Wolf Money(world market review 5-11 Aug 2024)
Market Summary 5-11 Aug 2024
*USA*
+ US 3 Fed policymakers signal rate cuts ahead from the economic data
+ US is no longer an overheated economy with a job market that has cooled from it pandeminc-era: Powell tells Congress
+ S&P 500 ended little changed for the week after clawing back from Monday's steep selloff
-US composite PMI output index at 54.3 in Jul vs 54.8 in Jun: S&P Global
+ US services PMI came in at 51.4% in Jul, entering expansion terrority vs 48.8% in Jun: ISM
-JP Morgan rasied odds of US recession by end this year to 35% from 25% probability earlier
-US some largest banks will probably report weaker profits for Q2, facing pressure from lower interest payments, higher credit losses
+ US small-business confidence increased to 6-mth high in Jun, Optimism Inex climbed 1 pt to 91.5, highest level since Dec 2023
+ US retailers are fueling a summer rush of imports to guard against potential strike by port workers, ongoing shipping disruptions in Red Sea
-US new orders for manufactured goods down 3.3% to US$564.2bn in Jun
-US trade deficit reached US$73.1bn in Jun, down by 2.5% compared to May
+ US initial jobless claims fell by 17,000 to 233,000
+ US average 30-year fixed mortgage rates fell a qtr percentage to 6.47% at 15-mth low
-Federal court extended block on Biden's student debt relief plan
-US banned imports from 5 more Chinese companies over alleged "forced labour" claims targeting Xinjiang
-US released US$3.5bn to Israel to spend on US weapons, military equipment: CNN
-US strategic oil reserves must be filled up immediately: Trump
+ Goldman Sachs has started allowing some of its biggest clients to invest in its asset-backed loans: WSJ
+ Tesla to relaunch an insurance broking firm in China to capitalize on expansive insurance market
+ HP rebutted allegations of relocation half of its personal computer production away from China, reiterating commitment to Chinese market
+ Disney set to spend US$5bn in Europe to make blockbuster movies and shows: FT
*WORLD*
-Worldwide PMI survey compiled by S&P Global continued to deteriorate at 49.7 in Jul, unchanged from Jun
*CHINA*
+ China's annual inflation came in at 0.5% in Jul, up from 0.2% in Jun
+ PBOC says will increase treasury bond trading in its open market operations
+ China's commercial banks non-performing loan ratio at 1.56% at end Jun, down 0.03% from previous qtr
-China's new yuan loans likely fell sharply in Jul from previous mth: Reuters poll
-China's regulator orders some borkerages to conduct compliance checks on bond trading: sources
+ China's trade surplus rose to US$84.65bn in Jul, exports up 7%, imports up 7.2% YoY
+ Shenzhen launched a program to buy unsold homes, the first of country's biggest cities to respond to central govt's call
-Caixin BBD New Economy Index slipped 1.4 pts to 31 in Jul MoM, indicating new economy industries accounted for 31% overall economic imput
+ China will launch 9 campaigns over next 3 yrs to build system harness clean energy
-China's NEVs accounted for 43.8% of total sales of new cars in Jul, up 27% YoY, car sales fell 3.1% YoY in Jul to 1.73m units
+ China's domestic sales on NEV surpassed gasoline-powered cars for the first time in July at 51.1%
+ Huawei unveiled 1st luxury Sedan model under partnership with BAIC
+ XPeng's flying car unit secured US$150m fresh funding to start mass production
+ Caixin China General Services Business Activity Index up 0.9 pts to 52.1 in Jul
+ China's retail sales of services grew 7.5% in H1, goods sales rose 3.2%
+ Green Town China Holdings, HK listed developer set record price for residential land sales in Shanghai despite sluggish property market
-Evergreen NEV units ordered to begin bankruptcy reorganisation
-Guangzhou R&F Properties unit Trillion Glory received winding-up petition from SG based private equity fund due to non-repayment of loan
-China filed a complaint with WTO regarding EU's recent subsides for NEV
+ Chinese robotaxi firm WeRide eyes up to US$5bn valuation in US IPO
+ TSMC reported 44.7% surged in Jul revenue, up 30.5% for first 7th mth YoY
*EUROPE*
-Eurozone retail sales fell 0.3% MoM in Jun but rose 0.1% in EU
+ Eurozone and EU PPI both up 0.5% in Jun
+ Germany seasonally and price-adjusted new factory orders rose 3.9% MoM in Jun
-Germany number of medium-sized and large companies that went insolvent up 41% YoY in H1
+ Germany industrial output up 1.4% MoM in Jun
+ Germany's trade surplus came in at €20.4bn in Jun vs €24.9bn in May
+ UK house prices up 2.3% YoY in Jul: Halifax
-UK probed Amazon's US$4bn investment in Anthropic
+ Greece industrial output rose 9.5% YoY in Jun after upwardly revised 6.8% increased in May
*ASIA*
+ BoJ debated further rate hikes in Jul, summary of discussion showed
-Japan's wholesale inflation accelerated in Jun as weak yen pushed up cost of raw material imports
-Japan's stock index Nikkei 225 fell below 35,000 mark for the fist time since Jan
+ BoJ agreed should raise policy interest rate in a timely and gradual manner moving forward
+ Japan's services activity returned to growth in Jul to 53.7, up from 49.4 in Jun, composite PMI rose from 49.7 in Jun to 52.5 in Jul
+ India to facilitate visas for Chinese technicians
+ SK Hynix to get up to US$450m in US subsidies
+ Aramco's Q2 net income down 3.2% YoY to US$29.1bn
+ Aramco made return to debt market with dollar bond sale after 3-year hiatus
*ASEAN*
+ Indoneisa's incoming President proabowo is exploring ways to remove fiscal deficit and debt-to-GDP ratio ceilings: Tempo
+ Thailand approved incentives for JV between Thai and foreign companies to manufacture automotive parts for vehicles
-Anwar: Tesla's factory plans in SEA scrapped due to losses and competition from China
+ Anwar opens Infineon Technologies' €7bn euro production site in Northern Malaysia
-Malaysia opens anti-dumping probe on plastic imports from China, Indonesia
-Sg retail sales fell 0.6% YoY in Jun vs 2.2% growth in May
+ MAS launched review group to improve Sg equities market after mths of speculated proposals
+ Sg earmarked 30ha around the island and looking into installing solar panels above sea surface and tidal turbines underwater
+ Scoot airline launching flights to Meleka from Oct.
Contribution by Derek@valueinvestments chat group. Thank you.
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