Wolf Money(world market review 14-20 Aug 2023)
Donation by Andrew Gn
Collection of Asian Civilisation Museum
Market Summary 14-20 Aug 2023
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- Conference Board said its Leading Economic Index fell 0.4% in Jul after declining 0.7% in Jun, down for 16th straight mth
- Fed remains concerned over unacceptably high inflation, signals potential more rate hikes to cool inflation: FOMC minutes
- US expects to pay record amount of interest from US$475bn in fiscal year 2022 to US$1.4 trillion in 2032 on its national debt
- US top banks like JP Morgan n BofA could be hit with rating cuts due to industry’s deteriorating health: Fitch
- US average rate for 30-year fixed mortgage now at its highest level in >20 years at 7.09%
+ USD set for 5th straight week of gains in longest winning streak for 15 mths
+ SEC set to adopt transparency rules for the US$20 trillion private investment fund industry
- US steps up scrutiny on China EV batteries, components under law on Chinese forced labour
- US imposed import duties on solar panel makers who finished products in SEA nations to avoid tariffs on Chinese made goods
+ Goldman Sachs estimates US home prices to rise by 1.8% this year due to limited inventory, stronger-than-expected demand
- US to impose tariffs on tin-plated steel imports from China, Canada and Germany
+ US 3 largest airlines plan to double number of flights to China
- US drops effort to include anti-whaling language in Indo-Pacific pact
- Cathie Wood’s ARK Innovation ETF down 20% for mth Aug; tech sell-off, rising Treasury yields
+ SpaceX turns profit in Q1 as revenue soars after 2 annual losses: WSJ
- WeWork to proceed with one-for-forty reverse stock split to regain compliance with listing requirements
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+ China set to cut lending rates; expected to target mortgage-linked loan prime rate to support sentiment
- China is assessing impact of US investment restrictions on high-tech sectors, may take countermeasures: Commerce Ministry
+ China’s Jul industrial output up 3.7%, retail sales grow 2.5% YoY
+ China retail sales of services surged 20.3% YoY in Jan-Jul period compared with 7.3% for overall retail sales
+ China unveiled measures to boost stock market; cut trading costs, supports share buybacks, encourage long-term investment
+ China major banks offloading dollars onshore and offshore this week to buy yuan and slow weakening of yuan: Reuters
- China’s US Treasury holdings in Jun hit 14-year low at US$835.4bn
+ China’s banking institutions report growth in total assets, up 10.4% YoY
+ China net inflow of FDI rebounded in Jul to 2nd highest level in nearly a year
+ China to extend special loan program until May 2023 to support ailing developers
+ China developers’ difficulties are temporary; risk set to gradually dissolve amid policy adjustments: NBS
- Evergrande filed for US bankruptcy protection for US$32bn debt overhaul, citing does not involve bankruptcy petition
+ GZ mulls housing vouchers to revive home market
- China suspended publishing youth unemployment figures, citing to review the methodology
+ China’s outbound direct investment up by 18.1% YoY to ¥500.9bn: MOC
- Chinese trust firm Zhrong Int’l, managed assets worth US$108bn end 2022, has missed payments on dozens of products
+ China launched first shipping futures product The Containerized Freight index Futures Contracts listed trading at Shanghai INE
+ China to boost robotics industry with raft of policy measures, seek to speed up innovations and breakthrough
+ China will see busiest travel market in 5 years, estimated 1.8bn domestic trips from Jun to Aug, projected generate ¥1.2 trillion: Tourism Academy
- China launched military drills around Taiwan after vice-president’s US visit
+ Chinese flying car maker EHang completed all necessary tests, closer to take off for commercial use
+ China’s summer box office hits record high at ¥18bn this week vs ¥17.779bn same period in 2019
+ Alibaba, Tencent renew hiring as big tech gears up for growth
- HK stocks log worst week since Mar amid China debt woes, yuan slide
- Taiwan sees economic growth this year at slowest in 8 years
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+ Japanese economic growth in Q2 expanded 1.5% QoQ, fastest rate since 4th qtr of 2020
+ Japan’s core consumer prices rise 3.1% in Jul YoY
- Japan’s trade balance fell back into deficit of ¥78.7bn in Jul as exports dropped for the first time in >2 years
+ SoftBank Gp acquired 25% stake in Arm Ltd does not directly own from its Vision Fund valued at US$64bn ahead of IPO
- Russia’s central bank hiked its main interest rates by 3.5% pts to 12% after ruble hit 17-mth low
- Russia considering partial capital control measures to stem ruble’s slide: Bloomberg
- Russia auto dealer Avtodom could launch production at former Mercedes-Benz plan in Moscow with new partners next year
+ Russia former BMW, Hyundai and Kia Avtotor plant launched production of Chinese commercial JMC vehicles
- Russia taken temporary control of Baltika Breweries, owned by Carlsberg Gp
- Argentina to freeze crude price at US$56/bbl to curb inflation: sources
+ BRICS expected to roll out deepened cooperation mechanism on currency, in push to reduce reliance on dollar
- Bitcoin hit fresh 2-mth low as world markets sell off
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+ Eurozone GDP grew 0.3% in 2nd qtr; latest estimate published by Eurostat
+ Eurozone swung back into large trade surplus of €23bn in Jun as imports from Russia and China fell sharply
+ EU hits gas storage target before Nov deadline
- ECB to raise objections to Italy’s windfall tax on banks’ profit
- German economy will remain stagnant in H2 due to lower demand, tight monetary policy, prolonged energy crisis: Bloomberg
- Germany govt issued new gas price warning: Bloomberg
- Germany’s skilled labour shortage worsens: survey of nearly 9000 firms
+ UK inflation fell to 17-mth low of 6.8% mainly due to lower energy prices
- UK jobless at 4.2% in 3 mths to end Jun compared to 4% in 3 mths to end May
- UK public debt load soared >40% to almost £2.6 trillion since pandemic struck
+ UK biggest weapons makers BAE to acquire aerospace division of US Ball Corporation in US$5.55bn cash deal
- Netherlands GDP shrank 0.3% in Q2 after 0.4% contraction in Q1, entered technical recession
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- India imposed 40% export duty on onions with immediate effect
- Saudi Arabia’s oil exports to 21-mth low, exported totalled 6.8m bpd in Jun, down of 124,000 bpd compared to May
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+ ASEAN to start Defa talks to boost digital economy, unlock US$2 trillion by 2030
+ ASEAN carbon neutrality can unlock US$5.3 trillion economic opportunity: economic ministers
- ASEAN imports from China have plunged for 3 straight mths YoY basis, down 15.9%, 16.9%, 21.4% in mth May, Jun, Jul
+ Indonesia leader to attend BRICS summit amid talk of group’s expansion
+ Jakarta-Bandung HSR now undergoing intensive joint commissioning and testing, paving way for commercial operation
+ Thailand’s economy likely grew 3.1% in Q2 YoY, up for 2.7% previous qtr on higher tourist arrival: Reuters poll
+ Thailand first refined oil project in northeast, built by China Petroleum, went into operation with capacity of 6m ton per year
+ Thaksin to return to Thailand next Tuesday: daughter
- Vietnamese EV VinFast debuts on Nasdaq via a SPAC deal with Black Spade valued at approximately US$23bn
+ Malaysia economic growth weakest in nearly 2 years in Q2 at 2.9% due to sliding exports and global slowdown
+ Malaysia MRT Corp to do feasibility study for building an underground line for Penang LRT in city centre and undersea line
+ PM Lee: No delay in timetable for succession plan
- Sg Jul key exports fell 20.3% in steepest slide since Jan
- Sg S$1bn in cash and assets seized and frozen, 30 foreigners probed for money laundering and forgery
+ Sg July visitors arrivals grew to 1.4m on strong return of Chinese travellers
+ Sg SMEs to get carbon-accounting funding support by year-end
+ SGX H2 profit up 23% to S$286.3m
Contribution by Derek@valueinvestments chat group. Thank you
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