Wolf Money(world market review 11-17 Nov 2024)

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(Image credit: @CharlieMungerQuotes)

 


Market Summary 11-17 Nov 2024

*USA*

+ Powell says no need for Fed to rush rate cuts amid strong economy 

+ US inflation rose 2.6% YoY in Oct vs 2.4% in Sept 

+ US retail sales up 0.4% in Oct MoM, following an upwardly revised 0.8% gain in Sept 

-US industrial production declined 0.3% in Oct after upwardly revised 0.5% drop in Sept 

+ US producer prices index for final demand rose 0.2% in Oct after upwardly revised 0.1% gain in Sept

+ US business inventories rose 0.1% MoM in Sept at US$2.58 trillion, 6th consecutive increase  

+ US export prices rose by 0.8% in Oct, largest increase since Aug 2023, import prices rose 0.3% vs 0.4% decline in Sept 

-US tightened export controls on advanced chips to China, ordered TSMC to halt any such shipments 

-US national debt surpasses US$36 trillion 

-US 10-yield hover at 4.45% on Friday, remained near 5-year high 

+ Trump's return to White House could usher in a wave of bank mergers and acquisitions: financial executives and analysts 

+ Biden administration finalised a US$6.6bn grant under CHIPS Act for TSMC  

+ Trump could take steps to block potential ban on TikTok next year: sources 

-US Congress has allocated US$182.99bn to Ukraine since beginning of Russia’s military operation in Feb 2022: Pentagon

-JPMorgan’s Dimon won’t join administration: Trump 

+ AMD to lay off about 4% of its global workforce 

+ SpaceX preparing to launch tender offer in Dec at US$135/shares: sources 

-Boeing delivered 14 planes n Oct, marking its lowest monthly total since Nov 2020 

-GM sacked around 1000 workers as part of cost-cutting 

+ Binance plans Southeast Asia expansion amid greater Crypto transaction 

+ Elon Musk recently met with Iran’s ambassador to UN

*OTHERS*

+ Bitcoin surged to record highs following Trump’s presidential election win 

-Luxury goods market projected to see its first slowdown since 2008 financial crisis 

*CHINA*

+ China’s trade surplus set to reach new record high this yr, difference between exports n imports on track to reach UST1 trillion 

+ China to lower home purchase deed tax to 1% for 1st n 2nd homes to boost activity in housing market on properties of <140sm 

-China’s new home prices fell by 0.51% MoM in Oct, secondary home prices fell by -0.48%, decline smallest since Mar for new home prices, and smallest since Sept 2023 for secondary market 

+ China’s value-added industrial output increased by 5.3% YoY in Oct

+ China’s retail sales of consumer goods rose by 4.8% YoY in Oct, 1.6% higher than in Sept 

+ China allocated record cash since 2020 of ¥981bn in 7-day reserve reops

+ Xi arrived in Peru for 31st Apec, opened first smart port in South America Chancay Port in Peru funded by China 

+ China and EU reach ‘technical consensus’ in recent EV talks: media report  

+ China’s recent wave of policies now put emphasis on consumption: Caixin 

+ China’s annual production of NEVs has exceeded 10m for the first time 

+ China-Europe freight train trips hit 100,000, shipped >11m TEUs, valued at >US$420bn: China Railway

+ China-APEC trade surpassed ¥21 trillion (US$2.91 trillion) in first 10-mth, setting new record high 

+ China-Latin America trade volume reached US$427.4bn in first 3 qtrs, up by 7.7% with full year expected to exceed US$500bn 

-China issued list of around 700 items (goods, technologies n services) for export control of dual-use taking effect on Dec 1

+ Air China expects to be the first user of C929 wide-body passenger aircraft from COMAC 

+ COMAC secured more than 100 Aircraft orders at Zhuhai Air show 

+ Zhuhai air show draws big crowds, over US$38 billion in orders

+ China world’s largest open sea solar farm begun generating power, about 1,200 hectares, featuring nearly 3000 PV platforms 

+ Tencent reported its revenue in Q3 stood at US$23.2bn, advancing 8% YoY 

+ Alibaba’s revenue in Sept qtr up by 5% to US$33.7bn 

-HK GPD grew 1.8% YoY in Q3 vs 3.2% growth in previous qtr 

+ HK saw its licensed finance jobs hit a record in Oct 

-TSMC suspended shipments of more advance chips to China clients: sources 

*EUROPE*

-Europe must prepare for new trade war with US: ECB officials 

+ ECB to cut interest rates further as prices converge toward goal: VP De Guindos 

-European gas prices hit 1-year high on concerns that Russia could halt supplies 

-EU ordered Meta to pay €797m over “abusive practices”

-Airbus CEO: SpaceX would fail antitrust test if it decided to operate in Europe 

-Germany plans 23 Feb 25 election after coalition collapse 

-German economy to underperform euro zone until 2026: EU forecasts 

-Germany’s wholesale prices declined by 0.8% YoY in Oct vs 1.6% down in previous mth 

-Germany rising prices putting workers under pressure threatening to escalate wage disputes: top trade union 

-UK’s economy contracted 0.1% in Sept

+ UK’s house prices rose in Oct at the fastest pace in more than 2 yrs

-Russia restricts uranium exports to US in response to import ban on Russian nuclear fuel 

+ Russia would welcome back foreign car makers: Kremlin 

*ASIA*

+ Japan planning US$87bn extra budget to fund stimulus package to help low-income households and offset rising prices: Sankei  

+ Japan’s GDP expanded annualised 0.9% over Q3 qtr, slowing from previous 3 mths due to tepid capital spending 

-Japan’s wholesale inflation accelerated in Oct at the fastest annual in more than a yr to 3.4% 

+ Japan has no intention of decoupling from China: PM Ishiba at APEC 

+ BOJ expects to hike interest rates next mth or Jan 2025 

+ Japanese owner of 7-Eleven considering going private to dodge takeover attempt 

-India’s retail inflation surged to 14-mth high in Oct, driven by vegetable prices and dashing hopes of interest rate cut 

-India forex reserves fell for 6th week to US$675.7bn as of Nov 8

-India’s merchandise trade deficit in Oct widened to US$27.14bn, driven by rise in imports despite exports increasing YoY 

-India’s trade deficit with China during Apr-Oct rose 13% during first 7th mths of current fiscal yr to US$57.83bn 

+ Samsung to buyback US$7.2bn to boost shares 

+ UAE stock market are now worth >$1 trillion for the first time

*ASEAN*

-Indonesia intervened in currency markets to support the rupiah as rupiah nears 16,000 per dollar level 

+ Indonesia imports surged 17.49% YoY to 14-mth high of US$21.94bn in Oct, exports surged 10.25% to 2-year high of US$24.41bn

+ Thailand aimed to legalise casinos next yr to draw foreign investments and collect more taxes 

+ Malaysia’s GDP expanded 5.3% YoY in Q3 vs 5.9% growth in Q2, led by strong investment, improved exports 

+ Malaysia has been removed from US currency watch list in final Biden report 

+ Malaysia FDI surged to MYR14.52bn in Q3 from MYR9.08bn in Q2, largest in 3 qtrs 

+ Malaysia stands ready to align policies to match new demands, industries: Anwar 

+ Sg will increase imports of green electricity from members of ASEAN to decarbonize its power system to meet climate goals 

+ Sg to issue more Savings Bonds, T-Bills as govt raises borrowing limit to S$1.515 trillion 

+ Income Insurance and Allianz say their deal is still alive despite govt veto 

-Sg condo rents fell 4.2% in Q3

+ Resort World Sentosa’s S$6.8bn waterfront expansion to open in 2030 


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All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence



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