Wolf Money(world market review 2-8 Dec 2024)

 

Market Summary 2-8 Dec 2024

*USA*

+ Fed seen poised to cut interest rates this mth after data showed labour market remained strong but continued to cool in Nov 

+ US consumer sentiment up for 5th consecutive mth to 74 in Dec, highest level since Apr 

-US year-ahead inflation expectations inched up to 2.9% in Dec, highest in 5 mths, vs 2.6% in Nov 

+ Nonfarm payroll increased by 227,000 in Nov vs expected 202,000, jobless rate at 4.2% vs 4.1% prior mth 

-US ISM services PMI declined to 52.1 in Nov from 56 in Oct, slowest growth in services sector in 3 mths 

+ US factory orders for manufacturing goods increased by 0.2% MoM to US$586.7bn in Oct 

-US exports fell 1.6% to US$265.7bn in Oct, imports dropped 4% to US$339.6bn, both at 4-mth low 

-US job cuts climbed to 57,727 in Nov from 55,597 in Oct, compared to Nov 2023, jumped 26.8% 

-US weekly jobless claims rose to 224,000 from 213,000 in previous week, hitting 6-week high 

+ US average hourly wages on private nonfarm payrolls rose by 13 cents or 0.4% MoM to US$35.61 in Nov

-US trade deficit stood at US$73.8bn in Oct, down by US$10bn from revised figure of US$83.8bn in Sept 

-US launched its 3rd crackdown in 3 yrs on China’s semiconductor industry, curbing exports to 140 companies

-US latest round of sanctions to China include restrictions on shipments of HBM chips; AI training; 24 additional chipmaking tools, 3 software tools; chipmaking equipment made in countries such as Singapore n Malaysia 

+ US used car prices up 1.3% MoM in Nov, first rise in 3 mths 

+ Trump appoints former PayPal exec David Sacks as AI and crypto czar 

-US judge rejected Boeing plea deal in crashes case 

+ US spared China’s top producer of DRAM from its latest round of chip export restrictions due to opposition from Japan: sources 

-US federal appeals court upheld a law requiring ByteDance to divest its short video app TikTok in US by early next yr or face ban

+ Amazon is building an AI supercomputer made of its in-house Trainium chips, new server in push to take on Nvidia 

-US regulator placed Google Payment under supervision, citing the payment had posed a risk to consumers 

-Meta planning to move some production of its mixed reality Quest headsets from China to Vietnam 

+ Intel appointed former ASML CEO and Microchip Tech head to its board of directors as independent directors

+ OpeAI aims to attract more investment by removing “AGT” clause with Microsoft 

-Elon Musk’s Tesla pay package now worth US$101bn again rejected by US judge 

*OTHERS*

-Canada jobless rate rose to 6.8% in Nov vs 6.5% prior mth to more than 3 yrs high  

-FAO Food Price Inex edged up 0.5% to 127.5 pts in Nov, reaching highest value since Apr 2023 

+ OPEC+ to extends oil output cuts unit Apr 2025 

*CHINA*

+ China Caixin manufacturing PMI reached 51.5 in Nov, up 1.2 pts from previous mth, hitting highest level in 5 mths 

+ China’s foreign reserves rose by US$4.8bn to US$3.266 trillion in Nov 

+ China’s central bank resumes gold purchased after 6 mths pause in Nov 

-China 10-yr govt bond yield decreased to all-time low of 1.97% 

+ China further promotes high-quality opening-up in nation’s property insurance sector 

+ China banned exports to US of gallium, germanium, antimony n other key high-tech material with potential military applications 

+ China sets out to extend its domestic laws across int’l borders with ban from selling goods to US, applies to companies both inside and outside China 

+ China’s first fully electric single-seater flying ‘go-kart’ set for production in Mar 2025 

+ China relaxed rules on foreign investors’ strategic investment in listed companies

+ China multiple cities issued new round of consumption vouchers targeting catering sector 

+ China’s railway system handled >4bn passenger trips in first 11 mths, setting a new record 

+ China self-developed large LNG container set new record on LNG vessel delivery

+ Hainan province plans to unveil a super satellite manufacturing hub in 2025

+ China confirmed resumption of imports from 2 Australian meat firms 

*EUROPE*

+ Airbus sees best month with 84 deliveries in Nov to 42 customers worldwide

-Euro area retail sales fell 0.5% MoM in Oct, EU saw 0.3% decline  

-Eurozone Construction PMI edged down to 42.7 in Nov, remained firmly in contraction territory 

+ EU and South America’s Mercosur bloc reached an agreement after >20 yrs of negotiations 

-EU fails to agree on new Russia sanctions: Reuters 

-German industrial output fell 1% in Oct MoM from -2.5% in Sept, factory orders down 1.5% 

-Volkswagen nearly 100,000 of workers to go on strike across the country: Union  

+ UK annual rate of house price up 4.8% in Nov, highest level in 2 yrs 

-UK new passenger car registrations fell 1.9% YoY to 153,610 units in Nov 

-France’s current account deficit widened to €2.6bn in Oct, deficit at €12.6bn first 10 mths 

*ASIA*

+ Japan Coincident Index includes data of factory output, employment, retails sales rose to 116.5 in Oct to 5 mths high 

-Japan nominal wages rose by 2.6% YoY in Oct, slowest growth since May, household spending fell by 1.3% YoY 

+ India cuts Cash Reserve Ratio by 50bps to 4% at its Dec meeting, first such reduction since Apr 2020

-South Korea Won fell to as low as 1443.40 per dollar, lowest since Oct 2022 after declaration of martial law

+ South Korea recorded current account surplus for 6th straight mth, reaching US$9.78bn in Oct, driven by strong exports 

+ Indonesia said Apple plans to invest US$1bn to a plant manufactures components for smartphones, other products

+ Indonesia President wants the country to be ‘free of all food imports’

+ Vietnam FDI up by 7.1% YoY to US$21.68bn from Jan-Nov

+ Laos-China railway transported 43m passengers and 58.3m tons of goods in 3 yrs 

+ Johor Singapore-SEZ signing agreement postponed to next Jan, delay due to Sg PM down with Covid-19: PM Anwar 

+ NTT Data proposed land acquisition about 27.7 hectares in JB Gelang Patah to build a data centre 

+ Sg retail sales grew by 2.2% YoY to S$4.1bn in Oct, strongest expansion since May, or rose 0.3% if excluding motor  

+ Sg F&B sales increased by 3.9% YoY in Oct, reaching S$997m, online sales contributed 24.4% 

+ Sg maritime industry is on track to having a record yr for container throughput and bunkers sales: Minister 

+ Sg COE category for private-hire cars being ‘carefully studied’: Minister 

Contribution by Derek@valueinvestments chat group. Thank you

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