Wolf Money(world market review 13-19 Nov 2023)
Market Summary 13-19 Nov 2023
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- US inflation flat in Oct from previous mth but increased 3.2% YoY, both below WS estimates
+ US wholesale prices in Oct posted biggest decline in 3.5 years, PPI down 0.5% in Oct, biggest mthly drop since Apr 2020
- US manufacturing output fell 0.7% in Oct, data for Sept revised to lower to show production up 0.2% instead of 0.4%
+ US retail sales fell 0.1% in Oct MoM, ending 6 straight mths of gains, partly driven by falling prices of gasoline and cars
+ Biden Xi meet in San Francisco Baay area on sidelines of APEC
+ US-China agreed to start talks on AI and commit to working toward further increase in schedule passenger flights early 2024
- US auto strikes sank manufacturing output in Oct
+ US GDP is projected to expand 2.1% in 2024 on full-year basis: Golden Sachs
- Americans filing new claims for jobless benefits increased to 3-mth high last week, rose 13,000 to seasonally adjusted 231,000
- US deflation could be coming this holiday season: Walmart CEO
- SpaceX launched super heavy-starship rocket failed to get to space, blasted off on its 2nd test flight
- OpenAI Sam Altman exits as CEO after ‘board no longer has confidence’ in his ability to lead
+ Microsoft working with investors including Thrive Capital and Tiger Global to restore OpenAi CEO Altman
- US jobs data may be miscounting millions of gig workers: research
- Apple files legal case contesting EU’s digital markets act
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+ China retail sales expanded 7.6% YoY to ¥4.33 trillion in Oct, services sector continued to grow faster than sales of goods
+ China’s GDP fist 3 qtrs reached total ¥91.3 trillion (US$12.48 trillion), growing 5.2% YoY in Q3 alone
- China prices for new and second-hand housing across 70 large and medium-sized cities declined by 0.3% in Oct MoM: NBS
+ China asked some lenders to cap interest financing costs this mth
+ China central bank injected ¥600bn into banking system through MLF, highest in 7 years
+ China established working mechanism to issue ¥1 trillion govt bonds, address financing need of local govt, property developers
+ China’s state planner to step up efforts to attract foreign investment and improve consumption among low n mid income gps
+ China should build a strong team of domestic institutional investors to support Chinese equities growth: regulator
+ China and HK Monetary Authority conduct technical testing on cross-boundary payments of digital yuan
- MOFCOM: EU’s anti-subsidy investigation into Chinese EVs is not-complaint, not-transparent and unfair
+ China issued 3-year plan to boost domestic tourism
+ China-Japan agreed to set up dialogue mechanism for export controls, improving business environment
+ World’s first 1.3TB ultra-high-speed backbone network connecting Beijing, Wuhan and Guangzhou opens in China
+ Xinjiang now a gateway for westward opening-up with surging agricultural produce and vehicle exports
+ Taiwan-Mainland entrepreneurs Cross-Straits CEO Summit held 10th annual summit in Nanjing
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- Japan GDP shrank 0.5% in Q3 vs Q2, below expectation
- Shiseido’s total core operating profit 3rd qtr alone fell 53% to 8.8bn yen, total net sales fell 15.3%, partly due to decline in China
+ Russia lifted restrictions on gasoline exports, cross-border sales of motor fuel were halted in Sept
- Global debt edged to record US$307.4 trillion in Q3, debt-to-output ration in emerging markets hit all-time high
- OPEC+ set to consider whether more oil cuts needed when meet later this mth
- Prices for used Rolex and Patek Philippe watched fell to fresh 2-year lows on secondary market: Bloomberg Subdial Watch Index
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- Eurozone economy fell 0.1% QoQ in Q3, but employment rises
- Eurozone inflation could pick up, growth will remain weak: ECB
- UK retail sales in Oct hit lowest level since Feb 2021 lockdowns, volume of products sold last mth fell by 0.3%
- Man United American owners set to finalise US$33 per share of 25% stake to Jim Ratcliffe
+ Athens home prices are surging faster than other European cities
- Czech Republic reportedly seizing 70 pieces of Russia property
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+ South Korea-China first exchange meeting on practical economic cooperation held in Jilin China
- South Korea prosecutors called for Samsung boss Jay Y.Lee to be jailed for 5 years over 2015 US$8bn merger case
+ Indonesia reported annual budget surplus of RP34.94 trillion as of Q3, anticipating year-end surplus of RP27.19 trillion
- Indonesia’s exports down 10% in Oct due to declining price of coal and plunging plan oil export volume
+ Indonesia to receive trade delegations from US on semiconductors
+ Jokowi invites global CEOs from APEC countries to invest in Indonesia
+ Thailand proposed US$28bn land bridge project easier than Kra Canal, to provide new route between Indian and Pacific Oceans
+ Malaysia and China’s representatives of palm oil industry business sector met in Shanghai to deepen business and trade ties
- Ringgit has been hovering at 25-year lows recent weeks, hitting almost 4.8 to USD last mth, 1st breached 3.5 mark against SGD
- Sg NODX shrank 3.4% YoY in Oct vs Sept’s 23.1% fall
+ IRAS and 47 other jurisdictions to implement crypto-asset reporting framework
+ Sg announced cross-border payment links with Indonesia and Malaysia
Contribution by Derek@valueinvestments chat group. Thank you.
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