Wolf Money(world market review 7-13 Oct 2024)

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(Image credit: WomderfulQuote)

Market Summary 7-13 Oct 2024
*USA* 
+ US annual inflation rate slowed for 6th consecutive mth to 2.4% in Sept, lowest since Feb 2021, from 2.5% in Aug 
+ US core PPI rose by 0.2% from previous mth in Sept 
-US core consumer price inflation edged higher to 3.3% in Sept from 3-year low of 3.2% recorded in 2 previous mths 
-US year-ahead inflation expectations rose to 2.9% in Oct, up from near 4-year low of 2.7% in Sept: Uni of Michigan 
+ US producer prices unchanged in Sept; modest rise in cost of services was offset by cheaper goods 
-US consumer sentiment slipped to 68.9 in Oct from 70.1 in Sept on frustration over high prices: Uni of Michigan 
+ US wholesale prices unchanged in Sept, another sign that inflation is returning to something close to normal 
+ US energy index fell by 6.8% over past 12 mths in Sept, the most in over a year
-US food inflation accelerated in Sept reaching 8-mth high of 2.3% from 2.1% prior mth 
-US initial jobless claims up by 33,000 to 258,000, highest level in 14 mths  
-US 30-year mortgage rates jumped to 6.32%, highest since Apr 
-US trade deficit stood at US$70.4bn in Aug, down by 10.8% or US$8.5bn from previous mth 
-Berkshire Hathaway sold over 9.5% BoA shares this week, reducing stake in the bank to 9.987%
+ BlackRock Q3 revenue at US$5.2bn, up by 15% YoY, net income at US$1.6bn, up by 2% 
-JPMorgan Q3 revenue at US$43.4bn, up 6% YoY, net income down 2% at US$12.9bn; as to set aside to cover bad loans 
-Wells Fargo’s Q3 revenue stood at US$20.37bn, down by 2% YoY, net income slid 11% at US$5.11bn 
-Boeing to cut workforce by 10% or 17,000, delay first 777X jet as strike hits finances  
-Fed slap Canada TD Bank with US$3.1bn in fines for money laundering of fentanyl trafficking and terrorist financing 
+ Musk unveils Tesla robotaxi, plans to bring autonomous driving tech to other models in 2025  
+ Musk: All transport to be fully autonomous within 50 years  
-OpenAI will suffer US$44bn in losses from 2023 to 2028, including US$5bn this yr 

*GLOBE*
-World economy may lose US$14.5 trillion over geopolitical conflicts 
+ Global trade expected to increase 2.7% in 2024: WTO 
+ BRICS countries working to create own int’l payments system as platforms: Russian FM 

*CHINA*
+ China announced ¥500bn (US$70.6bn) swap facility to promote the healthy and stable development of the capital market 
+ China confident in hitting full-year budget goals with comprehensive measures: Minister 
+ China’s local govts race to secure a share of US$28.2bn in development funding 
+ China says will significantly increase debt to revive economic growth 
+ China’s major commercial banks announced they plan to cut some of existing mortgage rates starting Oct 25 
+ China unveiled guidelines to boost oversight, minimise risks, enhance high quality growth in the futures market 
+ China’s home sales rose during National Day holiday after string of property stimulus measures to boost the market  
+ China and EU will continue to hold consultations regarding EU’s anti-subsidy investigation into Chinese EVs 
-China seeks WTO mediation over Turkey’s EV tariffs 
-China is imposing anti-dumping measures on brandy imports from the EU 
-SAIC likely to lose yearly car sales crown to BYD after 2 decades at the top, as sales decline by 1/5 in first 9 mths 
+ China secured 70% of global green ship orders in first 3 qtrs: report
+ China’s Golden Week holidays recorded 765m domestic trips, up 5.9% YoY 
+ China’s consume durable goods trade-in program rose during Golden Week; official data indicated notable growth in home appliance and passenger vehicle sales 
+ China stands ready to work with Australia to continue properly resolving issues of each other’s concerns: FM 
+ Baidu considering expanding its robotaxi unit, Apollo Go into global markets in the near future 
+ HK and Chinese mainland signed agreement to deepen economic and trade ties in services 
+ TSMC said revenue in Sept at NT251.9bn (US$7.8bn), up 0.4% from Aug, rallying 40% from Sept 2023, revenue for fist 9 mths up 32% YoY to NT2 trillion (US$62.9bn) 

*EUROPE*
+ ECB considered that incoming data had bolstered confidence that inflation would return to target by end 2025 
-EU industrial production is at record lows and economy is suffering without cheap Russian gas: Gazprom CEO 
+ Airbus total number of deliveries for first 9 mths at 497 aircraft to 77 customers vs 488 previous year  
-Germany’s economy is expected to contract by 0.2% in 2024, on track to shrink for 2nd straight year 
+ Germany trade surplus amounted to €22.5bn in Aug, up form Jul’s €16.9bn 
+ Germany recorded current account surplus of €14.4bn in Aug, lowest since May 2023
-BMW and Mini-branded cars China sales fell 30%, steepest drop in >4 yrs, Mercedes sales down 13% in Q3 
-Volkswagen delivered 2.2m vehicles in Q3, down by 7.1% YoY, deliveries of EVs slid 9.8% to 189,400 units 
+ UK’s GDP grew by 0.2% in Aug
-UK’s total goods and services trade deficit expanded in 3 mths to Aug to £10bn, up by £3bn 
+ HSBC planning to restructure the lender to save US$300m: FT 
-France govt unveils unprecedented budget cuts for 2025 to tame ballooning debt and deficit 
-France to be the most impacted by China’s new anti-dumping measures on brandy imports 
*ASIA* 
-Japan's inflation-adjusted wages fell 0.6% in Aug after 2 months of increases during the summer bonus season
+ Japan’s 7-11 Holdings confirmed it has received a new acquisition offer from Canadian company ACT 
-India industrial production edged down 0.1% YoY in Aug, first decline since Oct 2022 
-India would be forced to retaliate on EU’s "irrational standards"  that hurting business ties and additional tariffs on select imports 
-India’s palm oil imports in Sept fell 33% MoM to 6 mths low 
+ South Korea cuts its policy rate for the first time in >4 yrs by 25bps to 3.25% 
+ Rio Tinto reached an agreement to acquire US company Arcadium Lithium for US$6.7bn 

*ASEAN*
+ ASEAN summits kick off in Laos, prioritising stronger cooperation under “ASEAN Way”
+ ASEAN-China announced substantial conclusion of Version 3.0 FTA negotiations 
+ Indonesia sets up 2 new special economic zones in Tangerang and Batam to strengthen education and healthcare sectors 
-Indonesia asks Apple and Google to block China's Temu to protect small merchants
+ Vietnam and China expected to sign new agreements, including pacts to boost railway links and agricultural trade: Reuters 
+ Philippines FDI grew 5.5% YoY to US$0.82bn in Jul, FDI net inflows reached US$5.3bn for first 7-mth, up 7.5% YoY 
+ Malaysia industrial production increased by 4.1% YoY in Aug at 8th straight mth of rise 
+ Malaysia retail sales increased by 5.9% YoY in Aug, down from 6.4% in previous mth 
+ Anwar welcomes investments of US$14.7bn (RM63.02bn) proposed so far by US tech giants; including Google, Microsoft, Enovix, Amazon, Abbott and Boeing 
+ Malaysia govt expects more digital investments to flow into the country in 2025: Minister 
-ByteDance cuts >700 jobs in Malaysia in shift towards AI moderation 
+ Sg payments by businesses in Q3 improve for 5th straight qtr 
+ MAS to keep support for strong SGD amid rising inflation risks: Analysts 
+ OpenAI to open Singapore office by end 2024

"*I will be away for the next two weeks plus and will not be providing the market summary during this period*"

Contribution by Derek@valueinvestments chat group. Thank you.

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