Wolf Money(world market review 24-30 July 2023)
Market Summary 24-30 Jul 2023
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- Fed raised benchmark lending rate to highest level since 2001 to 5.25%-5.5%, signalled possibility of further increase ahead
+ US annual inflation rate fell to lowest in 2 years, likely closer to ending its fastest interest rate hiking cycle since 1980s
+ US GDP grew stronger than expected in Q2 at annualised, seasonally adjusted at 2.4%
+ Fed’s staff drop US recession forecast, do have shot for inflation to return to target without high levels of job losses: Powell
+ US personal consumption expenditures (PCE) rose by US$100.4bn or 0.5% MoM in Jun
+ US consumer sentiment rose in Jul to highest since Oct 2021 to 71.6 as inflation continued to ease
- Biden to sign order curbing US tech investments in China by mid-Aug
- US commerce chief says China export controls “will deny some revenue to US companies, but we think its worth it”
- US regulators proposed banks to hold 16% more capital to guard against risk
- American credit card debt grew in Q1 at its fastest pace in 2 decades: research
+ JPMorgan to buy almost US$2bn of mortgages in PacWest deal: source
- US Semiconductor Industry Association warned of not enough engineers, computer scientists and technicians in to support rapid expansion during this decade
- US gas prices climbed to 8-mth high
- Boeing reported US$149m loss following delays and cost issues in defence in space program
- Apple hit with US$1bn lawsuit in UK over alleged monopolistic behaviour
+ GM, BMW, Honda, Hyundai, Kia Mercedes, Stellantis to unite and build a North American EV charging network that would rival Tesla
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+ China affirmed efforts to build future industries such as AI, 6G, quantum technology to create new competitive advantages
- China’s industrial profit hit US$474bn in H1, declined by 16.8% YoY
+ China’s top leaders pledged to adjust and optimize policies in a timely manner for its beleaguered property sector
- China’s home market continued to contract, outstanding amt of individual mortgages fell ¥38.6 trillion end Jun, shrink for the 1st time on record
+ China will strengthen financing support for private projects; to spur private investment in some infrastructure sectors
+ China has redirected capital flows to emerging markets in Asia, ME, South America and Africa, pivoting away from West: data
+ China named Pan Gongsheng as the new governor of its central bank
- China 15 out of 28 jurisdictions fell behind the national economy of average 5.5% growth in H1
+ China central bank to ramp up on supporting technological innovations, technology-driven SMEs, high-end industrialisation
+ China consumed 554.88 tons of gold in H1, up 16.4% YoY
+ China will need >9440 new passenger and freight planes by 2042: Airbus forecast
+ China’s first commercial spacecraft launch site in Hainan to commence normalized launch mission in 2024
+ China’s first-ever domestically built large cruise-liner Adora Magic City completed first sea trail, slated for delivery by year-end
+ Xinjiang GDP grew 5.1% YoY, foreign trade in goods surged 65% in H1
+ China 6th Int’l Import Expo to be held in Shanghai in Nov, number of Fortune 500 MNCs to attend exceeding recorded last yr
+ China’s home-grown durians are poised to hit market
+ HK Trade Development Council signed >30 MOU for opportunities across Asia during recent visit to Indonesia, Malaysia, Singapore
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+ Japan’s central bank hinted it could gradually abandon years of ultra-cheap money, sending yen soaring and stock tumbling
+ Japanese govt panel recommended national average minimum wage be raised by 41 yen to 1002 yen an hr, biggest hike ever in value terms
- Japan’s B2B service inflation slowed in Jun, rose 1.2% YoY
- Toyota’s China venture cut 1000 jobs amid slowing sales
+ Nissan to invest up to €600m in new Renault EV vehicle unit Ampere
- Russian oil revenues nearly cut in half from spring 2022 after voluntarily slashed oil output: IEA
+ Russia ramping up energy exports to Africa, proposed alternative cargo route
+ Brazil is pushing US out of world’s biggest soybean market – China: Bloomberg
- Crypto assets should not be granted the status of official or legal tender: IMF
- July 2023 set to be world’s hottest month on record: scientists
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- ECB hiked benchmark rate to 3.75%, matches highest rate since launch of euro currency in 1999
- Europeans major banks pointed rising risk of bad loans as global economy falters
- Eurozone bank lending continued to trend down in Jun as ECB hikes take effect
- EU looking for ways to restrict Russian diamonds
+ Airbus reported net profit of €1.06bn in Q2
- Germany inflation at 6.2% in Jul vs 6.4% in Jun, in line with expectations
+ Volkswagen Gp revenues grew 18% to €156bn in H1, total deliveries went up 13% YoY to 4.4m vehicles
+ France finance minister met with officials in China, called for Chinese firms to invest more in Europe, especially EVs
+ France n China agreed to work on regulatory framework for cosmetics to protect both market access and product safety
+ LVMH reported excellent H1 with net profit up by 30% to €8.48bn due to strong growth in Asia and Europe
- Swedish H&M sued rival SHEIN in HK court for copyright infringement
- UBS will pay nearly US$400m in fines to US, Swiss and UK banking authorities for management failures of Credit Suisse
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- Australia inflation slowed more than expected in Q2, lessens rate hike pressure
- Samsung to extend production cuts after US$7bn chip loss in H1
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- Indonesia’s O&G investment in H1 amounted to US$5.7bn, only 37% of this year’s US$15.54bn target
+ Indonesia developing scheme for banks to provide financing facility for exports who keep their earnings onshore
+ Jakarta-Bandung HSR now undergoing intensive joint commissioning and testing, launch imminent
+ Jokowi’s visit to China has resulted in billions of dollars in investment pledges, with single biggest commitment US$11.5bn
- Indonesia to curb online sales of foreign goods under US$100, aims to protect SMEs in the country
- Thai exports declined for 9th consecutive mths due to slow recovery in major trade partners China and US
+ Thailand new govt should focus on reducing budget deficit over long term to build its fiscal credentials: Fiscal Policy Office
- Bank of Thailand to hike rates by 25bps then hold rates steady until 2025: poll
- Vietnam’s property market strain started a year ago could spill over to the banks: S&P
- Vietnam’s exports fell for 5th consecutive mth in Jul, longest slump in 14 years, risk of missing growth target
+ Vietnam EV maker VinFast plans US listing in Aug after regulator nod
+ Malaysia, HK plan economic hub near Singapore border; MY RTS and HK MTR signed MOU to develop 2.4ha of land for mixed-use in JB Bukit Chagar
+ Malaysia govt will pump in >RM5bn to kick off Madani Economy Framework to enhance economy n improve competitiveness
+ KL-SG HSR Request For Information briefing attracted >700 local and int’l industry players
+ Malaysia average household income up by 2.4% in 2022 to RM8479 vs RM7901 in 2019
- Sg industrial output in Jun fell 4.9% YoY, contracting for 9th consecutive mth
- Sg seeking exemption from India’s ban on export of non-basmati rice, make up 17% of Sg rice imports
- Sg private home prices slip 0.2% in Q2, rental index rose 2.8% over precious qtr
+ SIA posted record quarterly profit of S$734m for Q1 of its current financial year
- Sg fuel pump prices risen across the board
Contribution by Derek@valueinvestments chat group. Thank you
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