Wolf Money(world market review 25 Sept -01 Oct 2023)

-



Kumari Nahappan Malaysia 1953

Suara: 2A, 2B & 2C circa 2005

Collection of National Gallery Singapore 



Market Summary 25 Sept-01 Oct 2023

πŸ‡ΊπŸ‡Έ πŸ‡ΊπŸ‡Έ πŸ‡ΊπŸ‡Έ πŸ‡ΊπŸ‡Έ πŸ‡ΊπŸ‡Έ

+ US inflation up 0.4% in Aug, core PCE price index gains 0.1%; up 3.9% YoY, personal income up 0.4%, saving rate dips to 3.9%  

+ US House voted 335-91 to extend govt funding through mid-Nov, to avert govt govt shutdown 

+ USD on track to post its biggest quarterly gain in a year up for the 11th consecutive week 

+ Fed maybe done with rate rises: Fed’s William Bank of NY President 

+ US Presidential hopeful Robert Kennedy Jr to run as independent in 2024 election  

- US equity funds witnessed biggest outflows of net US$11.69bn in 7 days to Sept 27, biggest of any week since Jun 2021 

- Biden administration’s plan to slash offshore oil drilling plan n gas leasing

- US telecom agency’s proposal to reinstate net neutrality rules could force removal of equipment from Huawei, ZTE from us networks, data centres 

+ Intel said begun high-volume production using extreme ultraviolet EUV lithography machines at its US$18.5bn plan in Ireland 

- US BIS introduced export restriction on 28 int’l firms, including Russia’s titanium exporter, Boeing’s titanium supplier 

- US United Auto Workers strikes spread as 7000 more workers at 2 plants join in, against General Motors and Ford Motor 

- US automakers said they face US$14bn fines from Biden’s unfeasible fuel rules 

- US M&A activity globally total value fell slightly to US$717.4bn during Sept qtr, from US$738.1bn last year 

- United Airlines pilots accept new labour contract with up to 40% raises and other benefits 

+ Wells Fargo sold about US$2bn of its private equity investments, to sharpen focus on its core businesses 

- Apple staff met with Chinese officials in recent to discuss Beijing’s crackdown on western apps: WSJ 

- US antitrust regulator sued Amazon, accusing of running an illegal monopoly in online retail 

- Binance will sell its Russia business to newly launched exchange CommEX to comply with US sanctions  

- Tesla may miss estimates for 3rd qtr deliveries due to planned factory shutdowns and soft demand 

πŸ‡¨πŸ‡³ πŸ‡¨πŸ‡³ πŸ‡¨πŸ‡³ πŸ‡¨πŸ‡³ πŸ‡¨πŸ‡³ 

+ China’s official manufacturing PMI hit 50.2 in Sept, first time in positive territory since Apr 

+ China to meet growth target of around 5% in 2023: IMF

+ China’s major industrial firms saw profit rebound strongly in Aug, up 17.2% YoY

+ China’s outstanding external debt totalled US$2.43 trillion at end Jun, down 2% or US$57.1bn recorded end Mar 

+ China’s outbound direct investment value in 2022 came in world 2nd at US$163.1 bn, >10% of global total for 7 yrs 

+ China upgrades digital RMB payment services to improve profile, to make process payment more user-friendly for foreigners 

+ Chinese cities started implementing lower mortgage rates for first-time homebuyers, >40m mortgagors would benefit 

+ China’s new home prices rose 0.05% on average from previous mth in Sept, breaking 4-mth decline

- China blocks executive at US firm Kroll from leaving the country: soueces  

+ China’s negative lists for foreign investment reduced by >80% since 2013

+ China’s shipbuilding output reached 27.98m deadweight tonnes (dwt) 1st 8 mths, up 16.9% YoY 

+ China, Mongolia, Russia trial of int’l road transport route connecting the 3 countries on Asia Highway 4 has completed 

+ China Eastern Airlines singed purchase contract with COMAC for additional 100 C919 planes 

+ China to expect 896m domestic tourists travelling this year’s Mid-Autumn and National Day holidays, up 86% vs last year 

- Evergrande chairman Hui ka Yan been put under police surveillance over suspected illegal crimes, shares halted  

+ Huawei unveiled string of new products, includes brand-new-high-end smartphone ultimate design

+ Huawei’s HarmonyOS 4 or Hongmeng has >60m users now, with about 1.2m new users added every day 

- HK’s base rate rises by most in 22 years, bigger in borrowing costs 

+ HK’s retail sales by value rose 13.7% YoY in Aug as China tourists return 

+ HK maintains 4th place in global financial centres index 


Contribution by Derek@valueinvestments chat group. Thank you

Please consider following us on telegram for the latest update on Lone Wolf investor by clicking on the link below. No form filling, no payment required, no collection of data, no data mining, no hard selling, no obligation. 

https://t.me/joinchat/oCgkD3sQFRMzMWM1



Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.

Comments

Post a Comment

Popular posts from this blog

Wolf Money(Portfolio update for end April 2024)part 1

-
Image
  (Image credit The Star Media) (Swamp of people going into Shenzhen) Bye Singapore! Hi Malaysia, 2026 This write-up was inspired by a video posted on YouTube. The video talks about Hong Kong hollowing out by Shenzhen. The recent phenomenon of Hong Kongers going to Shenzhen to play, eat and stay is gathering pace with close to 2 millions making the crossing to Shenzhen during the recent Easter Holiday. That is close to 30% of the current HK population leaving for Shenzhen. With deflation taking root in China, things are much cheaper in Shenzhen. The poor economy in HK is another push factor with Hong Kongers trading down their consumption. One traveller from HK mentions his spending in the mainland only cost him 1/3 of the usual price he paid in Hong Kong. Hong Kongers are shopping at Sam’s Club in Shenzhen buying everything from groceries to electronics. The commentator interviewed restaurants and shop owners in HK, most experienced a 30% drop in sales during the holiday.  *T...
Read more

Wolf Money(The death of the Singapore Stock Market-My view on the final offer for Great Eastern Holdings)

-
Image
(The Death of the Singapore Stock Market) Great Eastern Holdings(extract from end of month portfolio update) Today we are here to attend the funeral of the Singapore stock market. Besides the low valuation suffered by our market participants, investors of our market have to navigate the complexity of low ball offers from majority shareholders. One would expect a local banking giant to lead as a beacon for good corporate governance. Unfortunately, they have decided to turn a blind eye and join the dark side of the forces, blatantly ignoring the IFA report to pay a fair price for GEH. I could have walked away quietly by accepting the offer for a gain in excess of 40% in 3 months, but I can’t walk away without my conscience pushing me to express my thoughts on this whole takeover saga. I started the journey by supporting Chin Woo. His leadership is top-notch. I think most minority shareholders will agreed, without Chin Woo’s effort, the minority would have been in a much inferior position...
Read more

Wolf Money(My views on Great Eastern offer)

-
Image
   (Image credit: NLB archive: Singapore Press Holdings; An old article on OCBC previous takeover of GEH in 2006. Is the end game near for the longest takeover exercise in Singapore corporate history that stretches across two decades?) Great Eastern Holdings(extract from end May portfolio update) First of all before I go further, the views shared are mine, alone. It doesn’t reflect anybody views and it is also not to undermine the good work of the independent financial advisors which are been tasked to assess the fairness of this voluntary unconditional general offer by OCBC. Kindly do take my commentary with a pinch of salt given my vested interest in GEH. My view shouldn’t be taken as cardinal truth on what you should do with your GEH shares. Kindly do your own due diligence and seek professional advice. I praise and thank OCBC for starting the ball rolling with this privatisation offer. I believe the bank is capable of doing more for Great Eastern’s minorities. The offer of...
Read more