of goods to U.S in H1 first time in 15 yrs, outpaced by Mexico and Canada
- China-US trade hit US$31.4bn in H1, down 8.4% YoY , accounted for 11.2% of China’s total foreign trade
- China Sichuan Languang became 1st developer to be removed from an exchange this year; more expected to follow
+ PBOC expects no deflation in the economy, stable exchange rate
+ China issued final guidelines for managing generative AI services
+ China major banks launched digital currency payments without the need to connect to internet
+ China summer grain output totalled 146.13m tons this year, down 0.9% YoY
- China’s youth jobless rate hit new record high in May, aged 16-24 reached 20.8% vs 20.4% in Apr
+ China Eastern Airlines received 2nd C919 passenger plane, with first already flying >10,000 passengers
+ China aims to land its astronauts on the moon for the first time by 2030
+ China’s methane-powered rocket become the world’s first to fly into orbit
+ China-Russia trade surged 50.9% in H1 to ¥791.43bn
+ Huawei booked US$560m from patent licensing deals in 2022, disclosing for the first time
+ Huawei poised to overcome US ban with return of 5G phones
- Foxconn withdrawn from a US$19.5bn semiconductor JV with India metals-to-oil conglomerate Vedanta
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- Japan’s core inflation likely rose 3.3% in Jun, exceeding BOJ target for 15th straight mth
- Japanese govt reported set up special fund of 80bn yen to subsidize fishing industry in Fukushima area
- Japan corporate bankruptcies soared to 5-year high in first 6 mths; total 4042 firms filed for bankruptcy, up by 32% YoY
- Russia’s current account surplus down to USSS$5.4bn in Q2, compared to US$76.7bn same period last year
+ Russia becomes one of China’s top-five trading partners for the first time, bilateral trade exceeded US$114bn Jan-Jun
+ Russia seeking to settle trade with ASEAN countries in their local currencies in bod to boost bilateral trade
+ Bank of Canada hikes interest rates to 22-year high of 5%
+ Oil prices hit nearly 3-mth high as US inflation eases
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- Eurozone ministers agreed needed determined gradual and realistic reduction of govt spending to boost economic growth
+ EU considers reconnect a sanctioned Russian bank to SWIFT in bid to rescue Black Sea grain deal: Reuters
- German govt revealed “strategy on China”, with focus on reducing trade reliance on its largest economic partner
+ UK formally signed accession protocol to join major Inod-Pacific trading bloc CPTPP following 21 mths of talks
- UK mortgage rates now at highest level since Aug 2008 GFC, average 2-year fixed residential mortgage rate at 6.66%
- UK offers doctors and teachers pay rise of at least 6% as thousands of medics begin a 5-day strike
- France damage from unrest and looting resulted in a US$721m insurance bill so far: industry body estimates
- Italy’s govt borrowing exceeded US$3 trillion, hits historic high in May; surged US$5.6bn in first 5 mths
- Credit Suisse inquiry will keep files secret for 50 years
๐ฆ๐บ ๐ฎ๐ณ ๐ธ๐ฆ
+ Australia-China trade grew 16.4% in H1
+ Australia names first woman Bullock to lead central bank
- India’s annual wholesale prices fell 4.12% for 3rd successive mth in Jun, due to lower fuel and power prices
+ India’s merchandise trade deficit in Jun in line with expectations at US$20.13bn
+ India successfully sent moon spacecraft Chandrayaan-3 into orbit
+ India launches Moon mission, aims to be first to land a rover on Moon’s south pole
- Saudi Arabia GDP exceeding US$1 trillion for the first time in history in 2022
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+ ASEAN, China are pushing ahead with talks on 3rd version of FTA at ASEAN summit in Jkt
- Indonesia will reimpose export duty on crude palm oil after reference price surged by nearly 6% to US$791 per ton
- Indonesia natural resource firms to keep 30% of earnings from large-scale exports within the country for at least 3 mths starting next mth
+ Indonesia combined number of air passenger at 15 airports reached 33.1m in H1, accounts for 87% of H1 2019 before Covid
+ Thailand expect huge Chinese investment in EV production to US$1.44bn forecast: govt
+ Malaysia invites proposals from private sector for KL-SG high-speed rail project
+ Anwar said he discussed investment and invited SpaceX to the country during virtual meeting with Elon Musk
+ Sg economy grew 0.7% YoY in Q2, 0.3% quarterly, dragged by deeper downturn in manufacturing sector
- Sg Minister Iswaran and property tycoon Ong arrested in connection to corruption probe
+ Sg and Malaysia formed new task force to study establishment of Johor-SG special economic zone (JS-SEZ)
+ Sg tourist arrivals up in Jun, surpassed 1m for 4th straight mth
+ Sg tops SEA for tech funding, attracted US$1.2bn total in H1
+ Sg resale prices hit record levels in 17 out of 26 HDB town in year to date: OrangeTee & Tie
Contribution by Derek@valueinvestments chat group. Thank you
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