Wolf Money(world market review 12-18 Aug 2024)
Market Summary 12-18 Aug 2024
*USA*
-US industrial production down 0.6% in Jul, declined by most since Jan
+ US business inventories in manufacturing and trade sector up by 0.3% in Jun MoM at US$2.56 trillion
+ US inflation probably picked up modestly in Jul, rising 0.2% MoM for both headline n core, within expectation
+ US retail sales soared 1% MoM in Jul, biggest increase since Jan 2023
-US import prices rose 0.1% in Jul amid modest rebound in cost of energy products
+ US equities posted best week since 2023; S&P 500, Nasdaq n Dow up 4%, 5.3% and 3% respectively
+ Goldman Sachs lowered probability of a US recession in the next year to 20% from 25%, citing last week’s retail sales and jobless claims data
+ US University of Michigan consumer sentiment index rose 2.1% in Aug MoM at 67.8 vs forecast of 66.9, first increase in 5 mths
+ US initial jobless claims fell by 7000 to 227,000 to 1 mth low
-US home builder confidence for newly-built single-family homes declined further in Aug, marking 4th consecutive mth of drops
-US housing starts fell by 6.8% MoM to annualised rate of 1.238m in Jul to 4-year low
-US building permits fell 4% to seasonally adjusted annual rate of 1.396m in Jul, lowest in 4 yrs, vs estimates of 1.43m
+ US average 30-year fixed mortgage stable at 6.49% as of Aug 15 at near 1-year low
-US dollar index fell to below 103 at near 7th mth low
+ VP Kamala Harris to propose up to US$25,000 for first time homeowners, also looking to propel construction of 3m new housing units through construction tax incentives, double to US$40bn
+ US central bank might start adjusting its restrictive monetary policy: Fed Reserve Bank of St. Louis President
+ US govt to award semiconductor manufacturer Texas Instruments to give up to US$1.6bn under Chips act to help fund new facilities
+ California allowed Chinese robotaxi company WeRide to conduct passenger tests, expands autonomous driving collaboration
+ SpaceX to send 1st human mission over Earht's poles
+ Boeing's Jul total airplane gross orders reached 72 vs 14 in Jun, Apr and May with just one digit
-Texas-based oil firm SLB (formerly Schlumberger) is expanding presence in Russia: FT
-Berkshire Hathaway cuts stake in Paramount, Snowkflake, T-Mobile
+ Google launched new I-driven Android and new Pixel 9 phones
*COMMODITY*
+ Gold spot price rose to record high of >US$2509 an ounce
-Iron Ore fell to below US$100 threshold in Aug, lowest in 20 mths; poor demand for steel in Chin drove mills to cut input buying
*CHINA*
+ China's output of industrial enterprises up 5.1% YoY, retail sales rose by 2.7% in Jul: NBS
+ China to focus on boosting consumption to improve the economy: Li Qiang
-Chinese stock exchanges to stop releasing daily data on overseas fund flows
-China new RMB loans fell into contraction at ¥770.8bn, a 20.9% YoY decline
-China to impose export limits on antimony and related elements in the name of national security
+ China's investment in technological transformation in manufacturing industry surged 10.9% in Jan-Jul
-Chinese industry group warned EU countries risk losing investment under Foreign Subsidies Regulation
+ China's investment in fixed assets continued to expand with more investment going to high-tech industries rise 10.4% in first 7 mths
+ China's central bank to extend low-carbon lending tool to end 2027
+ China's holdings of US Treasury bonds reached US$780.2bn in Jun, up by US$11.9bn MoM
-China's youth unemployment jumped to 17.1% in Jul
+ China to boost car renewal campaigns with increased subsidies in simpler process
-China's BYD, SAIC sales in EU fell 45% from Jun after new tariffs take effect
+ Chinese start-up Autoflight Aviation aims to offer affordable flight by electric vertical takeoff n landing aircraft, boost for low-altitdue economy
+ Huawei reportedly close to releasing a new chip that will rival Nvidia
+ Tencent's Q2 revenue grew 8% to US$22.5bn, rising 8% YoY
-Alibaba's net income for it Jun qtr down 27% to US$3.3bn
+ Lenovo's opening-qtr revenue for fiscal 2024/25 surged 20% at US415.4bn
*EUROPE*
+ Eurozone int'l trade surplus amounted to €22.3bn in Jun, widening from €18bn a year earlier
-German has been unable to overcome an economic crisis in the country: Economy Minister admitted to media
+ German FDI in China reached €7.3bn in H1 vs €6.5bn for whole of 2023
-UK pay grew at its slowest pace in nearly 2 years, average weekly earnings excluding bonuses were 5.4% higher YoY
+ UK inflation rose to 2.2% in Jul
+ France final Jul inflation rose 2.7% YoY, revising up preliminary reading of 2.6%
+ Danish shipping gp Maersk agreed to study nuclear-powered container shipping
+ Russia fertiliser exports to BRICS partners hit all-time high
*ASIA*
+ Japan's GDP grew at annual rate of 3.1% in Apr-Jun period
-Japan's wholesale prices up 3% YoY in Jul: BoJ
+ South Korea's capital Seoul home prices jumped by the most in >4 yrs
-Saudi to reduce big spending in the oil sector: Goldman
*ASEAN*
+ Thailand's Paetongtarn Shinawatra, Thaksin's daughter, becomes the new Prime Minister of Thailand , to scrap US$14bn cash handout stimulus package given out by previous govt
+ Malaysia's Q2 GDP growth beats forecasts at 5.9%, supported by stronger domestic demand and further growth in exports
+ Malaysia's FDI surged to RM9.08bn in Q2 from 3-qtr low
-Malaysia's current account surplus at RM3bn in Q2 vs RM8.32bn same period last year
-Malaysia's Sept target for Johor-Singapore SEZ agreement pushed to Dec, as negotiations continue over several sticking points
+ Malaysia mini-market chain 99 Speed Mart launched biggest Malaysia's IPO in 7 yrs
+ Malaysia to acquire 62 new passenger trains through RM10.7bn leasing deal with China
+ Sg PM outlines policies for families, economy, housing and education in his National Day Rally speech
+ Sg key exports surged 15.7% in Jul, largest increase since Jan; electronics n non-electronics exports grew
-Sg new private home sales plunged nearly 60% YoY in Jul
-Grab's revenue rose 17% to US$664m in Q2, net loss narrowed to US$53m from US$135m YoY
-Sg metal stockpiles are surging, combined inventories of 2 base metals in LME Sg-registered warehouses have grown >tenfold since May 2023
-Mpox outbreak in Africa and other countries is a “very worrying” situation, and Singapore should expect the virus to arrive at: Health Minister Ong
Contribution by Derek@valueinvestments chat group. Thank you
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