Wolf Money(world market review 29 July-4 Aug 2024)
Market Summary 29 Jul-4 Aug 2024
*USA*
+ Fed left its key lending rate unchanged, signalled could make its first cut as soon as Sept
-US federal govt public debt has snowballed to unprecedented US$35 trillion
-US new factory orders for manufactured goods fell by 3.3% MoM to US$564.2bn in Jun, vs market expectations of 2.9% contraction
-US manufacturing PMI registered 46.8 in Jul vs 48.5 in Jun, contraction for the 20th time in last 21st mths: ISM
-US nonfarm payrolls up 114,000, well below forecast of 175,000, jobless rate rose to 4.3% in Jul, highest since Oct 2021
+ US average rate on popular 30-year mortgage rate fell to 6.73%, lowest since Feb
+ US average hourly earnings for all employees on private nonfarm payrolls up by 8 cents
+ US job cuts at 25,885 in Jul, 47% decrease from Jun 48.786 cuts
-US weekly jobless claims increased 14,000 to 249,000 to 11-mth high
+ US 10-year Treasury yield hit session low of 3.79%, lowest level since Dec 2023 amid Fed rate cut hopes
+ US Fed expects to cut interest rates twice this year: Fitch
-US considers new restrictions on China’s access to AI memory chips and equipment as soon as next mth
+ US has delayed significant tariff increases on imports from China, including EVs and batteries
+ Russell 2000 hit 32-mth high of 2301 index pts
+ US-China Economic and Trade Cooperation Forum held in NY with >300 representatives from enterprises and chambers
+ US, China business councils hold roundtable on promoting exchanges between 2 countries in Washington
+ US extended a license allowing transactions with Moscow Stock Exchange and its 2 subsidies until Oct 12
-Berkshire Hathaway sold nearly half of its stake in Apple, offloads more of Bank of America shares
-Nvidia new AI chips will be delayed due to design flaws: The information reported
-Intel reported weaker-than-expected result for Q2, plan to axe 15,000 jobs
*GLOBE*
+ Gold soared to new record high to >US$2474 per ounce
*CHINA*
-China’s official factory activity came in at 49.4 in Jul, contract for 3rd straight mth: NBS
-China’s private Caixin manufacturing PMI dropped to 49.8 in Jul, first dip below expansion in 9 mths
-China’s non-manufacturing activity slowed to 50.2 in Jul from 50.5 in Jun: NBS
+ China issued ¥418bn (US$58bn) ultra-long-term special treasury bonds to fuel economic growth
+ China issued 5-year action plan for urbanisation, relaxing restrictions on household registrations to boost domestic demand
+ China to ramp up efforts free trade cooperation by accelerating talks and upgrades FTAs and enhancing development of FTZs
+ China issued guidelines to promote high-quality development of consumption of services sector
+ China will focus on boosting consumption in area like vehicles and home appliances
-China more local financial asset exchanges cease operation in sweeping crackdown on financial risks and illegal fundraising
+ China’s marine economy expanded in first 6 mths, gross output at ¥4.9 trillion, up 5.6% YoY
+ China discovered rich rare-earth oxides, estimated 1m tons, first super-large ion-adsorption rare earth mine in the country
+ China unveiled advanced Text-to-Video Models, rivalling OpenAI’s Sora
+ CATL invests in electric aircraft developer Autoflight
+ BYD, Uber formed partnership to deploy 100,000 EVs in EU and Latin America, eventually expanding to other markets
+ Guangzhou to legislate support for autonomous taxis, buses
-China expand export controls on drones, requiring exporters to seek approval for certain drones and related equipment
-HK pre-owned home prices dropped to lowest in near 8 yrs, Jun’s private property index down 1.24% from May n 13.1% YoY decline
*EUROPE*
-Eurozone Jul inflation higher than expected at 2.6% vs 2.5% in Jun
-Eurozone jobless rate at 6.5% in Jun, up by 0.1% in May
-German HCOB final manufacturing PMI fell to 43.2 in Jul
+ BoE cuts interest rates by a qtr pt to 5% from 16 yrs high
+ UK’s manufacturing PMI at 2-year high at 52.1 in Jul, vs 50.9 in Jun
+ Italy and China signed a 3-year action plan to implement past agreements and experiment with new forms of cooperation: Meloni's China visit
*ASIA* /*OCEANIA*
+ Bank of Japan raises key interest rate for 2nd time in 17 yrs to 0.25% from 0.01%
-Japan FM stated would analyse impact that forex volatility has on country’s economy and would respond appropriately
-Japan govt white paper warned of weak yen impact on households
-Toyota Motor reported more cases of cheating on certification tests for new models required by govt
+ Toyota Motor sold 5.16m vehicles worldwide in H1, retained top spot in global sales for 5th straight year
+ India’s HSBC final manufacturing PMI came in at 58.1 in Jul: S&P Global
-India trade ministry to investigate cheaper steel imports from China and Vietnam
-Samsung and SK Hynix could be affected by new US rule on restrictions on China’s access to AI memory chips
+ Samsung posted 6-flod in net income to US$6.96bn in Q2, operating profit up 15-flod and 23% rise in revenue
+ Saudi Arabia Public Investment Fund signed MOUs with 6 Chinese financial institutions worth US$50bn in total
+ Australia ASX200 hit all time high of 8155 index pts, up 6.57% in last 12 mths
*ASEAN*
+ Indonesia inflation dropped to 2.1% in Jul, lowest since Feb 2022
+ Indonesia govt aims to bring down domestic airfares by 10% before Oct
+ Chinese companies Sinopec and Petrochina in a joint study to explore oil and gas potential in eastern Indonesia
-Thailand’s central bank unveiled measures to tackle high household debt for home loans and credit card dues
+ Thailand pressing ahead with plans to legalise casinos to prop up tourism
+ Malaysia’s air passenger traffic surged 15.3% to 46m in H1
+ Anwar to meet Putin to discuss economic cooperation
+ Sg PMI at 50.7 in Jul, 0.3 pt gain from Jun
+ MAS sets up review gp in bid to revive its equity market
-Sg hotel’s average room rate at 1-year low in Jun, int’l visitor arrivals marked 3rd straight mth of declines: STB
Contribution by Derek@valueinvestments chat group. Thank you.
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