Wolf Money(world market review 20-26 Nov 2023)
Market Summary 20-26 Nov 2023
๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ ๐บ๐ธ
+ US black Friday shoppes spend a record US$9.8bn in US online sales, up 7.5% YoY
- US Oct existing home sales fell 14.6% YoY to 3.79m units as median price up 3.4% to US$391,899
- US-EU delay a trade meeting due to take place next mth amid deadlock in negotiations
- Citigroup to layoff >300 senior manager positions
- US transition to EVs faces delays with concerns about vehicle range and limited charging capacity
+ Tesla ready to invest up to US$2bn in India if the govt approves a concessional duty of 15% of its imported vehicles first 2 years
+ US EV sales expected to hit record 9% of all passenger vehicles
- Nvidia delaying launch of new AI chip it designed to comply with US export rules unit Q1 24
- Ford to scale back plans for US$3.5bn battery plant as EV demand disappoints
+ Sam Altman will return to lead OpenAI, fires Board that sacked him last week
- Binance CEO Zhao stepped down and pleaded guilty to breaking US anti-money laundry laws, to pay US govt US$4.3bn
+ Amazon set to win unconditional EU antitrust approval for its US$1.4bn acquisition robot vacuum maker iRobot
- X may lose up to US$75m by year end on advertiser exodus: NYT
+ Berkshire Hataway exited India’s Paytm with US$164m sale via block deal
๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ ๐จ๐ณ
+ China may allow banks to offer unsecured short-term loans to qualified developers for the first time
+ China regulators are drafting list of 50 developers eligible for range of financing
+ China left benchmark lending rates unchanged at monthly fixing, 1-year loan prime rate at 3.45%, 5-year LPR unchanged 4.25%
+ China released 10-year vision, action plan for BRI, focusing on green, digital development, supply chain
— China opened criminal investigations into money management of Zhongzhi Enterprise after it revealed shortfall US$36.4bn
+ China-Saudi Arabia’s central banks agreed on 3-year local-currency swap agreement for max of ¥50 billion
+ China said would prioritise small projects and push for greater use of RMB through it B&R initiative
+ China Merchants Port plans to acquire 51% stake in Indonesia port services firm PT NPH for US$61.2m
+ China to roll out 1-year visa-free policy to 5 European countries, Malaysia
+ Shenzhen listed battery giant CATL studying a potential 2nd listing in HK as early as next year
- Jack Ma put off plans to sell hundreds of millions of dollars worth of Alibaba shares after stock plummeted
- Alibaba denied it is about to lay off some 25,000 employees
+ Xiaomi swung to net profit of ¥4.87bn in Q3, posted first revenue gain in near 2 years
+ HK to devote US$30bn to green transformation over next 15-20 years
+ Cathay Pacific expects to achieve consolidated profit for full year, its first profitable year since 2019
- Foxconn founder Terry Gou withdrew from race to be Taiwan’s next president after breakdown of opposition talks
๐ฏ๐ต ๐ท๐บ ๐ฆ๐ท ๐
+ Japan passed extra budget worth US$88bn to hlep households cope rising cost, corporations boost domestic investment
+ Japan industrial output likely grow 0.8% in Oct from previous mth
+ Japan’s core consumer prices rise 2.9% in Oct YoY, above BoJ 2% target for 19th straight mth
+ Nissan to invest US$1.4bn to update its factory in northeast England to make EV versions of its 2 best-selling cars
+ Putin says will endorse a national strategy for development of AI
+ Gazprom set new record for daily gas supplies to China through Power of Siberia mega pipeline
+ Argentina’s new President distanced himself from dollarisation guru Emilio, signs of Milei’s more moderate stance
+ Opec+ moving closer to compromise with African producers on 2024 output level
๐ช๐บ ๐ฉ๐ช ๐ฌ๐ง ๐ณ๐ฑ ๐น๐ท ๐ธ๐ฐ ๐ฎ๐ฑ
+ ECB probably won’t need to increase rates again: Muller
- Germany govt signalled would need to make savings worth double digit billion euros to help solve budget crisis
- Germany’s upper house blocked billions in tax relief package for SME firms
+ German business sentiment improved 3rd straight mth in Nov at 87.3
+ Volkswagen to launch China-specific entry level electric platform
- UK govt urged banking sector to reduce reliance on US payment networks
- HSBC faces potential US$15bn write-down for overvaluation of Bank of Communications
- Netherlands Anit-Islam populist won election on platform call for EU membership referendum, halt accepting asylum-seekers
+ Turkey’s central bank up 5% of its policy rate to 40%, marking 6th big interest rate hike in a row
+ Slovakia’s govt signed MOU with China’s EV battery maker Gotion High-Tech to build a car battery plant
- Israel’s govt budget deficit expected to widen to 9%: FM
๐ฆ๐บ ๐ฎ๐ณ ๐ต๐ฐ ๐ฑ๐ฐ
+ Australia govt to introduce bill giving central bank experts more sway
- India set to miss divestment targets for 5th straight year by more than 50% or US$3.6bn this year
+ Pakistan applies for BRICS membership
+ Sri Lanka likely to approve a proposal from China refiner Sinopec to build a US$4.5bn refinery
๐ฎ๐ฉ ๐น๐ญ ๐ป๐ณ ๐ฒ๐พ ๐ธ๐ฌ
- Indonesia’s state budget tipped into US$45.19m deficit for Jan-Oct period, on course to meet full year deficit target
+ Indonesia launched first carbon storage, utilisation and storage project in West Papua
- Thailand expects up to 3.5m Chinese tourists this year vs target up to 4.4m
+ Thailand will offer 10-year visa for investors in targeted businesses in its industrial eastern region to attract investment
+ Vietnam’s plan for spending US$15bn for its clean energy transition to be announced at COP28
+ Anwar expected to make important announcement regarding country’s economy: Anthony Loke
+ Malaysia’s inflation moderates to 1.8% in Oct, lowest in 30 mths
+ Anwar to meet Thai PM Srettha on border development
+ Penang to have new int’l class industrial parks to meet high demand for industrial land by foreign and local investors: Chow
+ Malaysia needs at least 25,000 workers in cybersecurity filed by 2025
- Sg core inflation accelerated to 3.3% in Oct for the first time since Jan
+ Sg Oct factory output at 7.4% YoY after 12 mths slump
+ Sg industrial production up 7.4%, rebounds for its first gain in >1 year
+ Sg proposed additional regulations further harden stance against retail speculation in cryptocurrencies
Contribution by Derek@valueinvestments chat group. Thank you.
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