Wolf Money(world market review 6-12 Nov 2023)
Market Summary 6-12 Nov 2023
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- Fed won’t hesitate to lift rates again if needed, not confident the inflation battle has been won: Powell
- Moody lowered outlook on US credit rating to negative from stable, citing large fiscal deficits, decline in debt affordability
- US debt interest bill tops US$1 trillion on annualised basis end Oct: Bloomberg
+ Biden and Xi will meet next week for talks on trade, Taiwan and managing fraught US-China relations
+ US-China set to launch fresh round of economic and trade talks
- University of Michigan’s consumer sentiment index preliminary reading likely 63.7 in Nov vs 63.8 in Oct
+ US unemployment benefit claims fell 3000 to seasonally adjusted 217,000 last week
+ US regulator plans to overhaul federal home loan bank system
+ US 30-year mortgage rate tumbles by most in nearly 16 mths by a quarter percentage pt to 7.61%
+ US companies set for biggest year-over-year gain in quarterly earnings since 2nd qtr 2022
- Biden backed United Auto Workers’ efforts to unionise carmakers Tesla and Toyota
- Berkshire Hathaway plans to sell yen-denominated corporate bonds 2nd time this year
+ Google in talks to invest hundreds of millions in AI startup Character.AI
- Tesla raised prices for 2 models in China due to raising costs
+ Nvidia to release 3 new AI chips for Chian in latest bid to avoid US restrictions
+ Meta struck deal with Tencent to sell VR headset in China
+ Southwest Airlines expects Boeing’s 737 MAX 7 plane will get certification from US FAA by April
+ Wayne Resorts reached tentative labour deal with Las Vegas unions, avoiding strike
+ US announced to provide US$553m in financing for Colombo port terminal project in Sri Lanka, partly owned by Adani Gp
- WeWork filed for Chapter 11 petition under US bankruptcy code
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- China’s CPI fell by 0.2% YoY in Oct back into deflation, while producer prices fell for 13th straight mth, down 2.6%
+ China’s central bank to promote yuan internationalisation with series of targets set for opening-up financial market
- China’s holdings of US Treasury hitting its lowest level in 14 years at end Aug
+ China’s import rose 3% YoY to US$218.3bn, exports fell 6.4% to US$274.8bn for 6th straight mth
+ China economy set to grow 5.4% this year: IMF
- Chinese financial investment in US plunged to mere US$2.5bn in 2022, lowest in > decade, vs record US$48bn in 2022
+ China vowed to have intensified regulation to prevent financial risks, safeguard sound development of capital market
+ PBC will adapt to new situation of major changes in supply and demand in real estate market, adjusting n optimising policies
- ICBC US arm hit by a ransomware attack disrupted trades in US Treasury, led to temporarily owing Bank of York Mellon US$9bn unsettled trades, prompting China parent to inject capital
- Ping An Insurance Gp denied report that it had received request from authorities to acquire Country Garden
+ China Vanke’s biggest shareholder’s Shenzhen Metro vowed to purchase some of Vanke’s urban renewal projects in SZ estimated >US$1.37bn, to buy Vanke’s bonds in open market
- Country Garden posted biggest sales drop in 6 years amid cash crunch, aimed to have offshore debt restructuring plan by yr end
- SMIC net profit down 80% to US$93.9m in Q3 YoY, revenue declined 15% to US$1.62bn
+ Baidu ordered AI chips from Huawei in Aug, could mark significant industry shift away from Nvidia
+ China AI Startups stockpiled 18 mths of Nvidia chips before ban
+ China’s 6th CIIE yields record US$78.14bn worth of tentative deals for 1-year purchases of goods n services
+ China Int’l Import Expo exhibitors signed total US$505m worth of deals in American Food n Agriculture: AmCham Shanghai
+ China’s vehicle sales rose 13.8% YoY to 2.85m units in Oct
+ Nio aims to enter US market by 2025 with China-made premium EVs
+ China-Mongolia port border city saw highest foreign trade in 31 years boosted by BRI
+ Macau casino operators Galaxy Ent and MGM China net revenue surged 3.7 and 8.3 times respectively YoY
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+ Japan’s current surplus in first half fiscal Apr-Sept YoY tripled to record US$84bn, lifted by record-high investment,
+ BOJ governor said will proceed carefully in exiting ultra-loose monetary policy to avoid huge volatility in bond market
- Japan household spending in Sept fell 2.8% YoY for 7th consecutive monthly decline
- Honda Motor hiked production workers’ pay 11% at its US facilities after deals with UAW union and Detroit Three automakers
+ Russia’s oil and gas revenues hit 18-mth high
+ Russia-China trade surged 27.7% first 10 mths, reaching US$196.48bn
+ Russia accounts for 1/3 of world diamond output
- G7 failed to reach consensus regarding sanctions on Russian diamond industry
- Global wine production hits lowest level since 1961 as vineyards pummelled by extreme weather events, down 7% last year
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- ECB tells banks to factor in further drop in property prices
- ECB will not start cutting rates in next couple of quarters: Lagarde
- EU reopened US$13bn Apple tax-dodging case
- Adidas said might write off remaining €320 worth of Yeezy shoes left unsold after cut ties with rapper Ye
+ UK home prices rose for the first time in 7 mths
- UK mortgage arrears rise, hit by high interest rates, up by 7% compared to Q2
+ Swiss housing prices rose to highest level in >6 years amid overheating worries
+ Switzerland to keep its unclear power plants operational for longer than planned amid fears of electricity shortages
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- India’s CPI likely eased to 4-mth low of 4.8% in Oct
- Indonesia expects domestic tourism to fall short of target this year
+ Indonesia Motorsports Association aims to secure as one of the hosts for F1 in 2026
+ Thailand Board of Investment reported 43% FDI growth in 9 mths
+ Thai exports in Sept saw growth for 2nd consecutive mth with 2.1% YoY increase
+ Malaysia govt projects 1.5% YoY expansion in revenue from RM307.6bn in 2024 from RM303.2bn in the year prior
- Malaysia factory output down 0.5% in Sept YoY
- Malaysia studying regulations for TikTok shop: Minister
- Sg real median income fell 4.5% in H1 compared with same period in 2022
- Sg to face first rental slump in 4 years: Bloomberg analyst
+ Sg Q3 condo subsales hit 10-year high amid price surge
+ Sg ranked 2nd in study of global talent competitiveness: Insead
Contribution by Derek@valueinvestments chat group. Thank you
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