Wolf Money(world market review 4-10 Sept 2023)
Donation by Andrew Gn
Collection of Asian Civilisation Museum
Market Summary 4-10 Sept 2023
๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ
+ US jobless claims hit lowest level since Feb, fell 13,000 to 216,000 in week ended Sept 2
- US equity funds see outflows for 6th week in a row, investors withdrew net US$5.96bn vs US$4.42bn previous wk
- US factory orders down 2.1% in July; manufactured durable goods down 5.2%, non-durable goods up 1.1%
- US US$7.6 trillion govt debt will mature within a year, represents 31% of all outstanding govt debt
- US lawmaker called for ending Huawei, SMIC exports after chip breakthrough
+ Nasdaq gets SEC approval to launch first exchange AI-driven order type
- US housing affordability remained at record low in Jul; high mortgage rates and prices kept home ownership out of reach: NAR
+ US top chipmakers, tech firms including Intel, Global Foundries, Google to attend business meeting in Hanoi with Biden
+ US firms showcasing latest high-tech innovations at China Int’l Fair for Trade in Services (CIFTI)
- Apple’s market value fallen nearly US$200m after reports China banned govt workers from using iPhones
+ Apple plans to launch iPhone 15 models on Sept 12
+ Nvidia announced AI partnerships with Indian Reliance Industries, Tata Gp to develop cloud infrastructure, language models
- ChatGPT’s monthly website visits decline for 3rd mth in a row in Aug
- US has pledged to provide Ukraine with US$5.4bn in Russian frozen funds
- WeWork will attempt to renegotiate nearly all its leases and may exit some properties
๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ
+ China’s CPI rose by 0.1% on yearly basis in Aug, up by 0.3% MoM, back to positive territory
- China’s PPI down 3% YoY in Aug, average PPI first 8 mths down 3.2% YoY
+ China’s Caixin services PMI stood at 51.8 in Aug, down 2.3 pts MoM, remain in expansion territory
- China’s foreign reserves fell 1.38% or US$44.2bn to US$3.16 trillion end Aug
+ China’s major state banks to lower interest rates on existing mortgages for first-home loans
- China’s Aug exports down 8.8% to US$284.87bn in 4th straight mth, imports slid 7.3% to US$216.51bn, trade surplus US$68.36bn vs US$80.6bn in Jul
+ China newly implemented tax refunds, tax and fee cuts, deferral, amounted to ¥1.05 trillion (US$145.86bn) in first 7 mths
- China barred govt official from using iPhones or any other foreign-brand devices for work purposes
+ China 5 ministries issued a 3-year action plan to boost innovative development of metaverse industry
- China-US trade down 8.7% YoY in first 8 mths to US$420 bn
+ China-India trade up 5.2% in Jan-Aug to reach US$84.49bn
+ China sales of new energy passenger cars expanded 34.5% YoY to 716,000 units in Aug to total 4.44m units
+ China aims to bring this year’s NEV sales to 9m units, increase of 30% YoY
+ China’s passenger vehicles sales returned to growth in Aug YoY, up 2.2% to 1.94m units
+ Shanghai handled total of 60 China-Europe freight trains as of Aug, exceeding last year’s annual total
+ Ban of China opened its first branch in Saudi Riyadh, to further expand use of yuan in finance and trade
+ China said 90 countries have confirmed attendance for Belt and Road Initiative conference in Oct
+ China’s world largest LNG carrier developed by Hudong-Zhonghua won approval from major maritime classification societies
+ China’s first home-built cruise liner completed 2nd trial run
+ Huawei started offering higher-end version of Mate 60 Pro+ smartphone for presale
๐ฏ๐ต ๐ท๐บ ๐ฒ๐ฆ ๐
+ Japan’s current account surplus expanded > threefold in Jul YoY to 2.77 trillion yen, a record for the mth
- Japan economy grew 4.8% annual pace in Q2, below earlier estimate of 6% growth
- Japan’s household spending fell 5% in Jul YoY, biggest drop in >2 years
+ SoftBank’s US$50 bn ARM IPO 6 times oversubscribed
- Russia will extend voluntary cut in oil exports by 300,000 bpd until end year
- Morocco earthquake killed >1000 ppl
+ G20, US and allies outlined plans to create a rail and shipping corridor linking India and Middle East and ultimately Europe
+ G7 and allies stopped carrying out regular reviews of price cap on Russian oil even though it is now reading well above ceiling
- Oil prices rise to 9-mth high on worries about tight supply
- Global rice prices reached 15-year high in Aug after top exporter India banned some overseas sales
๐ช๐บ ๐ฉ๐ช ๐ณ๐ด ๐ต๐ฑ ๐น๐ท ๐ฌ๐ท
- OECD said ECB needs to raise interest rates further to put inflation back towards its 2% target
- Eurozone’s grew less than initially estimated by 0.1% over Q2 compared to previous 3 mths
- Eurozone’s final composite PMI plunged to 46.7 in Aug from July’s 48.6
- Germany’s industrial dropped 0.8% MoM in Jul, from -1.4% in Jun, for the year down 2.1%, >7% below pre-covid level
- Germany’s decades of prosperity are coming to an end: El Pais
+ Mercedes-Benz sees growth opportunity in China and would like to capture it: CEO
- Norway’s NBIM, manager overseeing US$1.42 trillion oil fund, is closing Shanghai office, shifting regional base to Singapore
- Poland recorded biggest drop in GDP among 27 members of EU in Q2, GDP decline 2.2% YoY: Eurostat
+ Turkey proposed national currencies trade with Russia, aims to bring annual turnover to US$100bn
+ Greece credit rating raised to investment grade for first time since debt crisis
๐ฎ๐ณ ๐ฐ๐ท ๐ฆ๐ช
+ India, US, Gulf states likely to sign mega infrastructure deal to connect Middle East: G20 Summit
+ South Korea’s current account posted surplus for 3rd consecutive mth in Jul; but a recessionary surplus as imports fell more than exports
- SK Hynix chips found in US-sanctioned Huawei phones
+ Abu Dhabi 2nd largest state fund Mubadala formally opened its Beijing office, to focus on direct investments, fund investments
๐ฎ๐ฉ ๐น๐ญ ๐ฒ๐พ ๐ธ๐ฌ
+ ASEAN Summit officially kicked off in Jakarta
+ Indonesia says China pledged US$21bn in new investment to strengthen ties
+ Indonesia and China discuss extending Jakarta high-speed railway to 2nd largest city Surabaya >700km across island of Java
+ Thailand’s new PM Srettha and his cabinet sworn into office, nearly 4 mths after general election
+ Thailand new govt set to unveil measure to tackle high cost of living and near-record household debt
+ Anwar: Cyberjaya has potential to become preferred technology investment location
+ Melaka state govt is ready to offer commercial airlines incentives that want to operate at Melaka Int’l Airport
+ Sg tax collection up 13.1% to S$68.6bn in FY 2023
+ Sg record number of million-dollar flat transactions hit new high in Aug, with 54 HDB flats changed hands for S$1m or more
+ Sg, Indonesia to further strengthen cross-border electricity trade
+ Sg F1 race pledged to halve energy emissions from annual event by 2028
Contribution by Derek@valueinvestments chat group. Thank you
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