Wolf Money(world market review 22-28 April 2024)
Market Summary 22-28 Apr 2024
*USA*
-US GDP adjusted for inflation grew at 1.6% in Q1, slowest in nearly 2 yrs, consumer prices rose at 3.4% in Q1
-US S&P Manufacturing PMI declined to 49.9 from 51.9, Composite PMI fell to 50.9 from 52.1, Global Services PMI lower to 50.9 from 51.7 in Apr
-US year-ahead inflation expectations complied by Uni of Michigan rose to 5 mth-high of 3.2% in Apr, vs 2.9% in Mar
-US consumer sentiment revised lower to 77.2 in Apr from preliminary of 77.9, vs 79.4 in Mar
+ US durable goods orders up 2.6% or US$7.3bn in March at US$283.4bn
+ US Q1 estimated earnings growth looking stronger at nearly halfway mark of reporting period
+ Blinken in Beijing for talks with top Chinese officials
-Biden has signed a new law could potentially lead to TikTok being banned in US
+ US GDP growth for Q1 could be revised higher after more data is in hand and inflation will ease to more normal levels: Yellen
+ Yellen: non imminent US sanctions on Chinese banks for Russia trade
-US Composite PMI Output Index stood at 50.9 in Apr to 4-mth low
+ US announced US$7bn plan to make solar affordable
+ US sales of new single-family houses up 8.8% in Mar to hit 693,000
-US to target Chinese banks for working with Russia: WSJ
+ Micron to get US$6.14bn funding under CHIPS and Science Act
+ US, China to have AI discussion in coming weeks: Blinken
-US Dept of Justice seeks 3-year sentence for Binance founder
-iPhone sales in China dropped 19% in Q1 to worst result since 2020
+ Elon Must kicks off surprise trip to Beijing: sources
+ Elon Musk’s xAI, formerly known as OpenAI, nears US$6bn funding from investors, including VC firm Sequoia
+ Elon Musk sees Tesla’s future; likening it to a blend of Airbnb and Uber, to cut >3000 jobs in California
-Boeing reports first revenue drop in 7 qtrs as deliveries decline; downgraded by Fitch to negative
*CHINA*
+ China’s industrial profits up 4.3% YoY in Q1, vs 10.2% jump in prior period
+ PBoC to keep its 1-year loan prime rate unchanged at 3.45%, 5-year LPR remained at 3.95%
+ PBoC indicated its approval for trading treasury on secondary market, signalling more robust action to boost liquidity
+ China issued >¥1.12 trillion (US$157.9bn) of treasury bonds and over ¥66.79bn of local govt bonds in Q1 on BSE
+ China passed tariff law; leaving its biggest trade partners in no doubt that it can hit back should they put tariffs on exports
+ China produced 85.959 tonnes of gold in Q1, up 1.16% YoY, gold consumption at 308.905 tonnes, up 5.94% YoY
+ China looks to toughen penalties to calm down on inflated or manipulated economic statistics
+ Chinese tech-firm unveiled text-to-video AI model Vidu on par with Sora
+ China launched new policy encouraging trade-ins of more polluting vehicles for NEVs
-Shanghai vacancy rate of grade-A office buildings reached 20.9% at near 20-year high: CBRE
+ China crated 3.03m new jobs in Q1, >25% of year’s target reached
+ Xiaomi expects annual car delivery to reach 100,000
-ByteDance stated not considering selling TikTok
+ Chinese-produced durian in Hainan likely to quadruple to reach 200 tonnes this year
+ China’s top liquor brand Kweichow Moutai reported 15.59% YoY profit surge in Q1
+ HK economy set for 5th straight qtr of ‘moderate’ growth at 2.5%-3.5% in Q1: Finance chief
*EUROPE*
+ Europe should not become a vassal of the US, urged stronger defences: Emmanuel Macron
+ Eurozone govt debt fell to 88.6% of GDP in Q4 vs 89.6% in Q3
+ Euro area private business sector at 11-mth high in Apr, composite PMI at 51.4 from 50.3 in Mar
-EU launched investigation into Chinese medical device market
-EU starting formal proceedings against TikTok over launch of TikTok Lite
+ Airbus allowed to use banned Russian titanium
-German unemployment will rise to an average of just under 2.8m this year, highest level since 2015: IW
+ UK private sector output reached 11-mth high in Apr, composite PMI at 54 from 52.8 in Mar: S&P Global
-UK is investigating Microsoft and Amazon AI mergers
-France slow economic growth will lead to fall out of top 10 global economies: IMF
-UBS Chairman said bank ‘not too big to fail’, expressed concern govt’s proposal to impose tighter capital requirements
+ Russian mining giant Norilsk Nickel will move some copper smelting production to China
-Russia could downgrade relations with US if its assets are confiscated
*ASIA*
+ BOJ will hike rates again if trend inflation accelerates toward it 2% target as expected: governor Ueda
-Japanese yen hits new 34-year low vs dollar
-Japanese Jibun Bank Flash PMI Index at 49.9 in Apr
-Japan launched anti-dumping investigation into graphite electrodes imported from China
+ Toyota will cooperate with Tencent on AI, cloud computing, big data in its EVs: Nikkei
+ Honda is set to close a US$6bn deal with Canada for EV plant
+ South Korea, US to discuss ways to advance cooperation in semiconductor industry: Yonhap
+ SK Hynix to invest US$14.6bn to boost AI chip capacity
+ Aramco in talks with China Hengli Gp to acquire 10% Hengli Petrochemical stake
*ASEAN*
-Bank Indonesia raised key interest rates by 25bps to 6.25% as what it calls a “pre-emptive measure”
-Indonesia govt body proposed outstanding debt to around 40% of GDP next year
+ Malaysia inflation rate rose 1.8% YoY in Mar
+ Malaysia’s export, import prices increase 1.7%, 0.1% in Mar
+ Malaysia unveiled comprehensive semiconductor strategy to capitalise on global tech upcycle, sustain prominent role in chip supply chain
-Sg industrial production contracted 9.2% YoY in Mar; double-digit declines in electronic and biomedical clusters: EDB
+ Sg headline inflation at 2.7% in Mar YoY, vs 3.4% in Feb, core inflation at 3.1% vs 3.6% in Feb
-Sg must prepare for slower growth at higher costs: MAS
+ Sg 1 in 3 SMEs expect AI to replace or take over jobs: survey
+ Sg private home prices up 1.4% in Q1, rents down by 1.9%: URA
+ HDB resale prices rose 1.8% in Q1 vs 1.1% in previous qtr
-Sg industrial rents rose 1.7% in Q1, occupancy rates dipped and prices fell for the first time in 3 yrs
Contribution by Derek@valueinvestments chat group. Thank you.
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