Wolf Money(world market review 23-29 Sept 2024)
Market Summary 23-29 Sept 2024
USA / ZNORTH AMERICA*
+ US consumer spending rose 0.2% in Aug after an unrevised 0.5% gain in Jul
+ US PCE price index rose 0.1% MoM, putting 12-mth inflation rate at 2.2% in aug
-US conference board’s consumer confidence index slide to 98.7 vs 105.6 in Aug, biggest 1-mth decline since Aug 2021
+ Traders now see Fed delivering another 50bps rate cut in Nov after govt report showed inflation rose modestly in Aug
+ US mortgage applications soared 11% from previous wk, extending surge of 14.2%, lift application volumes to highest since Jun 2022
+ US new single-family homes declined by 4.7% in Aug to 716,000 units vs forecasts of 700,000 units
-US strike looms as at busiest ports as 45,000 workers prepare to walk off job, could hit >50% imports, 15% of global container fleet capacity
-US proposed ban on Chinese software and hardware in connected vehicles, would effectively bar Chinese cars and trucks from US market
-US Commerce Dept said US auto sales could drop by up to 25,841 vehicles a yr and prices rise if proposed rules go ahead that would ban Chinese vehicles; maybe less competitive in the global market
-US Dept of Justice filed civil antitrust lawsuit against Visa, accused of monopolizing the debit card market, unlawfully amassing power to extract higher fees
+ US dept of energy to invest additional US$3bn to boost domestic production of advanced batteries and materials
-Boeing wage talks break off without progress to end strike: union
+ Micron's reported Q4 revenue of US$7.75bn, represents 93% YoY growth
+ OpenAI is discussing giving CEO Sam Altman 7% equity stake and restructuring to become a for-profit business
+ Nvidia’s Huang says nuclear power an option to feed data centres
+ Intel and US to finalise US$8.5bn in chips funding by year-end: FT
-Apple dropped out talks to join OpenAi investment round: WSJ
+ Uber to partner with China’s WeRide for autonomous vehicles beginning in UAE
-Canada recorded higher C$7.29bn budget deficit for first four mths of 2024/2045 fiscal yr, vs C$1.24bn deficit a yr earlier
*CHINA*
+ China’s central bank cuts RRR by 50bps, will lower weighted average RRR for financial institutions to around 6.6%
+ China weighs injecting up to 1 trillion yuan of capital into its biggest state banks to increase capacity to support the economy, mainly from issuance of new special sovereign bonds
+China's top leaders vowed to stabilize the property market, implement forceful rate cuts in bid to reverse the economic slowdown
+ CPC leadership meeting emphasized the importance of stabilising the property market
+ Shanghai, Shenzhen planning to lift key remaining restrictions on home purchases, to announce changes in coming weeks
+ China plans to issue special sovereign bond worth about ¥2 trillion (US$284.43bn) this yr as part of fresh stimulus: sources
+ China unveiled guidance to encourage medium and long-term funds to enter capital market
+ PBOC lower borrowing cost of its 7-day reverse repurchase agreements by 20bps to 1.50% from 1.70% earlier
+ Chinese stocks posted best week since 2008 after stimulus blitz
+ China bonds rally with yields hitting record lows after PBOC signals more easing, 10-year govt bonds fell 3.2pbs to 2.041%
+ China offers to set minimum EV prices to EU to avoid 17-35% tariffs
+ China to establish state-owned enterprise focused on recycling, to turn waste into resources
-China’s industrial profit fell 17.8% YoY in Aug, after 4.1% gain in Jul, pulled down growth to just 0.5% in first 8 mths
+ China test-fires intercontinental ballistic missile into Pacific
+ China’s US$1.56bn consumer subsidies see increase in sales of cars and household goods
-China >50% of local govts lagged behind annual revenue target in the first 7th mths
-China launched anti-discrimination investigation into Canada’s tariff increases
-HK trade deficit increased to US$33.1bn in Aug YoY from US$25.6bn, as imports grew more than exports
-HK home prices dropped for the 4th consecutive mth in Aug, home prices fell 1.71% from Jul, down 6.2% so far this yr
-HK smaller property players to gain less from rate cuts: Fitch
*EUROPE*
-Eurozone bank lending to households roe by 0.6% YoY to €6.892 trillion in Aug, fastest pace of credit growth since Oct 2023
-German economy estimates to contract 0.1% in 2024 amid manufacturing woes: Research Institutes
-Germany unemployment rose 12,000, more than expected in Sept, up by 17,000 in seasonally adjusted terms to 2.82m at 6%
+ UK retail sales grow at fastest pace since May: CBI
-UK car production fell 8.4% YoY to 41,271 units in Aug, declining for the 6th straight mth as manufacturers continued to shift production to EVs
+ French inflation came in at 1.2% in Sept, down from 1.8% in Aug, much lower than expected
+ Italy’s UniCredit further acquired another 12% in German Commerzbank bringing total stake to 21%, becoming largest shareholder
+ Swiss central bank lower key policy rate by 25bps to 1% in Sept, 3rd consecutive reduction to the lowest since early 2023
*ASIA*
+ Japan Ishiba to be next Japanese premier after winning LDP leadership
+ Japan core inflation central at bank’s 2% target in Sept
-Toyota global output fell 11.2% in Aug, down for 7th straight mth
-India Tata's iPhone parts producing factory in Tamil Nadu disrupted by fire
+ Saudi Aramco raised US$3bn from 2-part Islamic bonds, 2nd sale since Jul
*ASEAN*
+ Indonesia incoming Prabowo administration vowed to invigorate private sector, halt deindustrialisation
+ Thailand’s pension fund earmarks US$11.6bn for global investment overhaul
+ Vietnam govt: SpaceX plans to invest US$15bn in the near future
+ Malaysia producer prices up by 0.3% YoY in Aug, 7th straight mth of prodcuder inflation but lowest in sequence
+ Johor in the midst of finalizing a clock transport network designed to complement Johor-SG RTS Link
+ Invest Malaysia; annual conference organised by Bursa, moved to Johor for the first time since its inception in 2005
+ Sg factory output surged 21% YoY in Aug; electronic gained 49.1%, biomedical sector, industrial production up 27.5%
+ Sg dollar trades at a fresh 10-year high of S$1.28 against USD
+ Sg population crossed 6m threshold for the first time hitting record 6.04m in Jun, up by 2% YoY, boosted mainly by foreign workers, migrant domestic workers
-Sg bleak IPO market has firms seeking to list in Malaysia's booming market: Bloomberg
-Sg fuel oil volumes stored in onshore tanks fell to lowest in nearly 6 years, stockpiles at 1.53m barrels: weekly official data
Contribution by Derek@valueinvestments chat group. Thank you.
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