Wolf Money(world market review 26 Aug- 1st Sept 2024)
Market Summary 26 Aug – 01 Sept 2024
*USA*
+ Fed will almost certainly cut rates on Sept 18 as Powell signalled at Jackson Hole
+ US consumer spending up 0.5% in Jul, PCE price index up 0.2%, advances 2.5% YoY, core PCE inflation gains 0.2%, up 2.6% YoY, personal income climbs 0.3%, savings rate falls to 2.9%, lowest level since Jun 2022
-US jobless rate jumped to near 3-year high of 4.3% in Jul
+ US consumer confidence rose 2.3% in Aug to 6-mth high amid optimism over economic outlook
+ US home prices forecast to rise modestly as Fed cut rates: Reuters poll
+ US auto sales expected to rise 4.2% to 1,437,954 in Aug YoY
-IBM closing it research and R&D division in China, affecting >1000 employees
+ pentagon awarded Lockheed Martin contracts worth >US$5bn
-US requested trade dispute settlement consultations with Canada over its new digital services tax
-Goldman Sachs may cut its workforce by between 3% and 4%
+ SpaceX will now bring NASA astronauts back to earth after Boeing’s Starliner was delayed
+ Boeing new CEO holds first meeting with FAA chief
+ Berkshire Hathaway’s market capitalisation surpassed US$1 trillion
-Buffett again sells BoA shares worth totals of US$845m
+ OpenAI seeking new funding round that would value above US$100bn valuation
+ OpenAI seeking to launch new product believe can think through tough problems much better than current AI models
+ Apple told suppliers to prepare components and parts for about 88m to 90m iPhones, 10% more than last yr: Nikkei Asia
+ Apple in talks to join next OpenAI fundraising round
+ Apple sets Sept 9 for iPhone 16 launch event
-Elon Musk: At current rate of govt spending, American is in the fast lane to bankruptcy, govt spending is what causes inflation
+ US will be ‘crypto capital of the planet’: Trump
*SOUTH AMERICA* / *COMMODITY*
-Brazil top judge ordered nationwide suspension of X after Musk refused to comply judge’s orders to suspend certain accounts
+ OPEC+ members are scheduled to boost output by 180,000 per day in Oct, to begin unwinding their most recent layer of output cuts of 2.2m bdp
*CHINA*
-China’s manufacturing PMI slipped to 49.1 in Aug at 6th mth low from 49.4 in Jul, 6th straight decline n 4th mth <50 mark
+ China’s non-manufacturing PMI at 50.3 in Aug vs Jul’s 8-mth low of 50.2
+ PBOC enters the treasury bond market with ¥100bn net buy, its first open-market trade for treasury bonds in near 20 yrs
+ China’s onshore yuan rose 0.5% to 7.0905 per dollar, a level unseen since Dec
-China’s home prices would fall 8.5% in 2024 and 3.9% in 2025, faster pace than previously forecast: Reuters poll
+ China has invested >¥43.5bn (US$6.12bn) in nationwide project to build computing data centre project
+ China Southern Airlines and Air China received first C919 aircraft
+ Chinese, US trade officials to hold meeting in Tianjin next mth
-China said EU brandy has been dumped in the Chinese market, posting a threat to domestic brandy industry
+ China to allow asset investment companies to expand into venture capital investment to aid tech and innovation sectors
+ China will keep phasing out fossil fuels and reforming its electricity system, replace fossil fuels with renewable energy
+ China Resources Land posted lowest H1 profit since 2018 amid slump
+ China 137 A-share auto industry listed companies released interim results showed thier combined revenue risen 20.5% YoY
+ China mobile phone shipments totalled 24.2m units in Jul, up 30.5% YoY
+ Huawei posted revenue of ¥239bn (US$33.5bn) in Jun qtr, up 33.7% YoY, up for the 6th straight qtr
+ Alibaba won endorsement of China’s antitrust watchdog 3 yrs after investigation into its online behaviour
+ China’s internet users hit near 1.1bn, driven by short videos
+ XPeng unveiled new mass-market EV with driver-assist
+ African leaders descend on Beijing this week seeking funds for big ticket infrastructure projects
-HK retail sales fell to 13.3% YoY in Jul, 5th consecutive mth of falling n sharpest pace in 3 mths
*EUROPE*
+ Eurozone inflation fell to its lowest level in 3 yrs in Aug to 2.2% from 2.6%, firming up ECB rate cut bets
+ Eurozone bank credit to companies expanded 0.6% in Jul vs up 0.7% in Jun, credit households grew by 0.5% vs up 0.3%
+ Germany’s inflation fell in 6 important states due to lower energy prices in Aug to 2.6% from 3.1 previous mth
-Germany jobless rate remained unchanged at >3 yrs high of 6% in Aug
+ UK annual house price growth at 2.4% in Aug, new mortgage approvals rise to nearly 2-year high
+ French consumer price inflation slowed to 1.9% YoY in Aug, lowest in 3 yrs
-Netherlands plans to restrict ASML’s ability to repair and maintain its semiconductor equipment in China
-Dutch regulator fined Uber €290m over data transfer
*ASIA*
+ BoJ Deputy governor reiterated it would continue to raise interest rates if inflation stayed on course
+ Japan upgraded its economic assessment first time in more than a year on signs of improved consumption
+ Japan’s industrial output up by 2.8% at 102.8 in Jul
+ India’s economy expanded 6.7% in Jun qtr vs 7.8% in previous qtr
+ India infrastructure output rose 6.1% YoY in Jul
+ India Competition Commission approved US$8.5bn Disney, Reliance merger deal
+ South Korea’s exports advanced 11.4% YoY to 3-mth high of US$57.9bn in Aug, trade surplus increased to US$3.83bn
+ SK Hynix announced it developed industry’s first 6th-generation DRAM chip, mass production expected to begin next yr
*ASEAN*
+ Indonesia to seek extra Rp20 trillion for Nusantara development next year, over Rp96 trillion in total to develop until 2025
+ Indonesia to push for adoption of EVs and LRT on the island
+ Indonesia govt to build toll road connecting South, North Bali
+ Thailand private investment climbed to 6% MoM in Jul to 8-mth high
+ Thailand current account swings to surplus, posted surplus of US$0.3bn in Jul
+ Malaysia, Singapore official meet in Johor to advance JS-SEZ discussions
+ Alibaba to invest, support Malaysia’s B2B e-commerce
+ Sg factory output returns to growth with 1.8% YoY rise in Jul, reversing from Jun’s 4.3% decline: EDB
-Sg applications for bankruptcy rose 25% YoY to 2334 people in H1
Contribution by Derek@valueinvestments chat group. Thank you.
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