Wolf Money(world market review 17-23 July 2023
Collection of Parkview Square
Market Summary 17-23 Jul 2023
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- Conference Board Leading Economic Index fell for 15th straight mth in Jun, declined 0.7% to 106.1
- Fed will raise benchmark overnight interest rate by 25bps to 5.25%-5.5% on Jul 26; 106 economists polled by Reuters
+ US retail sales rise 0.2% MoM; May’s figure revised up to 0.5% MoM growth from 0.3%
+ US jobless claims fell last week to lowest level in 2 mths to seasonally adjusted 228,000
+ Morgan Stanley raised US economic growth forecast for the year on strong industrial sector and infrastructure investment
+ US banks increased reserve for commercial real estate exposure
+ Global private equity firms are sitting on record US$2.49 trillion as dealmaking slows: S&P
+ US semiconductor trade organization requested govt halt further sanctions on chip sales to China
+ Micron’s president n CEO met with China’s Ministry of Commerce: Chinese Media
- US congressional committee launched investigation into Qualcomm Venture, GGV, GSR and Walden int’l for funding Chinese firms in AI, semiconductor n quantum computing industries
- US Transportation Secretary said has national security concerns about Chinese autonomous vehicle companies in America
- US 2 House of Representatives Committees are investigating Ford Motor partnership with Chinese CATL
+ American Airlines increased offer to pilots by US$1bn, matching United
- Cathie Wood sold US$21m of Tesla stock hrs before earnings dip
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+ China’s economy grew 6.3% annual pace in Q2, accelerating from 4.5% in Q1
+ China’s fiscal revenues grew 13.3% to ¥11.9 trillion in first 6-mth YoY, fiscal spending rose 3.9% to ¥13.4 trillion
+ China set to keep lending benchmarks unchanged
+ China regulator said overseas investors purchased net US$79bn worth of onshore yan bonds in H1
+ China added 1/3 of total known uranium resources in past decade: China Nuclear Geology
+ China to transform underdeveloped areas in megacities, move to support the economy: state media
+ China pledged to make private economy bigger, better and stronger with series of policy measures to help private firms
- China’s state banks selling dollars offshore to slow yuan declines: sources
+ China will vigorously promote employment of 11.58m college graduates in H1
- China says US is dumping critical chemical Propionic acid into domestic market, undercutting industry
+ Huawei launched AI for commercial use in mining sector
- Country Garden’s dollar bond due July 2026 lost >1/5 of its value, share at 8-mth low
- Evergrande posted combined loss of U$81bn over 2 years; long delayed results report published on Monday
+ BYD plans to invest US$600m on new complex to build EV and hybrid cars, buses and trucks in Brazil
+ WeChat and Alipay announced will now allow overseas cards like Visa and Mastercard to be added to their pay accounts
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+ Japan’s inflation grew 3.3% in Jun; BOJ expects to stick to ultra-loose policy
+ Japan plans to create global strategic natural gas reserve to guard against energy crunches
+ Tokyo newly built condo prices surged 60% to US$930,000 average price in H1, highest since record-keeping began
- Japanese consumer to see price hikes on 30,009 food and beverage products by Oct as retailers pass on higher costs to protect profits
- Japan’s top 6 carmakers sold nearly 20% fewer cars in China in H1
+ Japan number of working women hits record 30.35m in 2022, increase of 1.22m from 5 years earlier
- Russia central bank raised benchmark interest from 7.5% to 8.5%
+ Russia to overtake Saudi Arabia as top oil producer: IEA
+ Russia trade turnover exceed pre-pandemic levels in H1 by 3% higher
+ Russia oil exports to China set new record, hit 10.5m tons in Jun
+ Russia tanker loaded with crude heading through Arctic waters to China, seek to expand use of Northern Sea Route
- Russia ended participation in Black Sea Ukraine grain deal as its food and fertilizer exports had not been answered
+ Brazil will send EU counter-proposal on long-delayed trade deal with South American bloc Mercosur in 2-3 weeks
- IMF warned Int’l of Black Sea grain deal threatens to exacerbate global good insecurity and cause prices to surge
- G20 bloc failed to reach agreement on cutting fossil fuels
+ Oil rallies for 4th straight week, buoyed growing evidence of supply shortages in coming mths
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+ ECB asks banks to provide weekly liquidity data to monitor their health
- EU members face potential gas shortfall in event of cold winter and further decline in Russian deliveries: IEA
+ EU to make joint gas buying permanent strategy
- EU revealed it accrued >€1.7bn in interest from frozen Russian assets in H1; estimated holding €196.6bn worth of assets
- EU, Russia extend mutual sanctions; Moscow prolonged foreign trade restrictions, Brussels extended sanctions another 6 mths
- UK’s inflation at its slowest in over a year at 7.9%
- Deutsche Bank New York branch fined US$186m by Federal Reserve
+ Turkey and UAE singed agreements worth US$50bn
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- Australia blocked acquisition of lithium mine by China-linked firm
- India reportedly to amend landmark 2021 corporate taxation deal to secure higher share of taxed from global firms
- India rejected BYD’s US$1bn factory proposal in partnership with Hyderabad-based Megha Engr: Economic Times
+ India and Sri Lanka consider building a land connectivity between them
+ Tata Gp to build US$5bn EV battery gigafactory in UK, employ up to 4000 ppl
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- Indonesia Q2 FDI grew 14.2% YoY in rupiah terms in Q2, slowest growth in 1.5 years
- Indonesia’s oil and gas investment in H1 amounted US$5.7bn, just 37% of this year US$15.54bn target
+ Thailand’s economic recovery remains on track with projected growth 2.9% in H1
+ Thailand accounted for >75% of Battery EVs in SEA, followed by Indonesia and Vietnam
+ Malaysia PM: Geely to invest US$10bn to make Tanjung Malim ther region’s largest auto city
+ Malaysia n Singapore agreed to set up special task force to study the establishment of Johor-SG special economic zone
- Sg total trade contracted 19.2% YoY in Jun, extended the 17.9% decrease in May
+ Sg 1st hydrogen-ready cogeneration plant with 600 megawatts breaks ground
+ Sg startup Silicon Box opens S$2.65bn chips foundry
- SME Index slipped further to 49 in Q2, down 2nd straight qtr from 49.9, SME collections and payments fell 11.3% and 9.5% YoY
- Temasek plans to commit up to US$10bn to India in 3 years
+ Sg data centre vacancy rate hit record-low of <2%, with under 4MW of available leasing space
+ Sg exploring collaboration and legislation to grow aquaculture sector
+ SIA passenger traffic soared 50.4% YoY in Jun to total 2.9m passengers
+ Sg developing software with ChatGPT-like features for public sector
Contribution by Derek@valueinvestments chat group. Thank you
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