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

(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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