Wolf Money(world market review 11-17 March 2024)

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(George Town, Penang)
 

Market Summary 11-17 Mar 2024

*USA* 

+ US retail sales up 0.6% MoM in Feb, following upwardly revised 1.1% fall in Jan, vs market forecasts 0.8% 

+  US manufacturing output rose 0.8% MoM in Feb, after a downwardly revised 1.1% fall in Jan 

+ US Producer Price Index for final demand rose 0.6% MoM in Feb, largest increase in 6 mths, vs market expectations of 0.3%

+ US core producer prices, exclude food and energy costs rose 0.3% MoM in Feb vs expectations of 0.2%

+ US industrial production up 0.1% MoM in Feb, following downwardly revised 0.5% fall in Jan 

-US consumer sentiment edged down to 76.5 in Mar, lowest in 3 mths

+ US year-ahead inflation expectations at 3% in Mar: Uni of Michigan consumer survey 

+ US import prices rose 0.3%, exports prices rose 0.8% MoM in Feb  

+ US weekly jobless claims fell by 1000 to 209,000 vs market expectations of 218,000 

+ Intel reportedly secured a license to continue to sell to Huawei 

+ US to injects US$1bn into Philippines’ tech and EV sectors, aims to double chip production 

-US House passes bill that could ban TikTok nationwide, to force ByteDance to divest TikTok

-US unions ask Biden administration to probe Chinse shipbuilding, impose port fees 

-Biden opposed proposed sale of Pittsburgh-based steel manufacturer to Japan’s largest steel producer 

-Trump suggested he would try to block the use of cryptocurrencies 

-US former States Treasury Secretary Mnuchin puts forward plan to buy TikTok app 

”WORLD"

+ WTI crude futures at 19-week high, driven by more bullish outlook from IEA

+ Gasoline futures topped US$2.7 per gallon, highest level in 11 mths  

-Wheat futures dropped below US$5.3 per bushel, nearing 3.5 yrs low of US$5.2 

-Steel futures at near 4-year lows, nearing ¥3400 per tonne

+ Copper futures rise to 11-mth high after top Chinese copper smelters agreed to reduce production at unprofitable facilities 

*CHINA*

-Chinese banks extended ¥1.45 trillion new loans in Feb vs forecasts of ¥1.5 trillion, down from record ¥4.92 trillion in Jan 

-China’s new home prices dropped for 8th straight mth in Feb, down 0.3% MoM: Reuters 

+ PBOC rolled over ¥387bn worth one-year medium-term lending facility loans in Mar, kept rate unchanged at 2.5%  

+ China to conduct on-site inspection over market entities nationwide, to optimise business environment 

-China’s bank loan grow at slowest pace on record in Feb, up 9.7% from a yr ago

-China’s new home prices declined by 1.4% in Feb, steepest fall in 13 mths 

-China Vanke Co posted biggest sales decline in 6 yrs amid mounting liquidity fears 

+ China published set of rules that would tighten scrutiny over stock listings, public companies and underwriters 

+ China govt urged EV makers to buy local chips to reduce reliance on Western imports n boost domestic semiconductor industry 

+ China unveiled latest AI model for healthcare industry, boosting clinical diagnosis  

+ China unveiled plan to equipment renewal, trading-in of consumer goods to promote consumption market, green transformation 

+ China is the largest contributor to World Intellectual Property Organisation in 2023 followed by US 

+ China to make final review ruling regarding lifting tariffs on Australian wine

+ China-Laos railway has transported >30m passenger trips since its operation in Dec 21 

+ TikTok’s US revenue hits US$16bn last year: FT

+ Cathay Pacific reported first annual net profit since 2019

*EUROPE*

+ ECB could start cutting interest rates in Jun after reduction in eurozone inflation: policy maker De Cos 

-Eurozone industrial output plunged 3.2% MoM in Jan, most dropped in 10 mths

+ European STOXX 50 reached 23-yr high, STOXX 600 hitting fresh record 

-EU to start sending Russian money to Ukraine, first tranche of >US$3bn could be disbursed in July

-EU probes AliExpress over potentially illegal online products, also requests for info on their use of generative AI

+ Germany’s current account surplus widened to €29.7bn in Jan vs €17.1bn same mth last year 

+ Frankfurt’s DAX reached new record high this week 

-France’s Parliament voted to slow down low-cost “fast fashion”, especially from Chinese mass producers 

+ UK FTSE 100 at 10-mth high, driven by positive economic data 

+ UK imports of goods an services rose 1.4% MoM to £72.39bn in Jan, rebounding from 2 yrs low 

-UK Body Shop ceases US operations, plans to close dozens of stores in Canada, UK amid financial struggles 

+ France CAC 40 maintaining its upward trend to set a new fresh record high this week 

+ Italian shares FTSE MIB reaching highest not seen since 2008 GFC, fuelled by robust performance in banking sector  

+ Spain annual inflation rate fell to 2.8% in Feb, lowest in 6 mths from 3.4% in Jan 

-Switzerland’s producer and import prices fell 2% YoY in Feb, 10th consecutive period of decline 

+ Russia began voting in a 3-day presidential election

-Russia’s annual inflation rate hits 1-year high of 7.7% in Feb 

-Russian bars UK fleet access to its resource rich Arctic fishing grounds after Putin ends longstanding agreement 

*ASIA*

+ Japan’s biggest companies agreed to hike wages by 5.28%, highest in 33 yrs: union gp 

+ Japan’s economy managed to grow in Q4 last year after revised govt data released, averting a recession 

+ Nissan, Honda agreed to explore a strategic partnership in EVs and other areas 

+ India lowers import tax on EVs for global companies like Tesla that commit to setting up local factories

-India’s merchandise trade deficit widened to US$18.7bn in Feb from US$16.6bn gap a year earlier 

+ South Korea exports up 4.2% YoY, rises the most since 2022, import prices edged lower by 0.2% YoY in Feb

+ Aramco reported US$121bn in profit 2023, down from 2022 record due to lower energy prices 

*ASEAN*

+ Indonesia’s trade surplus at US$0.87bn in Feb, smallest in 9 mths, imports surged 15.84% YoY to US$18.44bn, exports shrank 9.45% to US$19.31bn YoY in Feb to 10-mth low   

+ Thailand again considering legalising casinos to draw investment and tourism 

+ Malaysia’s industrial production up by 4.3% in Jan 

+ Penang recorded RM71.9bn in investment inflows in 2023, highest in Malaysia, driven by FDIs accounted for RM61.7bn 

+ Malaysia ECRL project to be game changer to the economy: Minister 

+ Sg business confidence hits one-year high in Q2 2024: SCCB 

+ Sg seasonally adjusted jobless rate confirmed at 2% in Q4 23, unchanged from Q3

-Sg job vacancies edged up in Q4 to 79,800, from 78,200 QoQ 

+ Changi Airport passenger movements came in around 5.3m in Feb, higher than pre-pandemic level; China top source of tourists 

+ SIA carried 3.1m passengers on gp level in Feb, up 28.2% YoY

+ Swiss biopharma Novartis invested US$256m to expand its biopharmaceutical manufacturing plant in Singapore  


Contribution by Derek@valueinvestments chat group. Thank you.

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All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.

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