Wolf Money(world market review 22-28 Jan 2024)
Market Summary 22-28 Jan 2024
*USA*
+ US GDP grew at 3.3% annualised rate in Q4, economy for all of 2023 accelerated at 2.5%
+ US personal spending grew 0.7% MoM in Dec 23, US$133.9bn up in current-dollar PCE
+ US core PCE exclude food n energy rose 0.2%, personal income up 0.3% MoM in Dec, following 0.4% advance in Nov
+ US new single-family houses up 8% MoM to seasonally adjusted annualised rate of 664,000 in Dec 23
+ US pending home sales soared 8.3% MoM in Dec 23 vs forecasts of 1.5% increase
+ US core personal consumption expenditure price index up 2% from previous period in final qtr
- Yellen says not yet clear where interest rates will settle after volatility of pandemic and post-Covid recovery
+ US expected to award billions of dollars in subsidies to top semiconductor firms including Intel, TSMC: WSJ
+ US chipmakers among 15 American firms expressed interest in investing US$8bn in Vietnam in clean energy infrastructure
- US natural gas stocks fall the most since Feb 2021 due to high gas demand caused by extreme cold
- Biden ordered a pause on LNG exports from new projects, citing potential contribution to climate change
- Microsoft will lay off 1900 or 8% of the workers at its gaming unit
+ Apple for the first time became largest smartphone vendor-maker in China by shipment in 2023
+ Boeing 737 MAX lands in China, ending almost 5 years import freeze on order backlog
- Tesla reported lower 4th qtr operating profits despite higher revenues, following series of auto price cuts, warned of slower volume growth in 2024
*CHINA*
+ China’s regulator said will fully suspend lending of restricted shares effective on Monday
+ China to cut reserve requirement ratio for financial institutions by 0.5%, which will provide ¥1 trillion on long-term-liquidity
- China’s debt-to-GDP ratio climbed to record 287.8% in 2023, 13.5% points higher YoY
- China’s profits earned by industrial firms fell 2.3% YoY to ¥7,686 bn in 2023, slowing from 4% decline in 2022
+ China’s major industrial firms saw their profits increase 16.8% YoY in Dec
+ China regulator pledged to take more powerful and effective measures to stabilise the market and boost confidence
+ Chinese banks provide nearly ¥10 trillion in loan for property sector in 2023
+ China’s assets of financial institution in banking sector grew 9.9% YoY to ¥417.3 trillion in 2023
+ Chinese equities see largest weekly inflow since 2015, investors poured in nearly US$12bn, 2nd largest on record
+ GZ to completely ease purchase limit on large homes for some people to support local property market
+ China-US agriculture heads restart dialogue in Washington on cooperation after 8-year hiatus
+ China Changzhou and Yantai joined the trillion-yuan city club when announced their GDP exceeded ¥1 trillion each in 2023
+ China approved 115 new video games in sign of further easing on sector
+ China’s annual Spring Festival rush kicks off with record-breaking expected with 9 bn trips
+ China’s number of NEV charging facilities grew 65% YoY in 2023 to almost 8.6m
+ Huawei expects its in-house Harmony operating system to become available this year, to totally abandon Android
+ Huawei plans wholly acquire its venture with Nokia Oyj with local consortium
+ HK hopes to promote mega-event economy to attract more visitors and transform popularity into prosperity: chief executive
*EUROPE*
- EU unveiled plans to strengthen economic security, protect sensitive tech from falling into hands of geopolitical rivals like China
- ECB leave key interest rates unchanged, 3 key interest rates will remain at historically high levels
- Eurozone bank lending to households up by 0.3% YoY to €6.86 trillion in Dec 23, slowest pace since Mar 2015
- EU preparing new sanctions against Russia
+ Airbus launches first global aircraft recycling project in southwest China
- German business morale worsened in Jan, down for 2nd mth in a row
- Germany GfK Consumer Climate Indicator fell to -29.7 heading into Feb from revised -25.5 in Jan, lowest figure in 11 mths
+ German 91% firms in China had no concrete plans to leave within next 2 years: German Chamber of Commerce poll
+ Merck signed first long-term green energy purchase deal in China
+ UK GFK consumer confidence hits 2-year high in Jan
- UK nearly 50,000 businesses on verge of collapse; construction and real estate among hardest hit sectors
+ France consumer confidence increased to 91 in Jan from 89 in Dec, highest level in nearly 2 years
- French farmers maintained nationwide protests, kept threat of roadblocks around Paris
- Turkey hiked key interest rate to 45% after inflation increased to near 65% YoY in Dec, lira at new record low against USD in Jan
- Russia’s earnings from food exports hit record high, revenue exceeded US$45bn in 2023
+ Russia coal exports to South East Asia surges nearly 50% as it diverts supplies away from EU
+ Russian oil supplies to China jumped 24% in 2023
*ASIA*
- BoJ to keep interest rates in negative territory after 2-day policy meeting
+ Japan’s exports up close 10% in Dec YoY on strong demand for autos, machinery, computer chips, revived trade with China
- Japan’s total exports rose 2.8% YoY to ¥100.88 trillion in 2023, surpassing 100 trillion marks for the first time, imports down 7% to ¥110.18 trillion
+ Japan delegation of abt 200 business leaders and CEOs paying their first visit to China since 2019 to bolster economic relations
+ Tokyo Stock Exchange to require top-tier listed firms to make disclosures in English
- Saudi opens first liquor store in Riyadh to serve only non-Muslim diplomats
- Red Sea crisis could reignite inflation, container prices to double in just a mth, some cases soared above US$100,000 a day
*ASEAN*
+ Indonesia’s lending growth projected to reach 10.8% this year
+ Thailand exports grew 4.7% YoY to USD22.79bn in Dec, 5th straight mth of increase, imports fell 3.1% to US$21.82bn
+ Thailand and China to sign agreement on mutual visa exemption, to be officially come into effect on March 1
+ Vietnam FDI pledges experienced 40% YoY growth to US$2.36bn, top sources of investment; Singapore, Japan n HK
- Philippines exports fell 0.5% to 8 mth low of US$5.78bn in Dec 23, after downwardly revised 13% plunge in Nov
+ Malaysia KL-SG HSR project attracted 7 consortiums submitted concept proposals
+ Malaysia’s economy to grow better at 4.5% this year: HLB
- Malaysia mulls legal action against foreign banks over 1MDB
- Sg manufacturing output contracted 2.5% YoY in Dec 23, dragged down by double-digit decline in biomedical sector: EDB
+ MAS to release first monetary policy statement of its new quarterly schedule on Jan 29
- Sg headline inflation average 4.8% in 2023 vs MAS, MTI forecast of “around 5%”, full-year core inflation at 4.2% vs official forecast of “around 4%”
+ Sg private home prices up 2.8% in Q4 2023, 2nd straight qtr of growth, steepest pace in 3 qtrs
+ Sg office rental index central region rose 0.3% in Q4 MoM, climbed 13.1% for whole 2023 after expanding 11.7% in 2022
+ Sg reviewing local qualifying salary, to support lower-wage workers
+ Changi Airport’s Q4 passenger traffic reaches 90% of pre-Covid level
+ Sg-China agree on 30-day visa-free travel to start on Feb 9
- Sg hedge fund Asia Genesis closing its macro fund after suffering unprecedented drawdrown following China’s stock market rout
Contribution by Derek@valueinvestments chat group. Thank you.
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