Wolf Money(World market review 8-14 Jan 2024)
Market Summary 8-14 Jan 2024
*USA*
- US annual inflation rate went up to 3.4% in Dec from 5 mths low of 3.1% in Nov, vs forecast of 3.2%, core CPI at 3.9% YoY
- US federal budget deficit reached half a trillion dollars in first 3 mths of new fiscal year started Oct 1 2023, up by 21%
+ US core PPI, exclude food and energy costs, remained unchanged for 3rd mth in Dec, up 1.8% on yearly basis in Dec
- US producer prices declined 0.1% MoM in Dec, goods cost down 0.4%, 3rd consecutive decline, mainly due to 12.4% fall in diesel
+ US applications for jobless benefits fell to lowest level in 12 weeks
- FAA is launching an investigation into Boeing’s quality control
- Trump’s potential election as US president is “clearly a threat” to Europe: ECB Christine Lagarde
- JPMorgan CEO: Cryptocurrencies facilitate illegal activities such as money laundering, insisted that digital should be banned
+ Microsoft on Thursday briefly unseated Apple as world’s most valuable publicly traded company in early trading
- US continued to buy Russian oil, imported nearly 10,000 barrels of Russian crude worth US$749,500 in Nov 23: RBK
- Google confirms it just laid off around thousand positions across its Pixel, Nest, Fitbit, Core engineering and Assistant teams
+ Tesla officially launched its new mega factory project capable of producing 10,000 Megapacks a yr in Shanghai
+ BlackRock buys infrastructure firm GIP for US$12.5bn in major alternatives push
- JPMorgan reported a decline in quarterly profit due to US$3bn charge for deposit insurance
+ Citigroup revealed plans for 20,000 job cuts by 2026
- BoA reported lower Q4 earnings due to hefty one-time charges
+ Intel ready to roll out AI-focused chip for automotive sector
- Hertz said will sell 20,000 EVs and use the proceeds to buy traditional gas-power engine cars; Hertz ordered 100,000 Tesla in 2021 for its rental fleet
*SOUTH AMERICA* / *GLOBE*
+ Argentina permitted to tap IMF US$4.7bn bailout as part of debt restructuring plan even though it missed targeted to its US$43bn loan program
- Argentina’s annual inflation tops 211%, highest since early 1990s
- Cuba to end state oil subsidies, to hike gasoline and diesel prices by 500%, to reduce country’s large budget deficit
+ Bitcoin hits 2-year high, topped US$49,000 this week, after SEC approved first-ever spot Bitcoin ETFs to trade in US
- Global GDP growth to be lowest for decades, set to drop to 2.4% in 2024 from 2.6 previous year: World Bank
- Global unemployment rate will increase slightly in 2024: UN
*CHINA*
+China’s central bank set to cut key rate, boost liquidity on Monday to aid economy
+ China’s bank extended ¥1.17 trillion in new loans in Dec 23, up from Nov’s ¥1.09 trillion, hit records of ¥22.75 trillion in 2023
+ China’s Dec CPI down 0.3%, rose 0.2% annually for full yr 2023, PPI down 3% in 2023 YoY
+ China’s trade in goods grew 0.2% YoY to ¥41.76 trillion in 2023, exports up by 0.6%, imports fell by 0.3%
+ China’s foreign trade grew 0.2% YoY to ¥41.76 trillion (US$5.87 trillion) in 2023
- China’s focus on economic efforts on manufacturing could trigger global trade war with other industrial powers: Bloomberg
+ PBOC signalled prepared to keep policy loose by lowering amount of money banks must keep in reserve
+ PBOC approved ¥100bn worth of mortgages to support 8 pilot cities in buying unsold units for long term rentals
+ China bond issuances may reach ¥9 trillion in 2024
+ Chinese Premier Li Qiang to attend annual WEF Annual Meeting 2024, to state China’s economic growth prospects
- China-US bilateral trade recorded a slump of 11.6% YoY in dollar terms in 2023
- China’s integrated circuit imports plunged 15.4% in value YoY in 2023
+ China trade between RCEP countries up 5.3% to ¥12.6 trillion in 2023
+ China’s 2023 auto production exceeds 30m units, setting new record
+ China’s auto exports surged 64% in2023, domestic sales rose 4.2%
+ China aims to increase proportion of new-energy vehicles registration to 45% by 2027
+ China estimated overtaken Japan as world’s largest car exporter for the first time in 2023
+ China’s rare earth exports in 2023 up 7.3% YoY to 52,306.5 tons
+ China kicks start of 2.1m kilowatts construction of world’s highest-altitude pumped-storage power station in Sichuan
+ China eyes launching low-cost cargo spacecraft for space station through commercial rocket
+ Chinese Orienspace, rival to SpaceX, declared a complete success after launching a rocket at sea into low-Earth orbit
+ Shein reportedly seeking approval from Chinese regulators to go public in US
+ HK aims to attract more high-tech industries, intelligent projects as it pushes ahead with new industrialisation
+ HK may give green light for spot crypto ETF in the near future after US approves bitcoin ETFs
-Taiwan elected Lai of DPP as new president
*EUROPE*
- Eurozone probably failed to grow at end of 2023 early indicators suggest: ECB VP stated
- EU dips further into emergency gas reserves due to cold weather
+ Airbus reported record annual jet orders, 11% rise in 2023 deliveries, maintain top manufacturing firm for 5th consecutive year
- Germany industrial production down for 6th straight mth in Nov, indicating entered a recession in final qtr 2023: Bloomberg
- Germany farmers rallying for a week of protests, block roads nationwide against govt austerity measures
+ UK announced plans described as country’s “biggest expansion of nuclear power for 70 years” to boost energy security, meet carbon emission goals
- UK retailers reported lacklustre sales around Christmas, total sales rose 1.7% vs close to 7% growth in 2022
- Shell flagged impairment charges of up to US$4.5bn for Q4, mainly on Singapore assets
- France tough spending cuts are necessary to restore the financial system: Finance Minister
+ Belgium’s business delegation arrived in Beijing to explore new avenues for economic cooperation
- Russia would never turn to the West again, there will be no return: Buz Rights Commissioner
+ Russian finalising legislation would create preferential tax regime in Far East via establishing several int’l priority development areas in the region
- Russia preparing legal battle over frozen reserves: Bloomberg
+ Russian-China trade hit record high in 2023, up 32.7% to US$235.9bn YoY
*ASIA* / *OCEANIA*
+ Japan’s Nikkei 225 Stock Average hits 33-year high
+ Japan posted record current account surplus of ¥1.93 trillion in Nov 23, helped by smaller trade, revival of inbound tourism
- Japanese firms decided to opt out of Malaysia-Singapore high-speed rail project
- Japan’s real wages in Nov fell 3% YoY for 20th straight mth
- Indian annual inflation edged higher to 5.69% in Dec at 4 mths high, industrial output growth at 8-mth low
+ Saudi Arabia has cut Feb price of crude for buyers in all regions
+ Australia-China trade sees 9.8% growth YoY, exceeding pre-pandemic level, more exports to resume in 2024
+ NZ-China FTA has been fully implemented: Chinese embassy
*ASEAN*
+ Vietnam’s GDP grew by 5.05% in 2023, below govt’s official growth target of 6.5%
+ Myanmar`s formal ceasefire agreement has been reached between the military and 3 ethnic armed gps after China’s mediation
+ Malaysia hopes Johor will become a new engine of growth as it works to develop the border with Singapore
+ Malaysia anti-graft agency questions ex-PM Ismail over RM700m spending
+ JB-SG RTS link construction is 655 complete, on track for end 2026 start
+ Malaysia’s high-rise home rental growth averages 5.5% in Q4 23: survey
+ SG, Malaysia inked MOU on Johor-SG SEZ, exploring passport-free QR code clearance system at land checkpoints
+ Sg annual vessel arrival tonnage rose to 3.1bn gross tonnage, up 9.2% YoY in 2023, set records in shipping arrivals
+ Sg govt not ruling out separate COE category for private-hire cars: Minister
+ Temasek buys UK tech firm Element Materials Tech for US$7bn
+ Sg semiconductor firm Silicon Box raised US$200m in Series B round, bringing its valuation >US$1bn in less than 3 yrs
+ HDB to launch 19.500 BTO flats in 2024
Contribution by Derek@valueinvestments chat group. Thank you.
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