Wolf Money(world market review 21-26 Aug 2023)
Market Summary 21-26 Aug 2023
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- Powell: higher rates may be needed to cool still-too-high inflation, will move with care at upcoming meetings
- US consumer sentiment fell modestly in Aug at 69.5 vs 71.6 in Jul, inflation expectations worsened slightly
+ US economic activity picked up pace in Jul as gauges of production and personal consumption improved: Chicago Fed
- US 30-year fixed mortgage rate hit 7.49% at 23-year high, home-purchase applications fell for 6 weeks to lowest since 1995
+ US lawmakers working to reach agreement on fiscal year 2024 budget by Sept 30 to prevent federal govt shutdown
+ US seeks to extend science and technology agreement signed with China decades ago ahead of Raimondo’s visit
+ US Commerce Dept lifts 27 Chinese entities from unverified list
+ Boeing preparing to restart deliveries of 737 MAX jets to China after 4-year halt
+ US approved 6 more flights by Chinese airlines, 2nd expansion since May
+ US doubles uranium imports from Russia
+ US workers are demanding almost US$80,000 a year to take a new job
- Hawaii wildfire could cause up to US$6bn in losses: Moody’s RMS
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- China’s industrial profits fell 6.7% YoY in Jul vs a drop of 8.3% in Jun, profits declined 15.5% first 7 mths
+ Yuan retained its 5th most used currency for global payments in Jul with share of 3.06%, 2nd time exceeded 3% benchmark
+ China proposed further easing of mortgage policies to support real estate market, insiders predict an “immediate effect”
+ China cuts 1-yrst loan prime rate by 10 bps to 3.45%, leaving 5-year LPR at 4.2%
+ China plans to cut stamp duty on stocks by up to 50% to revive confidence
+ China CSRC seeks to guide more long-term capital into stock market
+ China expanding pilot planting of genetically modified corn and soybeans to more regions
- China imposed ban on all imports of Japanese aquatic products; food, cosmetic, tourism worth US$20bn after nuclear-contaminated wastewater was dumped into ocean
+ China announced tax incentives for investors in tech firms Chinses depositary receipts (CDRs)
+ China to step up support for Africa’s industrialisation, with focus on industrial parks, trade with Africa up 7.4% in first 7 mths
+ China to have >40 countries participating in 20th China-ASEAN Expo in Sept
+ Evergrande says resumption guidance fulfilled, shares set to trade next week
- Country Garden delayed bond repayment vote
- China fined US research firm Mintz Gp US$1.5m for doing unapproved statistical work
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- Japan began discharging treated radioactive wastewater from Fukushima nuclear power plant into the ocean
- Japan >700 exporters hit by China’s seafood ban
+ BOJ will keep current policy until at least Jul 2024: Reuters poll
- Russia demands bigger discounts on price tags of assets westerners want to sell
+ Russia seeks to increase marine exports to China after Japan ban
+ BRICS invited 6 new members to join from Jan 2024; Saudi Arabia, Iran, UAE, Argentina, Ethiopia and Egypt
+ G20 agreed to work on reforms on WTO ahead of key meeting early next year
+ RCEP 2nd ministerial meeting reached multiple agreements on further accelerating implementation of rules under RCEP
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- Eurozone economy contracting at fastest rate in 3 years, Eurozone PMI survey by S&P Global fell to 47 in Aug from 48.6 in Jul
-ECB must gauge digital euro impact on banks before launch: Spanish official
- Germany’s economy stagnated in Q2 from previous qtr, adjusted GDP contracted by 0.2% in Q2
- UK interest rates might have to stay high for some time yet: BOE
+ BP urged world must invest in production of oil and gas to avoid sharp price spikes while speeding energy transition
- Heineken exited Russia with €1 sale of operations
- Turkish central bank raised benchmark interest rate by 7.5% to 25% to curb inflation
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- India’s annual retail inflation at 15-mth high of 7.44% in Jul, food price inflation rose to 11.5%
+ India hopes to conclude free trade deal with UK this year: Minister
+ India Chandrayaan-3 became first spacecraft to land in lunar south pole region, the 4th nation to land spacecraft on moon
+ India is free to join RCEP trade bloc: Chinese minister
- India imposed 20% export duty on parboiled rice
+ Saudi Arabia considering Chinese bid for nuclear plant
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+ Indonesia aims to conclude FTA with Eurasian Economic Union by next year
- Thai exports shrank for 10th consecutive mth in Jul, down 6.2% YoY, slumped 10.8% from Jun
+ Vietnam signed agreement to be part of initiative by 5 other SEA countries to establish cross-border payments mechanisms
+ Malaysia’s inflation eased to 2% in Jul, lowest rate of increase in 11 mths
+ Malaysia looking to export green electricity to new Indonesia capital Nusantara
+ Anwar: special financial zone to be created in the Forest City property development area in Iskandar Puteri
- Sg factory output fell 0.9% YoY in Jul, marked 10 consecutive mths of contractions, key electronic segment returned to growth
+ Sg headline inflation eased to 4.1% YoY in Jul from 4.5% in Jun, core inflation at 3.8% vs 4.2% in Jun: MAS
- Sg services receipts growth slows for 4th straight qtr to 3.9% in Q2, easing from revised 7.7% growth previous qtr
+ Sg based new commodity exchange Abaxx Commodities Exchange aims to launch world’s first futures contract for EV nickel
Contribution by Derek@valueinvestments chat group. Thank you
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