Wolf Money(world market review 4-10 March 2024)
Market Summary 4-10 Mar 2024
*USA*
+ Powell says interest rate cuts won’t start until inflation at its 2% goal, noting move likely occur at some point this year
-Powell said he expects some US banks to fail in coming mths due to struggles in commercial real estate loan portfolios
+ US economy added 275k jobs in Feb, beating forecasts of 200k, higher than downwardly revised 229k in Jan
-US average hourly earnings for all employees on private nonfarm payrolls edged up by 0.1% in Feb, slows to 2-year low
-US jobless rate rose by 0.2% pts in Feb at 2-year high of 3.9%, vs expectations of 3.7%
+ US exports edged up slightly by US$0.3bn MoM to US$257.2bn in Jan, imports up by US$3.6bn MoM to US$324.6bn in Jan at 1-year high
-US recorded US$67.4bn trade gap in Jan vs upwardly revised US$63.5bn gap in Dec, highest in 9-mth
+ Biden proposes a tax raise on billionaires, corporations
-Powell says Fed not “remotely close” to a central bank digital currency, policymakers were “nowhere near” taking action on adopting such a tool
+ US Senate passes spending bill, averts imminent shutdown
+ S&P 500 and Nasdaq 100 hit fresh records high this week
-US mulls blacklisting CXMT to curb China’s chip advance: Bloomberg
-New York Community Bancorp announced a lifeline >$1 billion from a group of investors after stock plunge >80% this year
-US consumer credit soared by US$19.49bn in Jan vs US$1.56bn rise in Dec, revolving credit like credit cards up by US$8.4bn
-US could ban China from buying oil from Strategic Petroleum Reserve (SPR) under provisions in budget legislation: Bloomberg
-Biden says he will sign proposed legislation to ban TikTok if Congress passes it
-iPhones sales in Chinese market posted 24% YoY dropped in first 6 weeks of 2024
-Apple has been fined by EU €1.84bn for breaking bloc’s competition laws, first ever EU antitrust penalty
+ Nvidia surpassing Saudi Aramco to become world’s 3rd most valuable company
-Broadcom, chip supplier for Apple suffered its worst stock decline in 4 yrs after reporting disappointing revenue
+ Sam Altman back on OpenAI board after he is cleared by investigation
*GLOBE*
+ Global banking regulators to crack down on world’s biggest banks game capital requirements, including JPMorgan, HSBC, BNP, Morgan Stanley
-World Food Prices, the FAO Food Price Index declined for 7th straight mth to 117.3 pts in Feb at 3-year low
-Bitcoin reached US$70,000 for the first time
*CHINA*
+ China unveiled 2024 GDP target set at around 5%, promising steps to transform national growth model, eliminate risks by recent slew of bankruptcies in property sector
+ China has further room to slash the reserve requirement ration (RRR) with ample monetary policy reserves: PBC governor
+ China’s economy has shifted toward a stage of high-quality development with stronger capacity for regeneration
+ China’s consumer prices rose for the first time since Aug, CPI up 0.7% in Feb YoY
+ China’s Jan-Feb trade data; exports up 7.1% YoY and 10.3%, imports 3.5% YoY in USD terms and 6.7% in RMB terms, leading to trade surplus of US$125.2bn in first 2 mths
+ China’s exports to US rise 8.1% in first 2 mths to US$72.52bn
+ China’s trade with India in first 2 mths surged by 15.8% YoY
+ China’s merchandise trade in first 2 mths hit a record high of ¥6.61 trillion (US$918.3bn), up 8.7% YoY
+ China to give chipmakers $27 billion to counter US sanctions
+ China’s semiconductor export surged 28.6% in first 2 mths
+ China should establish property presale fund to support developers with liquidity and ensure they finish construction project: ex bank chief Yi Gang
+ China set to formulate law to promote private economy
+ China’s Land Commissioner proposes reforms to the land system to aid development
-China property firms in insolvency to face restructure, bankruptcy: minister
-China’s services sector grew for 14 straight mth in Feb but at slower pace MoM, fell by 0.2 pts
+ China steps up punishment on capital market crimes including financial fraud, fraudulent IPOs and market manipulation
-China says overall pressure on employment yet to ease: minister
+ China to waive visa requirements for citizens from 6 European countries
+ China prepares to pilot opening-up of internet data centres: Ministry
+ CNOOC discovers vast 100-million-ton oil and gas field identified 300 miles off the coast of Guangdong in South China Sea
+ TSMC to win >US$5bn in grants for a US chip plant: Bloomberg
*EUROPE*
+ ECB lays ground for Jun rate cuts with new forecasts pointing to lower inflation and growth
+ ECB will probably start lowering interests this spring: French central bank head
+ European shares STOXX50 and STOXX 600 surged to fresh multi-year highs on ECB statement, fuelled expectations of potential rate cuts in Jun
+ Eurozone job growth confirmed rose by 0.3% MoM to 169.3m in Q4
+ German industrial output grew by 1% MoM in Jan, first expansion in 9th mths, surpass market expectations of 0.6% growth
-German producer prices fell by 4.4% YoY in Jan, following a revised 5.1% down in Dec, down for 7th consecutive mth
-France’s current account deficit sharply increased to €1bn in Jan from downwardly revised €0.2bn in Dec
+ France CAC 40 hit new high
+ Russia’s MOEX private investor activity reached all-time high in Feb
*OCENIA* / *ASIA*
+ Australian S&P/ASX 200 Index hit new record highs
-Australian farmers destroyed millions of vines and 10 of millions more must be pulled up to rein in overproduction that crushed grape prices, threatens livelihoods of growers and wine makers
+ BOJ leaning toward exiting negative rates in Mar, to overhaul its massive stimulus programme: sources
+ Japan revised Q4 data shows economy likely avoided a technical recession: Reuters poll
-Japan household spending declined in real terms by 6.3% YoY in Jan after a 2.5% drop in prior mth, fell the most in near 3 yrs
+ South Korea posted current account surplus of US$3.05bn in Jan, 8th consecutive mth of surplus on back of higher exports
+ Dubai FTZ attracts 25% more Chinese companies
*ASEAN*
+ Indonesia stock IDX Composite hits fresh record high for 2nd straight session
-Vietnam’s property tycoon accused of embezzling US$12bn in country’s biggest fraud case
-Philippines jobless rate rose to 4-mth high of 4.5% in Jan, up from record-low of 3.1% in previous period
-Malaysia S&P Global seasonally adjusted PMI for Feb rose to 49.5 from 49 in Jan
+ Malaysia jobless rate dropped to 3.3% in Jan from 3.6% YoY, returning to pre-pandemic level for 3rd straight mth
+ Johor MB leading a delegation to SZ, met up 40 Chinese potential investor firms such as China Telecom Global, TCL TEch
+ Malaysia Minister: Australian 7 companies expressed their commitment to bring in new investments and increase existing one in Malaysia
+ Sg retail sales up by 1.3% in Jan, reversing 0.5% decline posted in Dec, driven by higher motor vehicles sales
+ Jurong Island Terminal’s handling capacity will be expanded by 2025 to meet growing demand for barge-sailing services
+ Sg MOT now open to reviewing; 2 ideas; one-off increase in vehicle population alongside higher usage-based charges, and separate COE category for private-hire cars
+ Temasek in talks discussions to invest in OpenAI: FT reports
+ Sg 50,000 public servants to be appointed as election officials, training to begin in Apr
+Temasek shortlists Saudi Aramco, Shell in sale of Pavilion Energy assets
+ Sg to rase retirement age to 64, re-employment age to 69 in 2026
Contribution by Derek@valueinvestments chat group. Thank you.
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