Wolf Money(world market review 29 April-5 May 2024)
Market Summary 29 Apr – 5 May 2024
*USA*
-Fed kept rates unchanged at 2 decades high of 5.25%-5.5%,
-US ISM Manufacturing PMI fell to 49.2 in Apr from 50.3 in Mar
+ US factory orders rose 1.6% to US$584.5bn in Mar, in line with expectations
-US worker productivity growth slowed sharply in Q1, resulting surge in labour costs
+ US private sector employment added 192,000 workers in Apr, exceeding expectations of 175,000 increase
-US job openings down by 325,000 from previous mth to 8.488m in Mar, lowest level since Feb 2021, job quits drop to 3.5 yrs low
-US trade deficit remained at 10-mth highs of US$69.4bn in Mar
-Fed announced plans to slow speed of its balance sheet drawdown
+ US-based employers announced 64,789 cuts in Apr, down 28% from Mar’s 14-mth high of 90,309 cuts
+ US jobless weekly claims benefits unchanged from prior week at 208,000, at lowest level in 2 mths
-US average contract interest mortgage rate for 30-year fixed-rate hits 5-mth peak to 7.29%
-US issued hundreds of fresh sanctions targeting Russia, takes aim at Chinese companies
+ Musk concludes 24-hr visit to China, met Chinese Premier, secured deal with Baidu
*SOUTH AMERICA* / *OTHER*
-Brazil’s credit outlook rating has been raised to positive from stable by Moody’s
+ Ecuador-China free trade agreement effective from May 1
-Raw sugar futures sank to 16-mth low amid robust supply form world’s top producers, low demand for sugarcane-based biofuel
*CHINA*
+ China to step up support for economy with prudent monetary and proactive fiscal policies, including interest rates and RRR
+ China’s Manufacturing PMI moderated to 50.4 in Apr from 50.8 in Mar, remained in expansion territory
+ China’s Caixin General Manufacturing PMI at 51.4 in Apr, up 0.3 pts from Mar, expands at fastest pace in 14 mths
+ China’s stressed importance of curtailing risks related to real estate sector, local govt debt, SME financial institutions
+ Chinese Politburo to study policies for reducing existing housing stock, while optimizing new housing supply
+ Beijing relaxed rules on multiple home purchases after 13 yrs to stimulate buying
+ China 70 large and medium-sized cities home prices edged down 0.1% in Mar from a mth ago
+ Xi to visit France, Serbia and Hungary
+ China’s trade with other BRICS members up 11.3% in Q1
+ China State Shipbuilding Corp CSSC signed abt US$6bn deal with QatarEnergy to build 18 ultra-large LNG carriers
+ China unveiled new measures to facilitate opening-up, international exchanges
+ China’s 3rd aircraft carrier the Fujian begins first sea trial
+ China’s C919 passed ‘deep level’ safety tests
+ China multiple private companies unveiled their launch arrangements at Zhongguancun Forum
+ China to launch Chabg’e-6 lunar probe
*EUROPE*
-European FDI fell 4% last year, Germany seeing sharp 12% drop in projects: EY survey
-Eurozone Manufacturing PMI at 45.7 in Apr vs Mar’s final figure of 46.1
-Germany Manufacturing PMI rose to 42.5 in Apr, up from 41.9 in Mar
-UK Manufacturing PMI revised higher to 49.1 in Apr vs preliminary estimate 48.7
+ UK FTSE 100 reached new record high of 8160
+ French economy rose by 0.2% in Q1 vs 0.1% growth in Q4 last yr
*ASIA* / *OCENIA*
-Japan Manufacturing PMI revised lower to 49.6 in Apr from 49.9 in preliminary estimates, vs 48.2 in Mar
-Japan export controls related to semiconductors will seriously affect normal trade between Chinese and Japanese enterprises: China’s commerce ministry
+ India’s infrastructure output rose 5.2% in Mar YoY vs revised 7.1% growth in Feb
-South Korea Manufacturing MPI fell to 49.4 in Apr from 49.8 in Mar at 8-mth low
+ South Korea exports up 13.8% YoY to US$56.2bn in Apr, imports grew 5.4% to 13-mth high of US$54.7bn
-Saudi Arabia’s GDP contracted 1.8% YoY in Q1, marked the 3rd consecutive qtr of contraction, due to decline in oil production
+ Australia imports of goods up 4.2% MoM to record high of AUD39.88bn, exports up 0.1% MoM to AUS44.91bn in Mar
*ASEAN*
+ Indonesia Manufacturing PMI at 52.9 in Apr from Mar’s 54.2, still at 32nd straight mth of growth in factory activity
+ Indonesia tourist arrivals up 19.86% YoY to 1.04m in Mar, up 25.43% to 3.03m in Q1
-Thailand Manufacturing PMI down to 48.6 in Apr from 49.1 in Mar, 9 straight mth of contraction in factory activity
-Malaysia Manufacturing PMI at 49.0 in Apr from Mar’s 3-mth low of 48.4, at 20th straight mth of contraction
+ Microsoft pledges RM10.5bn in cloud, AI investment in Malaysia
-Sg Manufacturing PMI at 50.5 in Apr, down from 50.7 in Mar, electronic PMI, account for 1/3 at 50.9 in Apr vs 50.8 in Mar
-Sg jobless rose by 2.1% in Q1, total employment grew by 4900 vs 7500 in Q4 qtr
+ Sg retail sales up 2.7% in Mar at S$4.2bn, online sales accounted for 11.7%
+ Sg hotels’ average room rate grew sequentially in March; int'l visitor arrivals climbed to a new post-pandemic high: STB data
+ Sg top recipient of Q1 cross-border investments in Apa at 45.6%c: Knight Frank
-De Beers Gp, diamond firm to relocate auctions HQ from Sg to Botswana
Contribution by Derek@valueinvestments chat group. Thank you.
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