Wolf Money(world market review 18-24 Dec 2023)

 

Wishing everyone a Merry Christmas and a Happy New Year, may all your dreams and wishes come true. 

Market Summary 18-24 Dec 2023

*USA* 

+ US 12-mth PCE price index increased by 2.6%, down from Oct’s 2.9%, annual inflation slowed further <3% in Nov

+ US GDP increased at 4.9% annualised rate in Q3, revised down from previously reported 5.2% pace 

+ S&P 500 registered longest weekly win since 2017 

+ US 10-year treasury held below 3.9% at near 5-mth low 

+ US new orders for manufactured durable goods surged by 5.4% MoM in Nov, revising a 5.1% decline in Oct 

+ US consumer sentiment revised higher to 69.7 in Dec from preliminary of 69.4, hitting highest reading in 5 mths 

- US new single-family houses sank by 12.2% MoM to seasonally adjusted annualised rate of 590,000 in Nov 

- US Commerce Dept will begin gathering information on Chinese Chipmakers as Biden mulls tariffs 

- US Supreme Court declined to hear case that will decide whether criminal trial of Trump can go ahead 

- Biden signed nation’s largest ever military budget into law, giving Pentagon US$886.3bn in funding 

- Biden singed executive order enabling sanctions on foreign institutions that continue to deal with Russia 

- US considering hiking tariffs on China EVs, solar products: WSJ

- US insolvencies saw YoY surge of 30% in 12 mths through Sept 

- US truck engine maker Cummins Inc agreed in principle to pay record-setting US$1.675bn US environmental fine 

+ Boeing delivers first 787-9 Dreamliner to China Juneyao Airlines since 2019 

+ OpenAI in talks to raise new funding at valuation of at least US$100bn 

- Google to pay US$700m n revamp its Play app allow greater competition as part of antitrust settlement with sates n  consumers 

+ Tesla launched its new megapack battery manufacturing plant in Shanghai, production expected to start in Q4 2024

+ Disney opened world’s first Zootopia-themed land at Shanghai Disneyland 

- Nike outlines US$2bn cost savings plan, misses sales estimates on weak demand 

*CHINA*

+ China’s biggest state-owned banks are cutting deposit rates for the 3rd time to boost profitability 

- China holdings of US Treasury bonds fell further to US$769bn in Oct, 7th consecutive mthly drop 

+ Chinses yuan usage jumped to 4.61% of global payments in Nov, becoming 4th most active currency first time since Jan 2022 

+ China’s 30-year yield hits lowest since 2005 on deposit rate cuts 

- China bans export of rare earths processing tech over national security 

+ China and US top military leaders hold first meeting in more than a year 

+ China will continue to exempt certain US goods from additional tariffs until July 24

+ China will release future industry development action plan in 2024, focusing on humanoid robots, quantum information 

- China VC funding of startups plummets 26.9% in first 11 mths 

+ China forecasted overall tourism revenues will reach US$735bn this year 

- China announced rules to reduce spending on video games, causing Tencent shares to plunge >US$43bn in market 

+ China considers revising gaming rules after restrictions caused major stir as tech stocks tumbled 

+ China’s foreign investment FDI in high-tech manufacturing sector saw 1.8% YoY increase from Jan-Nov

+ China to implement provisional import tariff rates lower than most favoured nation rates on 1010 goods 

+ China launched revised, shorten version of Catalogue of Technologies prohibited and restricted from export 

+ Air China plans up to US$842m share placement to buy planes, boost capital 

+ BYD plans new EV plant in Hungary as part of its rapid global expansion 

+ Nio received US$2.2bn strategic equity investment from Abu Dhabi CYVH Holdings 

- HK authority’s land sales revenue this year hit 10-year low 

*EUROPE* / *AMERICA* / *AFRICA* / *GLOBE* 

+ EU leaders agree to open membership talks with Ukraine 

- Germany house prices dropped by record 10.2% in Q3

- Germany business expectations index dropped to 84.3 in Dec from 85.1 in Nov

- German prosecutor seeks to confiscate US$800m in Russian assets 

+ UK proposed post-Brexit single entry point to simplify and speed up company listings 

+ Turkey become the largest importer of Russian energy in Western Hemisphere

+ Putin quietly signals he is open to cease-fire in Ukraine: NY Times 

- Canada’s govt records 4th straight budget deficit 

- Global shipping costs spike in booking costs, some tankers taking lengthy diversions to avoid disruption at Suez n Panama canals 

- Global bankruptcies exceeded 2008 level: FT

- Angola decides to exit OPEC 

*ASIA* / *Oceania*

+ Japan’s core consumer prices rose 2.5% in Nov YoY, hikes broadened in services sector 

+ Japan govt expects 1.3% economic growth in FY 2024

+ BoJ owned record 53.86% of outstanding Japanese govt bonds at end Sept 

+ Nippon Steel to buy US Steel for US$14.1bn 

+ India’s commercial banks reports 17% higher net interest incomes, witnessed 13.5% deposit growth for Q3 

- South Korean bank’s net income down 23.9% in Q3

- Hyundai’s exit from Russian reportedly cost the company >US$200m 

+ NZ-China commodity fair with more than 20 companies participating sees intents of cooperation deals worth >US$63m 

*ASEAN*

+ Indonesia economy to grow 5.2% as investments pick up steam: Jokowi 

+ Thailand plans global tender for 1 trillion-baht Landbridge project to help bypass Malacca Strait 

+ Vietnam’s US$70bn high-speed railway North-South project set to start by 2030 

- Malaysia’s exports slipped RM7.6bn due to lower demand for E&E products 

+ Malaysia’s inflation continued easing for 3rd consecutive mth in Nov, with headline inflation growing slower at 1.5% YoY  

+ Anwar’s visit to Japan attracts RM6.56bn in potential investments 

+ Sg exports up 1% in Nov after 13 mths of contractions

- Sg investment banking fees down 24% in 2023 to US$664.9m YoY: LSEG data 

- MAS to suspend non-bank and non-card channels for remittance to China in Jan 2024

+ Changi Airport is 5th-busiest int’l airport in 2023, SG-KL is busiest flight route 

Contribution by Derek@valueinvestments chat group. Thank you.

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