Wolf Money(world market review 11-17 Sept 2023)

Bio Quang Anh Vietnam 1940

Reconnaissance Squad of Battalion 33, Heroic Engineers on the Ho Chi Minh Trail circa 1970-71

Collection of National Gallery Singapore 

Market Summary 11-17 Sept 2023

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- US CPI up by 0.6% in Aug or 3.7% YoY, largest increase MoM in 14 mths, gasoline prices jumped 10.6%, account for >50% of increase 

- US factory production rose 0.1% in Aug, down 0.6% YoY, data for Jul revised lower to 0.4% instead of 0.5%

+ US import prices up 0.5% in Aug, down 0.3% YoY, export prices up 1.3% MoM, down 5.5% YoY 

- US producer price index up a seasonally adjusted 0.7% in Aug and 1.6% YoY 

+ US retail sales climbed 0.6% in Aug, well above the 0.1% estimate 

- US retailers will hire lowest number of seasonal workers this holiday season since 2008 due to increased labour costs, shaky consumer confidence

- US junk-related firms are using debt issuance window to extend liabilities to extend billions of dollars short-term liabilities but at higher costs: Morgan Stanley  

+ US Sullivan and China’s Wang Yi met for talks in Malta

- US Republicans called for tougher measures against Huawei, SMIC 

- US autoworkers launched historic strike at GM, Ford and Stellantis plants, first time in 88 years 

- US imposed sanctions on Russian automakers, >100 entities and 20 individuals been included into blacklist 

+ Pfizer’s US$43bn bid for Seagen to be decided by EU antitrust regulators by Oct 19 

+ JPMorgan to offer online payroll services 

- Ray Dalio says to hold cash temporarily, but don’t buy debt and bonds: CNBC 

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+ China’s central bank to cut reserve requirement ratio (RRR) by 0.25% pts, to release >US$68.7bn in liquidity to boost economy 

+ China’s value-added industrial output up 4.5% YoY in Aug, rose 3.9% in first 8 mths: NBS 

+ China’s retail sales of consumer goods up 4.6% YoY in Aug vs 2.5% up in Jul

+ China’s fixed-asset investment up 3.2% in first 8 mths, total investment at US$4.5 trillion 

+ China’s service production index up 6.8% YoY in Aug, growth rate was 1.1% vs previous mth 

+ China’s urban jobless rate falls to 5.2% in Aug, down by 0.1% from Jul, 

+ China accelerated construction of govt-subsided rental housing projects to solve housing issues for new citizens, young ppl

- China 17 out of 70 large and medium-sized cities reported MoM increases in new home prices in Aug, down form 20 in Jul 

- China state-backed property developer Sino-Ocean halts offshore debt repayment until restructuring implemented

+ China air industry transported record high of 63.964m passenger trips in Aug, increase of 98% YoY, or 4.5% rise in 2019 

+ China proposed transforming Fujian province into a zone for integrated development with Taiwan

- China’s defence minister under investigation, being removed from post: Media 

+ China’s MOF to issue ¥5bn of treasury bonds in Macao 

+ China’s electricity consumption usage up 3.9% in Aug YoY, driven by robust industrial power demand 

+ China’s exports of NEVs soared 110% YoY in first 8 mths 

- China blasts EU’s investigation into EV subsidies, warns retaliation 

+ China’s Xuanyuan Gp plans to build a massive logistics hub in Amur Region Russia’s Far East 

+ China expects 190m railway trips during upcoming 12-day travel rush for National Day holiday, overlapping Mid-Autumn

+ Huawei-backed Aito launched new version M7 compact SUV, featuring cutting edge, autonomous driving tech 

+ Huawei Harmony Operating System (OS) will enter PC sector in 2024 

+ Huawei launched its first gold smart watch, priced at about ¥23,000

- TikTok fined €345m for breaching privacy laws over handling of children’s data in Europe 

- TSMC informed its major suppliers to delay chip equipment deliveries: sources 

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+ Japan’s core inflation likely to ran at 3% in Aug: Reuters poll 

+ SoftBank said to seek AI deals including potential investment in OpenAI after listing ARM   

- Russia’s central bank raises key interest rate by 100 bps to 13%, 3rd hikes in 2 mths 

+ Russian Northern Sea Route (NSR) within Artic waters is experiencing unprecedented surge in development: Minister 

+ Russia routes thin-hulled oil tankers through Arctic for the first time 

- Russian home prices up 73% in 3 years 

+ Russia’s largest lender Sber posted record earnings, had earned US$10.5bn in first 8th mths of the year: CEO

- Russian business have withdrawn at least US$50bn in assets from EU since start of Ukraine war: Bloomberg 

+ Russia’s largest private lender Alfa-Bank set to open offices in China

- Argentina CPI soared 12.4% in Aug vs previous mth, highest since Feb 1991, annual inflation rate rose to 124.4% 

- Uranium prices hit 12-year high 

+ Oil prices hit 10-mth high, posted 3rd week gain on tighten supply, China optimism 

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- ECB raised interest rates by 25bps to 4%, 10th consecutive hike, highest level since the introduction of euro in 1999

- Euro fell for 9th straight week, biggest run of declines since created >2 decades ago

- EU announced an investigation into Chinese subsidies for EVs 

+ Eurozone banks to repay €34bn of ECB loans 

- Germany’s construction sector on the brink of collapse, putting in jeopardy the overall economy: The Economist 

+ Germany reportedly continued importing large volumes of Russian oil from India

- UK economy shrank by 0.5% in Jul amid industrial action and extremely wet weather 

+ Maersk unveiled world’s first vessel using green methanol, emits 100 tons of carbon dioxide less per day vs diesel-based ships 

- Poland threatened permanent ban on Ukraine grain if EU does not extend own blockwide import bank  

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-Australia’s Qantas illegally sacked workers during Covid, court rules

+ Saudi Arabia plans to raise US$11bn in 2023 biggest EMEA loan 

+ Saudi Arabian ICT and Chinese firms to launch construction of 100MW data centres in the kingdom 

+ Hyundai and LG Energy break ground on EV battery plant in Indonesia 

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+ Indonesia’s trade surplus in Aug widened slightly from a mth earlier amid falling imports: Reuters poll  

+ Indonesia asked China’s Geely to help build homegrown EV by 2026

+ Thailand approved temporary visa waiver for visitors from China, Kazakhstan during year-end high season  

+ Malaysia-Singapore to hold Leaders’ Retreat in Oct, to discuss and finalise details for a proposed Johor-SG SEZ

+ Malaysia Industrial Production Index grew 0.7% YoY after contraction 2.2% in Jun, driven by mining and electricity sectors 

+ Anwar to meet Chinese Premier Li Qianf in Nanning on Sunday 

+ Sg working with Malaysia and Indonesia to build a strong regional supply chains 

- Sg number of employed citizens and PR residents fell for the first time since Q2 2020: MOM 

+ Sg reaping rising investment from China, India, SEA: EDB

- Sg developers sold 394 new private residential units in Aug, 72% lower than July’s sales figures, 10% lower YoY  

- Sg F1 attendance down, but hotel bookings may still exceed 2022 levels 

Contribution by Derek@valueinvestments chat group. Thank you

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