Wolf Money(world market review 26 Jun - 2 July 2023)
Market Summary 26 Jun – 2 Jul 2023
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+ US economy grew at 2% annualised pace in Q1; final revision to the figure, up from previous estimate of 1.3%
+ US consumer confidence climbed to highest level since Jan 2022
+ US consumer spending edged up 0.1% in May, Apr spending up 0.6% instead of 0.8%, data revised lower
- US big banks would lose US$541bn in doomsday scenario: Fed predicts
+ US weekly initial jobless claims decline to 239,000 vs 265,000 expected
- US govt debt will jump from 98% of GDP 2023 to 107% by 2029, 181% by 2053 if current law remain unchanged: CBO
+ Fed’s stress test showed lenders; JPMorgan, BofA, Citigp, Wells Fargo, Morgan Stanley and Goldman Sachs have enough capital to weather a server economic slump
+ US all 23 banks passed Federal Reserve’s annual stress test
+ US asked banks to help firms with commercial real estate stress
+ US banks step up sales of loan portfolios to private lenders
+ US new home sales jumped 12.2% to highest level since Feb 2022
- US will enter a downturn in Q4, followed a year of contraction and a European recession in 2024: HSBC Asset Management
+ US goods trade deficit decreased 6.1% to US$91.1bn in May as imports fell
- US weighs tougher restrictions on AI chip exports to China
+ US govt detailed plans for US$42bn investment among 50 states to expand access to high-speed broadband by 2030
- US announced US$500m in new military aid to Ukraine
- Ford going through another round of white-collar job cuts to reduce costs amid transaction to EVs
+ BlackRock applied to launch a bitcoin fund
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- China’s official manufacturing PMI reached 49 in Jun, up 0.2 vs May
- China combined profits for large industrial firms reached US$88.7bn in May, down by 12.6% YoY
- China’s industrial enterprises profit declined by 18.8% in Jan-May
+ China kicks off World Economic Forum’s summer Davos in Tianjin
+ Beijing Stock Exchange (BSE) and HKEX to promote dual-listing arrangement
+ China net inflow of overseas money into A-share market through HKSAR surged 155% in H1
+ China housing minister emphasised the need to improve the quality of housing and explore housing pension system
+ China-New Zealand start negotiations on negative list for service trade in 2023, to further boost economic and trade ties
+ China Railway successfully completed tests on high-speed train at speeds up to 453 km/h, fastest in the world
+ China direct high-speed railway linking Chengdu, HK is set to start operation from July
+ China ready to join hands with Vietnam to deepen and broaden pragmatic bilateral cooperation: Vice Premier
- China urged Netherlands to not hinder cooperation in semiconductor industry, not to abuse export controls
+ China about 90% of Boeing 737MAX have resumed commercial operation as of end Jun
+ China’s coverage of 5G will reach >90% with installation of another 360,000 base stations this year
+ Huawei to launch new generation Mate series flagship smartphones, expects 5G connections worldwide to reach 5bn by 2030
+ Baidu claims its AI language model Ernie has outperformed OpenAI’s ChatGPT in some key metrics
+ Guangzhou Auto unveiled electric flying car
+ Foxconn chairman: Apple has no plan to transfer supply chain out of Chinese mainland
+ Foxconn to invest US$246m in 2 projects in northern Vietnam
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+ BOJ held a record 53.34% of outstanding Japanese govt bonds at end Mar
- Japan to take action against Yen’s weaking: MOF; dollar tops ¥145, highest level in >7 mths
- Japan govt highlighted need for constructing reliable supply chains with like-minded countries, better prepare for geopolitical risks related to China
+ Toyota’s global output of vehicles hits May record, rose 33.4% YoY to 847,000 units as chip shortage eases
- Russia ruble sinks to 15-mth low, central bank may hike rate at next meeting
+ Russia’s foreign debt continued to shrink in Q1, debt dropped US$25.9bn to multi-year lows
+ Russia to legalise cryptocurrency, digital money could be used in foreign trade: official
+ Argentina made its latest payment US$44bn loan to IMF using SDRs and Chinese yuan
+ Argentina will start to accept China’s yuan for deposit-taking in savings and current accounts
+ Bolivia taps China, Russia in bid to unlock huge lithium riches; has long struggled on ramp up output
- Global oil demand will keep growing to hit 110m bpd by 2045: OPEC predicted
๐ช๐บ ๐ฉ๐ช ๐ฌ๐ง ๐ซ๐ท ๐ณ๐ฑ ๐จ๐ญ ๐น๐ท
- Eurozone annual inflation eased slightly, fell to 5.5% in Jun, down from 6.1% in May
- Eurozone banks reporting rise in arrears on loan payments
- ECB still not seeing enough evidence of drop in core inflation: Lagarde
+ Eurozone should tighten fiscal policy in 2024 to curb inflation: European Fiscal Board
- Germany business climate index dropped to 88.5 this mth from 91.5 in May; sentiment weaken
- Germany objected to EU’s plan to use frozen Russian Central Bank assets for Ukraine’s reconstruction: FT
- Germany around €125bn direct investment flowed out of the country in 2022
- Shell still shipping Russian gas despite pledge to stop
- France rocked by a wave of protests after a 17-year-old youth shot by police
- Dutch firms must seek licence before exporting chip gear: govt
- UBS preparing to cut >50% of Credit Suisse workforce starting next mth
+ Switzerland vetoes exports of 100 tanks to Ukraine
- Turkish lira hits all-time low against USD after central bank stopped using forex reserves to maintain exchange rate
๐ฐ๐ท ๐ธ๐ฆ
- Samsung skipped MWC Shanghai 2023 trade show, marks the first time the firm has not taken part since at least 2017
+ South Korea’s downtrend in exports likely slowed in Jun, trade balance set to swing to surplus first time in 16 mths
+ South Korea aimed to issue record number of visas for foreign skilled workers this year
- Saudi Arabia set to cut oil supply to US: Bloomberg
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- Indonesia state revenue will be affected by world commodity downturn
- Thailand household debt in Q1 soared to 16 trillion baht, accounting 90.6% of GDP
+ Thailand 2023 growth outlook raised to 3.9% as tourists return: World Bank
- Thailand’s top 3 banks have combined NPLs of >US$9.6bn, highest in SEA
+ Thailand’s central bank said would further relax foreign exchange regulations in H2, to encourage capital outflows
+ Thailand new Suvarnabhumi airport terminal on track for Sept opening
+ Malaysia economic growth should not be sacrificed to achieve net-zero target: Anwar
+ Sarawak Energy aims to install at least 400MW floating solar power capacity to meet rising demand for renewables from neighbouring countries
- SG GDP could slow to 0.4% in 2023, below official outlook: ICAEW
+ Sg is home to more than half of Asia’s family offices: KPMG
+ Sg outstanding value of index swaps pegged to SORA climbed to almost US$2 trillion at end May, >60% higher than in Jun 22
+ MAS proposed key criteria for early retirement of coal plants, have to be shut by 2040
+ Sg condo rental slid 0.6% MoM , rents on HDB continued to rise, up 1.1% from Apr: SRX, 99.co
+ Sg n Sichuan firms signed 6 new MOUs at trade investment meeting in Chengdu; bilateral trade hits record US$2.7bn in 2022
+ Sg hotel’s overall room revenue hit $398m in May, up 9.1% from April, up 72.7% from May 2022: STB
+ Temasek sold 1.85% stake in SIA, continue to be major shareholder with 53.5% stake
- Temasek-backed Tessa Therapeutics, one of top-funded biotech starts in Sg, to cease operations after failure to raise funding
Contribution by Derek@valueinvestments chat group. Thank you
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