Wolf Money(world market report 27 Nov-2 Dec 2023)
Market Summary 27 Nov – 2 Dec 2023
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+ US Personal Consumption Expenditures price index (PCE) up 3% in Oct YoY: prices for good up 0.2%, services up 4.4%, food prices up 2.4%, energy down
+ Powell resisted market’s anticipation of interest rate reductions, yet emphasised monetary is “sufficiently” restrictive
+ US 10-year bond yield fell to 4.2%, almost hitting 3-mth low
- US manufacturing PMI confirmed at 49.4 in Nov, lowest in 3 mths: S&P Global
- ISM manufacturing PMI unchanged at 46.7 in Nov, 13 consecutive mth stayed below 50, new orders continue to decline, factory employment decreases as hiring slows down
- US pending home sales decline 1.5% MoM in Oct, pushing the index to 71.4, lowest since records began in 2001
+ US construction spending rose 0.6% MoM to seasonally adjusted annual rate of US$2027.1bn in Oct, beating estimates
+ US average rate on 30-yr fixed mortgage at 7.22% as of 30 Nov, down for 5th consecutive week
+ US Congressional negotiators are preparing to drop China investment curbs from Defence Bill: reports
- US Commerce Dept needs more money to stop China from catching up on cutting-edge semiconductors: Raimondo
+ US ETF assets hit record US$57.76 trillion in Nov
- US to limit Chinese firms, battery parts from winning EV tax credits
- Boeing eliminated from US Air Force’s ‘Doomsday Plane’ competition due to its ability to survive a nuclear war
- US compels Saudi fund to exit Altman-backed AI chip startup: Bloomberg
+ Tesla opens more charging facilities to competitors in China
- US autoworkers strike cut Ford sales by 100,000 vehicles and cost company US$1.7bn in profits
+ GM believes many of its EVs will qualify for tax credits in 2024
+ Walmart importing more goods from India, reducing its reliance upon China to cut costs and diversify supply chain
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- Xi may postpone party congress held every 5-year to plan country’s economic agenda: Bloomberg
+ Caixin China general manufacturing PMI rose to 50.7 in Nov from 49.5 in Oct
- China’s manufacturing activities eased in Nov at 49.4 vs 49.5 in Oct
+ China’s industrial profits rose 2.7% in Oct YoY, continued to grow for 3rd consecutive mth
+ Chinese banks hold intensive talks with real estate developers, aiming to assess and align with their financing needs
+ China’s new home prices rose slightly for 3rd straight mth in Nov, prices rose 0.05 on average from previous mth
+ Shenzhen cut down payments required from ppl buying 2nd home
- China Evergrande creditors as seek controlling stakes in new proposal
+ China to pump more financial resources into micro, SME private enterprises, tech-intensive industries, green n low carbon sectors
+ China about 200 deals n intention agreement signed at first supply chain expo, worth over US$21bn
+ China will review anti-dumping and countervailing duties on wine from Australia
+ Huawei formed smart-vehicle JV with state-owned Changan Automobile holding up to 40% of equity
+ China unveiled world’s first unmanned 20-storey vertical ‘plants factory’
- Hang Seng down 1.25% to end its lowest in 12 mths of 16,830
+ HKEX proposed keeping trading going during adverse weather, plan could come into force by July 24
- HK saw record 6 failed land tenders amid high interest rates: Colliers
+ HK cuts public housing waiting time to boost birth rates
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- Japan manufacturing PMI at 48.3 in Nov, shrinks the most in 9 mths, at 6th straight mth of contraction in factory activity
+ Japanese firms increased spending on plant and equipment by 3.4% YoY in Q3, rising 10th consecutive period
- Toyota halts some Tianjin operations after report of weak sales, selling part of Denso stake to raise cash to develop EVs
- Russian assets could be confiscated under new EU sanctions: media
+ Russia jobless dropped <3% for the first time since 1990s
- Canada jobless rate rose to 5.8% in Nov vs 5.7 in Oct, hit 22 mths high
+ Brazil set to join OPEC+ from Jan but won’t cap oil output: Petrobras CEO
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- Eurozone manufacturing PMI at 44.2 in Nov, up from 43.1 in Oct, highest since May but at 17th consecutive mth of contraction
+ European stocks STOXX 50 closes at 4415 pts, highest since 31 Jul, STOXX 600 reaching 4-mth peak of 466 pts
- Germany manufacturing PMI at 42.6 in Nov vs estimate of 42.3, slowest declines in both output and new orders for 6 mths
- UK manufacturing PMI revised upward to 47.2 in Nov vs estimate of 46.7 and Oct’s 44.8, highest since Apr
- UK city Nottingham has joined Birmingham in announcing upcoming insolvency
- UK house price index fell 2% YoY in Nov, 10th consecutive decline, lowest decline since Feb
- France manufacturing PMI revised up to 42.9 in Nov, at 10th consecutive mth of contraction, steepest since May 2020
+ Italy stocks hit 15.5 years high of 29952 pts
- Ireland’s economy contracted 1.9% QoQ in Q3, 4th consecutive contraction
- Austrian giant property gp Signa filed for insolvency after last attempt to raise emergency funding failed
- Turkey’s manufacturing PMI fell to 42.7 in Nov from 48.4 in Oct, at 16-mth low
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- Australia manufacturing PMI shrinks to 47.7 in Nov at 9th straight mth of contraction
+ Australia business investment rose to 8-year high in Sept qtr due to rebound in mining
+ India’s infrastructure output rose 12.1% YoY in Oct with growth across all sectors
+ India manufacturing PMI rose to 56 in Nov vs Oct’s 8-mth low of 55.5, the 29th straight mth of increase in factory activity
+ South Kora manufacturing PMI rose to 50 in Nov from 49.8 in Oct
+ South Korea export advanced 7.8% YoY to 14-mth high of US$55.8 bn in Nov
+ South Korea imports tumbled 11.6% YoY to US$52bn in Nov, posted trade surplus 3.8bn vs deficit US$6.99bn same mth 2022
- Saudi Arabia to extend voluntary 1m bpd oil output cut to end Mar
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+ Indonesia’s annual inflation rate at 2.86% in Nov vs 2.56% in Oct
+ Indonesia tourist arrival up by 33.27% YoY to 978,500 in Oct, surged 124% in first 10-mth to 9.49m
- Thailand’s business confidence edges up in Nov to 49 from 48.9 in Oct, due to increases in production
- Malaysia manufacturing PMI rose to 47.9 in Nov from Oct 8-mth low, latest reading at 15 straight mth decline in factory activity
- Malaysia’s exports drop by RM5.8bn in 8th monthly decline
+ Malaysia invited China’s President Xi to visit, seeks to boost number of Chinese tourists to 5m a year
+ Malaysia 5 mobile operators have signed a deal to take up stakes in state-owned 5G agency, Digital Nasional (BND)
+ Johor identifies 3 possible LRT line in JB that complement JB-SG RTS link
- Sg resident’s real median income falls 2.3% in 2023 due to high inflation
- Sg homeowners will face higher property tax as both annual values and tax rates rise
+ Sg demand for latest savings bonds hits year-to-date high; 10-year average return at 3.4%
+ Sg will buy credible carbon credits from coal plant closures
+ Sg land reclamation plan to create 800-ha Long Island along east coast
- Sg maintains spot of world’s most expensive city, tied with Zurich: EIU
+ Sg billionaires increase wealth by almost a third in 2023: UBS
Contribution by Derek@valueinvestments chat group. Thank you.
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