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

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+ 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 

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+ 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

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