Wolf Money(world market review 18-24 March 2024)
Taylor Swift circa 2024
Market Summary 18-24 Mar 2024
*USA*
+ Fed is nearing decision on slowing pace of its balance sheet run-off: Powell
+ Fed left interest rates unchanged, says 3 interest rate cuts likely still coming, expect economy to grow 2.1% in 2024
+ US stocks closed at record highs this week after Fed maintained current borrowing costs and reaffirmed intention of 3 rate cuts
+ US S&P Global Composite PMI at 52.2 in Mar vs 52.5 in Feb
+ US retail sales expected to rise up to 3.5% this year, slower pace than 2023: National Retail Federation
+ US private businesses hired 140k workers in Feb, following upwardly revised 111k in Jan
+ US existing home sales increased to 1-year high in Feb, home sales jumped 9.5% in Feb to 4.38m units, highest level since Feb 23
+ US House of Representatives passed US$1.2 trillion govt funding bill to avoid shutdown
+ US companies’ stock purchases via buybacks, M&A to hit 6-year high in 2024: Goldman
-Boeing mulls sale of defense assets: Bloomberg
-US Justice Dept antitrust suit alleging Apple blocked software developers and other firms from offering better options on iPhone
-Apple winding down long-running project to design and develop its own smartwatch displays, cuts jobs
+ Tim Cook visits Shanghai, citing “no supply chain more critical than China”
+ Crude prices soared 4-mth high this week
*CHINA*
+ China has room to further cut banks’ RRR, among other policy tools at its disposal, debt at appropriate level
+ China’s public expenditure jumped 14% YoY to ¥482.8bn in Jan, Feb combined, fastest pace in 5 yrs
-China’s fiscal revenue fell 2.3% YoY in Jan-Feb period, but rose 2.5% after adjusting on comparable basis
+ China’s Jan-Feb retail sales of consumer goods up 5.5% hit ¥8.13 trillion: NBS
-Chinese offshore yuan weakened past 7.25 per dollar, lowest levels in 4 mths
-China’s FDI shrank 19.9% in Jan-Feb YoY to ¥215.1bn
+ Xi to meet with US CEOs in Beijing next week: WSJ
-China’s holdings of US Treasury debt fell to US$797.7bn in Jan, ending 2-mth increase
+ China’s central bank leaves benchmark loan prime rates unchanged in Mar
+ China state council issues action for promoting high-level opening-up to attract foreign investment
+ China released first nationwide negative lists for cross-border trade, containing 71 items in 11 sectors
-China’s consumer finance firms likely to force consolidation in roughly US$120bn sector that provide high-interest loans after rules tightening
+ China issued 24-point action plan to attract foreign investment, facilitate data flows and business travel
+ China identifies 15,000 projects to be backed by ¥1 trillion bond issuance
+ China discovered a major oilfield in Bohai Sea, with proven reserves of 104m tons of oil
+ China’s domestically developed hydrogen-powered train completed test run at full speed 160 km/hr
-China blocks use of Intel and AMD chips in govt computers
+ Huawei and a secretive chipmaking partner in China filed patents for low-tech but potentially effective way to make advanced semiconductors: Bloomberg
-China’s regulator imposed lifetime ban on Evergrande chairman from securities market
+ China’s internet users reached 1.09bn
+ Baidu-Apple reportedly in talks for AI push in China
+ Xiaomi posted net profit of 17.48bn, sevenfold increase from 2022
+ Didi reported net income attributable to shareholder of ¥818m in Q4, vs loss of ¥853m a year ago
*EUROPE*
+ Eurozone’s inflation rate set to keep on falling, economic growth will start picking during the year: Lagarde
-EU preparing tariffs on Russian grain, reportedly target cereals, oil seeds and their derivatives: FT
+ EU-China financial working gp holds first meeting in Beijing, aims to deepen exchanges and cooperation in financial sector
-German economy likely end 1st qtr in recession, not expected to recover for the rest of 2024: central bank warned
+ Frankfurt’s Dax extended its record high to 18,212 on Friday
+ German business morale hits 9-mth high, Ifo Business Climate indicator surged to 87.8 in Mar
-German residential property prices dropped 8.4% in 2023 YoY, first annual decline since 2007
+ BoE governor Bailey said expectations of interest rate cuts this year were not “unreasonable”
-France expects public sector budget deficit to overshoot in 2024 target by wide margin if not corrective action taken: FM
+ Dutch PM Rutte to meet China’s President Xi next wk to discuss ASML’s continuation in China: Reuters
+ Swiss National Bank lower its main policy rate by 0.25% to 1.5%, the first advanced economy to cut interest rates
-Russia detains 11 suspects after deadly attack on Moscow concert hall
-Russian imports dropped nearly 7% YoY
+ Turkish central bank raised benchmark interest rate by 500bps to 50% after inflation soared to 67% in Feb
-Ukraine has no plans to extend gas transit to EU from Russia when contract expires this year
*OCENIA* / *ASIA*
+ Australia announced it would suspend anti-dumping tariffs against Chinese wind towers
+ NZ Trade Minister to visit China in Apr to deepen economic cooperation in various sectors
+ Japan’s central bank raises interest rates 1st time in 17 years, scrapped its negative rates policy, accommodate rising CPI, wages
-Japan annual inflation rate climbed to 2.8% in Feb vs 2.2 in Jan at 3-mth peak
+ Japan’s holdings of US Treasuries exceeded US$1.153 trillion in Jan, largest overseas of US debt since Jan 2019
+ Japan Airlines plans to acquire ten 787 jets from Boeing and 32 jets from Airbus
+ India’s business activity ended fiscal year on high note, expanding at fastest rate in 8 mths in Mar
-South Korea producer inflation up 1.5% YoY in Feb to 10-mth high
+ South Korea business gp Korea Enterprises Federation delegation visited China to seek closer ties
+ Korean Air to order Airbus A350 Jets in US$13.7bn deal
+ Iran inked US$13bn worth of new oil deals, aimed developing deposits and increasing production up to 350,000 bpd
*ASEAN*
+ Indonesia election commission confirmed Prabowo as new president
+ Indonesia takes over Natuna's Airspace from Singapore
+ Vietnam’s stocks rise to 18-mth high
+ Malaysia attracted RM76.1bn potential investments as of Mar
+ Malaysia Airlines reported its first annual profit in more than a decade, posted profit of US$163m
-Neways, a key supplier to ASML, to build a new plant in Klang, Malaysia
-Sg NODX slipped 0.1% YoY in Feb, dragged down by decrease in non-electronic sector
+ Sg studying safety of deploying nuclear energy in small, densely populated areas
-PSA Int’l reported earnings FY2023 down 6.3% to S$1.46bn YoY, revenue decreased by 11.2% YoY to S$7.1bn
-Sg condo leasing market continues decline in Feb, HDB rents hit new all-time high: SRX, 99.co
Contribution by Derek@valueinvestments chat group. Thank you.
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