Wolf Money(world market report 4-10 Dec 2023)
Market Summary 4-10 Dec 2023
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+ US consumers’ outlook for inflation in the year ahead plunged to 3.1%, lowest since Mar 2021
+ US economy added 199,000 jobs in Nov, surpassing 150,000 in Oct vs expectations of 180,000 gain
+ US consumer confidence surged to 69.4 in Dec, rising form 61.3 in Nov, surpassing market expectations set at 62
+ US consumer sentiment surged to 69.4 in Dec rising form 61.3 in previous mth, vs expectations set at 62
- US to buy oil for strategic reserve monthly through at least May
- US Strategic Petroleum Reserve stockpile at its lowest in <30 years: industry association
- US oil producers to slow capital spending in 2024: Evercore
+ US jobless rate fell to 3.7% in Nov from 3.9% in Oct
- US consumer credit up by US$5.13bn in Oct, from US$9.06bn rise in previous mth, misses estimates of US$9bn growth
+ US mortgage rates fall to nearly 4-mth low: Freddie Mac
- JP Morgan CEO: Cryptocurrencies should be outlawed
+ Apple to move iPad engineering resources to Vietnam, and aims to build >50m iPhones annually in India
+ Boeing share price hits 29-mth high, Uber share price hit 33-mth high
+ Nvidia set to discuss chip deals in Vietnam next week
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- China’s CPI fell by 0.5% YoY in Nov vs 0.2% in Oct, fastest decline in CPI since Nov 20
+ China’s exports grew 1.7% YoY to ¥2.1 trillion, imports up 0.6% to ¥1.6 trillion in Nov
- China’s food prices declined 4.2% in Nov, strongest pace in >2 years
- China’s producer prices down 3% in Nov 23 vs 2.6% drop in Oct, 14th straight mth of producer deflation and steepest since Aug
+ China’s imports of chip-making equipment totalled US$4.3bn in Oct, up from US$2.4bn YoY
+ China’s passenger vehicles sales rose 25.5% in Nov YoY to totalled 2.1m units, highest for a mth in 2023
+ China more biggest automakers moved to build semiconductors supply chains
- China’s 8 banks outlook cut by Moody’s on potential credit quality, downgraded HK too
+ China big 4 banks in full drive to build China into a financial powerhouse
+ China unveiled plan to promote further opening-up Shanghai FTZ, pave way for entry to CPTPP
+ CNOOC starts building China’s largest commercial underground oil reserve estimate ¥3bn
+ China cuts visa fees by 25% for travellers from many countries
+ China aiming to realise commercialisation of 6G technology by 2030, expected standard-setting be achieved around 2025
+ Huawei, Ant Gp join forces to build HarmonyOS-based Alipay app
- Dutch gp Prosus trimmed part of US$93bn Tencent stake
- HK stocks around 13-mth lows as data triggers economic concerns
+ HK pushing for deeper ties with ME, China to bring in new capital
- TSMC recorded 7.5% drop in revenue to US$6.6bn in Nov, revenue first 11mths down 4.1% YoY
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- Japan’s GDP contraction revised to 2.9% drop on annualised basis in Q3, worse than preliminary estimates
+ Japan’s current account surplus at ¥2.582.8bn in Oct, stay positive for 9th consecutive mth, exceeding forecasts
- Japan household spending declined in real terms by 2.5% in Oct after 2.8% drop in prior mth
+ Japan PM set to make key cabinet changes
+ Russia will post 3.5% GDP growth for 2023: Putin
- Russia annual inflation rose to 7.5% in Nov vs 6.7% in Oct at 9-mth high
+ Russia-China trade first 11 mths reached US$218bn, up by 26% in a year
+ Russian oil exports yielding more revenue than before Ukraine conflict: Bloomberg
+ Russia exports of LNG to EU hit all-time high of 1.75m tons in Nov, largest volumes reportedly shipped to France and Belgium
+ Gold price touched all-time high of US$2100 per ounce
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- EU considers restarting WTO case against US over steel tariffs
- EU agrees on landmark AI rules, one of world’s first comprehensive attempts to limit use of AI
- EU and G7 countries price limit imposed on Russian seaborne oil sales has essentially failed: Politico
+ Germany inflation rate confirmed at 3.2% YoY in Nov, at nearly 2.5 yrs low
+ Germany’s DAX hits record high of 16,533 pts
+ VW considering cooperation with Renault on 20,000-euro EV
- BAT writes down US$31.5bn from value of US cigarette brands, citing rise of vaping, shares at lowest since 2010
+ France CAC 40 index at nearly 4-mth high of 7490
+ L’Oreal hit 23.5 years high of 442.65, Hermes Int’l hits 18-week high, LVMH hits 8-week high of 726.8
- Italy formally notified China withdrawal from B&R initiative
- Swiss bank admitted helping American taxpayers and others to hide billions of dollars from US Internal Revenue Services: DOJ
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- Australia to triple fees on foreign purchases of existing homes
+ India BSE Sensex Index reached fresh record of 69,825
+ South Korea posted current account surplus of US$6.8bn in Oct, remaining positive for 6th straight mth
+ Aramco is ready to work with China in the process of energy transition
+ Saudi PIF is pumping further capital into Alibaba-backed tech venture
+ Saudi PIF in talks at least US$250m in Chinese EV maker Horizons Gp
- Qatar Holding looking to sell 50% stake of £510 million ($644 million) worth of its shares in Barclays: Bloomberg
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- Indonesia launched WTO dispute against EU over stainless steel import duties
- Indonesia needs to ease service sector restrictions: World Bank
+ Thailand to promote early opening of railways connecting with China
- Thailand to raise minimum wage by 2.37% from Jan 1
+ Vietnam wins sovereign credit upgrade from Fitch ratings on robust FDI, closer to investment grade
+ Vietnam to receive China’s Xi state visit from Dec 12-13
+ Malaysia’s next king wants to revive HSR link project with Singapore, border crossing via Forest City
+ Malaysia to intensify labour market reforms in 2024: Minister
+ YTL Power confirmed AI data centre deal with Nvidia, to provide AI computing services to the country
+ Sg to triple AI talents pool to 15,000 as part of national strategy update: DPM
+ Sg-China signed 24 MOU on corporation including bilateral visa-free policy and upgraded version of FTA during DPM visit
+ Sg sightseeing tour searches in China witnessed a surge after 2 countries reach 30-day mutual visa exemption agreement
+ Nvidia could back an “iconic site” in Sg for booming technology, also construct a new and bigger supercomputer: CEO
+ Sg n China to let each other’s tourists pay with digital yuan
+ Sg signed ground-breaking FTZ with 4 South American nations
Contribution by Derek@valueinvestments chat group. Thank you.
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