Wolf Money(world market review 6-12 May 2024)

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Art@Kampung Glam 


Market Summary 6-12 May 2024

*USA* 

-US Consumer Sentiment Index declined 12.7% to 67.4 in May at 6-mth low, inflation expectations rise to 3.5% from 3.2% 

-US lawmakers unveiled bill to make it easier to restrict exports of AI models  

-US initial weekly jobless claims up by 22,000 to 231,000   

+ US equity funds registered first weekly inflow in 6 weeks in 7 days amid renewed hopes of rate cut

-Yellen called for Congress to give regulators more power to oversee growing nonbank mortgage industry 

-Biden expected to announce raise in tariffs on EVs from China from 25% to nearly 100%, others include solar, medical supplies 

-US to add 37 Chinese businesses to a trade restrictions list over security concerns 

-US discussed ‘overcapacity’ in Chinese solar manufacturing, coal in climate talks

+ US judge halted Consumer Financial Protection Bureau’s new rule capping credit card late fees at US$8 

-US postal service wants 25% hike for high-volume package shipping 

+ Tesla to invest >US$500m on super charger network expansion

-JPMorgan Chase warns bank’s assets may be seized in Russia After US$1,46bn write-off: report

+ Mastercard’s Chinese JV opened for business after PBoC approved clearing operations in Nov 2023 

*CHINA*

+ China’s annual inflation stood at 0.3% YoY in Apr vs 0.1% in Mar

-China’s producer prices extended declines, PP! -2.5% YoY vs -2.8% in Mar   

+ China’s private Caixin services PMI reached 52.5 in Apr, expanding for 16th consecutive mth 

+ China’s trade surplus rose to US$72.35bn in Apr, exports jumped 1.5% vs sharp 7.5% decline, imports up 8.4% YoY 

+ ICBC to issue ¥30bn (US$4.15bn) worth of Total Loss-absorbing Capacity bonds, 1st issuance of such bonds by Chinese bank

+ Shanghai Composite Index has jumped >20% from low pt of 2635.09 on Feb 5 this year, entering a technical bull market  

+ China’s FX reserves totalled US$3.201 trillion as end Apr, down by 1.38% or US$44.8bn MoM 

-China vowed to take all necessary measures to safeguard own right and interests on US crackdown against tech industries 

+ Country Garden repaid 2 onshore bond coupons within grace period totalling ¥69.95m  

+ Hangzhou and Xian removed all home-buying curbs, most drastic move since Politburo meet 

+ Shenzhen, Wuhan become latest Chinese cities to ease home purchase restrictions to boost sales 

+ China’s car exports hit record high at 38% (417,000 units) up in Apr; domestic sales fell 5.8%, NEVs sales at 43.5% 

+ China Jan-Apr purchased of natural gas jumped 21% YoY

+ China’s foreign trade first 4 mths reach ¥13.81 trillion (US$1.9 trillion), up 5.7% YoY, exports up 4.9%, imports up 6.8% 

+ China’s exports to US expand 2.4% in first 4 mths, total trade up 1.1% YoY to ¥1.47 trillion in yuan-denominated terms

+ China a construction firm under C919 maker COMAC reported to build a big new construction zone in Shanghai, with assembly plant and parts warehouse  

+ China Secured 76% of global shipbuilding orders in Apr

+ China launched new original technology innovation hub construction to speed up industrial upgrades 

+ China nearly 300m domestic trips taken during May Day holidays with spending hitting US$23.51bn 

+ Shein steps up London IPO preparations amid US hurdles to listing: Sources 

+ BYD targets overtaking Tesla as top EV seller in Europe by 2030

-TikTok sued IS govt over ban

+ HK economy seen 5 consecutive quarters of growth, as tourism, stocks rebound 

*EUROPE*

+ ECB Governing Council members agreed it is “plausible” to start easing its monetary policy restrictions in Jun 

-EU disclosed profit of €1.6bn in interest from frozen Russian, ruled out total confiscation of the funds 

-European Commission President Leyen called for protection against subsidized Chinese EVs 

+ Europe’s STOXX 600 index hits fresh record high 

-German industrial output down 0.4% in Mar MoM

+ German >50% residential construction firms reported a lack of orders in Apr  

+ UK’s GDP grew by 0.6% in Q1, surpassed expectations 

+ BoE keeps rate at 5.25% again; likely to cut rates over coming quarters: Governor Bailey 

+ France-China to strengthen agricultural cooperation, pledging to open doors wider to each other 

-Gazprom posted first lost since 1990s followed decline in revenues

+ Hungary-China to cooperate on nuclear industry: PM Orban 

*ASIA*

-Japan’s economy expected to shrink an annualised 1.5% in Q1 due to weak consumption: Reuters poll 

-Japan’s consumer spending fell for 13th straight mth in Mar, housing spending fell 1.3% YoY 

-BoJ to respond if yen moves have an impact on inflation trends: Ueda 

+ SoftBank Gp’s ARM plans to develop AI chips in 2025 

+ India govt aims to raise at least US$2.4bn through sale of bonds 

+ South Korea prepares support package worth >US$7bn for chip industry 

*ASEAN*

-Indonesia projects GDP growth >5% in Q2: BI 

+ Malaysia’s industrial production index rose 2.4% YoY; higher output from mining and electricity sectors 

+ Malaysia’s stock market capitalisation hit record high of RM2 trillion 

+ Malysia’s central bank holds key interest rate at 3% 

+ Malaysia aims for high-tech palm oil industry, to rely less foreign labour 

-Iran using Malaysian providers to bust oil sanctions: US official 

+ Sg 2023 tourism receipts hit S$27.2bn, may hit record S$29bn in 2024

-IRAS to claw back S$60m from buyers who used “99-to-1%” loophole to avoid ABSD  

+ Porsche to open S$100m experiential centre in Sg by 2027 

+ Amazon added another S$12bn into its Sg cloud infrastructure 


Contribution by Derek@valueinvestments chat group. Thank you.

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Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.


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