Wolf Money(world market review 1-7 Jan 2024)
Market Summary 1-7 Jan 2024
*USA*
+ US govt debt have reached US$34 trillion for the first time, up >US$6 trillion after Biden took office
+ US non-farm payroll added 216,000 jobs in Dec 23, well above market forecasts of 170,000
+ US employment continued to trend up in govt (52k), leisure and hospitality (40k), health care (38k), social assistance (21k), construction (17k), while transportation and warehousing lost jobs (-23k), little change in other major industries
+ US private payrolls increased by 164,000 jobs in Dec, largest monthly increase since Aug: ADP
+ US factory orders up 2.6% MoM in Nov 23, better than market forecasts of 2.1%, biggest gain since Jan 2021
US services growth slows sharply to 50.6 in Dec 23, lowest reading in 7 mths, vs 52.7 in Nov
+ US weekly jobless claims fell to 2-mth low, jobless rate held at 3.7% in Dec 23, unchanged from Nov
+ Federal Reserve some officials mulled end to balance sheet cuts
+ US 10-year treasury note went back to above 4% on Fri, highest level since mid-Dec
+ Citigroup plans to launch wholly owned investment banking unit in China by end 2024
US bankruptcy filings surged by 18% in 2023 and seen rising again in 2024: report
+ US emerged as world’s largest exporter of LNG in 2023
+ US estimates around 15.5m vehicles were delivered in 2023, marking increase almost 13% form 2022
Investors bet against US and Canadian stocks had paper losses of US$104.9bn in 2023: S3 Partners Research
US grounds some Boeing MAX 9 planes for safety checks after section blows out mid-air
Boeing 737MAX 9s halted by serval airlines after US accident
US Justic Dept in late stages of an investigation into Apple, move closer to filling sweeping antitrust case
Apple slides to 8-week low after rating downgrade by Barclays n Piper Sandler on worries about iPhone demand
+ Perplexity AI search starup raised US$73.6m from gp of investors including Nvidia and Amazon founder
*AMERICA* / *WORLD*
Canadian unemployment rate at 5.8% in Dec, unchanged from the 22-mth high
Argentina govt taps central bank reserves with US$3.2bn debt sale
UN economic forecast for 2024 cites conflicts, sluggish trade, high interest and climate disasters
Gold finished 2023 at US$2063 an ounce, surging >13% YoY
+ Global production of bulk grain and oil crops saw YoY increase in 2023
UNs food agency’s world price index ended 2023 abt 10% lower YoY, FAO Food Index fell to 118.5 in Dec 23, vs 120.3 in Nov
*CHINA*
+ China’s Dec services activity expands at fastest pace in 5 mths to 52.9 from Nov’s 51.5: Caixin PMI
+ China’s central bank vowed to provide strong and effective support for economy in 2024, n to boost private enterprise lending
+ China many cities have scrapped price ceilings on residential land sold at auction to boost revenue
+ China to speed up innovation, use of farm technology to hit higher productivity and stable supply of crops
+ China’s forex exchange reserves rose to US$3.238 trillion in Dec 23, up from US$3.172 in Nov
China launched anti-dumping investigation into bandy imported from EU, focus on brandy <200 litres
+ China’s first domestically manufactured electric airplane successfully completed its maiden flight
+ China seeks more direct US flights, aim to widen global use of C919
+ China to expand market access for foreign investors in 2024
+ China steps up financial support for housing rental market
+ China launched new sea shipment route to South America as trade booms
+ China Baotou which holds >80% of nation’s rare-earth reserves, aims to expand rare-earth industrial scale to >US$14bn in 2024
+ China n US researchers jointly developed world’s first functional semiconductor made from graphene, paving for smaller, faster , more efficient electronic products
+ BYD sold >526,000 EVs in Q4, exceeding Tesla’s total of >484,000 as world’s top EV producer
+ HK foreign reserves rose to US$425.5bn in Dec 23 from 7th mth high of US$424.6bn in Nov, represented >5 times currency in circulation or 40% of HK dollar M3
+ HK residents made >7.7m departures in Dec via land and sea ports to Macau n SZ, highest tally for the mth since govt began reporting statistics in 1984
+ Taiwan’s foreign exchange reserves hit new record high of US$570.6bn in Dec 23
*EUROPE*
+ Eurozone inflation rate rose to 2.9% YoY in Dec, below market consensus of 3%; preliminary estimate
Eurozone business activity shrank again in Dec due to persistent downturn in dominant services industry: PMI
Eurozone HCOB Construction PMI at 43.6 in Dec 23, slowest decline in activity in 3 mths
EU added Russian mining giant Alrosa and its CEO to its sanctions blacklist
+ Germany’s greenhouse emission fell to 673m tonnes of CO2 or 46% drop, lowest level since 1950s
Germany retail sales down 2.5% MoM in Nov 23, biggest decline since Apr 22
Germany poised to be relinquish tis position as 4th largest economy in nominal USD terms to India in 2027: CEBR
Germany Construction PMI at 37 in Dec 23, continued to point to deep contraction in construction activity
+ UK house prices rise for 1st time in 8 mths, Halifax House Price Index up 1.7% YoY in Dec 23
France >55,000 businesses shut down in 2023, making record high for company closures since 2017
France Construction PMI fell to 42.6 in Dec 23 vs 44.6 in Nov, decline in building work for 19th consecutive mth
Carrefour stops selling PepsiCo soft drinks and potato chips over price hikes
+ Maersk rerouted Red Sea container ships back to Suez Canal
+ Turkey’s monetary policy to remain tight for a while to ensure inflation falls n remains anchored at lower levels: RFM
+ Gazprom’s gas exports to China were nearly 50% higher in 2023 vs 2022
*ASIA*
+ Japan consumer confidence index increased to 37.2 in Dec 23 vs 36.1 in Nov, highest reading in 2 years
+ Japanese abt 80% of 200 companies have resumed production 4 days after earthquake and disrupted infrastructures
+ Japan’s new car sales grew 13.8% YoY in 2023
+ Indian economy expanded 7.3% in 2023-24 fiscal year ending Mar, higher than 7.2% previous year; preliminary govt estimates
+ India likely to surpass FY24 target for dividends from state-run firms’ by at least US$1.4bn, partly offsetting expected shortfall from share sales
*ASEAN*
+ Indonesia’s annual inflation hover at 2.6% end 2023, lowest in 20 years
+ Thailand plans significant reductions in energy prices
+ Malaysia aviation industry to see robust growth in 2023: Loke
+ Johor state govt proposing Iskandar Malaysia be designated special economic zone with Singapore
+ Sg retail sales up 2.5% in Nov 23, rebounding from 0.1% fall in Oct
Sg just 25% of firms confident economy will improve in next 12 mths, compared to 41% in last year’s survey
Sg could get up to 5° hotter by 2100, set to become a new normal: climate study
-Sg COE prices tumbling more than 20% for passenger car categories
Lazada Sg laid off an undisclosed number of its Singapore staff
Contribution by Derek@valueinvestments chat group. Thank you.
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