Wolf Money(world market review 7-13 Aug 2023)
Market Summary 7-13 Aug 2023
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- Moody’s cuts ratings of 10 US small to mid-sized banks, said may downgrade some nation’s biggest lenders
+ US CPI rose 3.2% YoY in Jul, picking up first time in 13th mth, core CPI at 12-mth rate of 4.7%, both less than expected
- US producer price index rose 0.8% annually, wholesale prices rose 0.3% from Jun to Jul, highest mthly increase since Jan
+ US treasuries on course for record year of inflows as investors chasing some of highest yields in mths pile into cash n bonds: BofA
- Americans applying for jobless benefits up last week, rose by 21,000 to 248,000
- US total household debt jumped by US$16bn to US$17.06 trillion in Q2
- US to propose rule effectively end anonymous luxury-home purchases, closing loophole allows corrupt oligarchs, terrorists, other criminals to hide ill-gotten gains
- California only 16% households could qualify to purchase a median-priced single-family home in Q2, vs 19% in Q1: CAR
+ US housing market regained nearly US$3 trillion that was wiped out during past year’s slowdown to total value to record US$47 trillion: Redfin
- Biden issued executive order restricting US investments in key Chinese technology sectors
- US credit card debt rose by US$45bn in Q2, surpassing US$1 trillion for the first time ever
- US top 5 weapons contractors made US$196bn in military-related revenue in 2022
+ US discussed creative ways to help landlocked Mongolia export rare earths: officials
+ US-China agreed to double weekly flights
+ US many workers are turning to ChatGPT to help with basic tasks: Ipsos poll
- WeWork says substantial doubt it can stay in business; to stay afloat depends on boosting liquidity, profitability over next year
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- China CPI fell into negative territory in Jul for the first time in 28 mths, declined by 0.3% YoY
- China’s Jul exports fell 14.5% YoY, imports contracted 12.4%: custom data
+ China’s producer price index fell 4.4% in Jul YoY
- China loans plunged to 14-year low, new loans reached ¥345.9 trillion in July: PBOC
+ China ramping up research and development of new generation of chips, new products aim to launch within 5 years
+ China CSRC held meeting with several top developers n financial institutions to understand problems with sales, debts
- Country Garden warned investors in HKSE filing may likely record a loss of up to US$7.6bn in H1
- China criticised US move to ban new investment in key technology industries, vowed necessary countermeasure
+ China’s export controls on gallium and germanium are necessary to maintain national security: Ministry
+ China confirmed 592 tons of gold reserves in country’s largest gold mine with potential economic value of >¥200bn
+ China’s foreign trade grew by 0.4% YoY in first 7th mth to US$3.28 trillion, at US$80.6bn in Jul mth
- China US trade reached US$366bn in Jan-Jul period, down 9.6% YoY, volume accounts for 11.2% of China’s total foreign trade
+ China’s trade with BRI economies reached US$1.12 trillion, up by 7.4% YoY
+ China’s forex reserves rose for 2nd mth in Jul, gold reserves increased for 9th mth in a row
+ China will allow provincial-level govts to raise abt ¥1 trillion via bond sales to repay the debt of local-govt financing vehicles
+ Chinese yuan in Russia’s foreign exchange transactions hit new high of 44% in Jul
+ China-made NEV sales reached 3.65m in H1, up 48% YoY, account >60% of global NEV market, total auto exports may surpass Japan by year-end
+ China exported 88,000 new-energy passenger vehicles in Jul, up by 80% YoY, accounting for 27% total passenger car exports
- China issued report on US fulfilment of WTO obligations for 1st time, slamming US for destroying multilateral, trade bullying
+ China allowed gp tours to US, UK, Australia, Japan and South Korea in test for travel demand
+ SMIC’s sales revenue Q2 up by 6.7% to US$1.56bn, gross margin of 20.3%, down 0.5% QoQ
+ China’s no. 2 chip foundry Hua Hong made trading debut in Shanghai A-share market largest IPO this year after raising US$2.95bn
- Ant Gp to reduce stake in India’s Paytm to 13.5% from 23.8% as investment climate worsens
+ Greater Bay Area plans maglev railway with speed of 650 km/hr
+ China’s first int’l cruise in 3 years sets sail from Shanghai to Japan
- HK Jul foreclosures surged the most in 5 years; higher rates affected homeowners’ ability to pay mortgages: Centaline
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- Japan producer prices rose 3.6% YoY in Jul, making 29 consecutive mth of increase: BOJ
- Japan’s real wages in Jun fell 1.6% YoY, declining for 15th straight mth
- Yen fell to the weakest since 2008 against euro, eyes 145 per dollar
+ Honda Motor reported Q2 profit more than doubled on healthy sales of its motorcycles and cars
- Russia ruble slid to a new 16-mth low against dollar at 98 rubles to the greenback
+ Russia launched first moon mission in nearly 50 years, aim to search for frozen water near moon’s south pole
- Russia cancelled tax agreements with 38 Western countries
+ New Development Bank set up by BRICS countries needs to increase its local currency fundraising and lending: SA minister
+ Oil prices edged higher after IEA forecast record global demand, tightening supplies, 7th straight weekly gain
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- EU natural gas prices hit their highest level since mid-Jun: ICE
- German industrial output fell for 2nd consecutive mth, down by 1.5% MoM, wider than 0.1% slip in May
+ Germany’s largest VC funds Bertelsmann Investments planning US$700m investment in Chinese start-ups over next 3-5 years
+ UK GDP up 0.2% vs previous qtr, driven by strong rises in manufacturing, consumer, govt spending
- UK food will remain more expensive than before the cost-of-living: BoE
- UK senior govt ministers warned Chinese EVs imported to UK could be used to spy on Britain
+ Virgin Galactic rockets its first tourist passengers into space
- France jobless at 7.2% in Q2 vs 7.1% in Q1, remain at historically low
- Italy govt approved a one-off windfall tax of 40% on bank profits for 2023, sending bank shares plummeting
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+ India raised imports of at least 25 major commodities from China
- India banned domestic military drone-makers from using Chinese-made components in recent mths, citing security concerns
- Adani Ports auditor Deloitte to resign after flagging concerns
- South Korea’s exports fell 15.3% YoY in first 10 days of Aug on weak chip and petroleum exports
- South Korea’s posted fiscal deficit of US$63.9bn through Jun
+ South Korea logged current account surplus for 2nd straight mth in Jun at US$5.87bn, following surplus of US1.93 bn in May
- Egypt’s headline inflation in July rose to all-time high of 36.5% in Jul
+ Mongolia to deepen cooperation with US to mine rare earths: PM
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+ Indonesia plans more tax incentives to attract global EV producers, cabinet agreed to offer 0% export duty, no sales tax: sources
+ Indonesia economic growth increased by 5.17% YoY in Q2, beats expectations despite drop in exports
- Indonesia retail sales contracted for 3rd straight mths, consumer confidence slipped 2 consecutive mths in Jul
- Thai consumer confidence declined for the first time in 14 mths in Jul, dented by political uncertainty, slow economic recovery
- Thailand had 1.83m Chinese tourists visited in first 7 mths, only 20% of same period in 2019; due to visa issues, flight availability
+ Thai Airways Int’l Q2 revenue up 73.7% YoY, net profit 2.26bn baht vs net loss of 3.2bn baht a year earlier
- Vietnam’s GDP growth to slow to 4.7%: World Bank
+ Malaysia state polls: PH and PN retain 3 states each in status quo result
+ Malaysia secured RM5.2bn worth of investment commitments in digital economy sector from China n Singapore: Minister
+ Malaysia’s jobless rate fell to 3.4% in Jun from 3.5% in May
+ Malaysia govt plans to provide funds to help raise salaries of employees to help ease burden: Anwar
+ Malaysians higher wage expected through budget 2024: Minister
+ Malaysia anticipates 18m visitors this year: Tourism Malaysia DG
- Sg cuts 2023 economic growth forecast to 0.5-1.5% on weak export outlook
+ PM Lee to address public housing concerns, CPF savings for older workers in National Day Rally
- Sg life insurance sales fell 16.7% to S$2.2bn in H1
Contribution by Derek@valueinvestments chat group. Thank you
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