Wolf Money(world market review 9-15 Dec 2024)
Market Summary 9-15 Dec 2024
*USA*
-US CPI up 0.3% MoM in Nov, the most in 7 mths, index for shelter account for nearly 40% of mthly all items increase
-US PPI prices rose 0.4% MoM in Nov, biggest monthly gain in 5 mths
+ US core producer prices rose by 0.2% MoM in Nov, smallest increase in 4 mths, inflation at 3.4% in Nov on annual basis
-US reported US$367bn budget deficit for Nov, marking 17% increase YoY
-US initial jobless claims soared by 17,000 from precious wk to 242,000 to 2 mth high
+ US equity funds gain 6th weekly inflow of net US$6.36bn on Fed rate cut expectations at coming meeting
+ US average on 30-year fixed mortgage eased to 6.6% as of Dec at lowest level since mid-Oct
+ US energy index fell by 3.2% over past 12 mths in Nov, following 4.9% decline in Oct, 4th consecutive mth of decreases
-US food price inflation rose to 2.4% in Nov to 10-mth high, rose by 0.4% on monthly basis
-US plans to implement new export control to prevent Chinese companies from acquiring advanced AI chips through 3rd-party countries
+ Boeing resumed production on 737 MAX after nearly 3-mth stoppage due to lengthy labour strike in Seattle region
-Biden would block Nippon Steel’s planned takeover US Steel worth US$14.9bn including debts: Bloomberg
-GM to retreat form robotaxis and stop funding its Cruise autonomous vehicle unit
± Trump transition team recommends to drop a car-crash reporting requirement opposed by Tesla
-Trump pledged support for union dockworkers by opposing port automation, backing the right to strike, citing cost savings cannot compensate the harm done to the workforce
-US federal appeals court rejected TikTok request to delay a law to sell the app or face ban on American soil starting Jan 19
+ Microsoft unveiled a new design zero-water data centres to cool the facilities’ chips and servers
+ Elon Musk becomes the first person to reach a net worth of >US$400bn
+ SpaceX launched Falcon 9, completing 125th mission of 2024
+ Apple is working with Broadcom to develop AI server chip could be ready for production by 2026, intends to use it internally
+ Broadcom surged 20% to hit US$1 trillion valuation for the first time
+ ExxonMobil plans to buy back US$20bn in shares in 2026
-Sotheby’s cut 100 staff members from its offices in NY as auction sales slump, roughly 6% of its 1800 work force
*SOUTH AMERICA*
-Canadian premier of Ontario threatened to cut off energy to parts of US if Trump imposes traffic
+ Argentina inflation rose by 2.4% MoM in Nov, lowest since mid-2020
*CHINA*
+ Chinese leaders wrapped up 2-day planning meeting with vows to stabilise its economy
+ China to loosen monetary policy in 2025 and adopt measures designed to further expand domestic demand
+ China attracted about US$5.6bn to Chinese stocks over past wk after Politburo pledged, biggest inflow in 9 wks: BofA
+ China pledges more borrowing and interest rate cuts to counter Trump‘s tariff threats
+ PBOC will improve how it manages exchange rate expectations and guard against any shocks next yr: senior official
+ Chinese banks extended ¥580bn (US$79.2bn) in new yuan loan Nov, up from ¥500bn Oct
-China’s 10-year govt bond yield plunged to fresh historic low of around 1.77%
+ China issued the 6th trance of yuan-denominated treasury bonds worth ¥6bn (US$825.5m) in HK
+ China announced nationwide rollout of a private pension system, as supplement to basic retirement insurance
+ China NEV sales surpassed 40% of all auto sales for the first time during the Jan-Nov period, up 30%YoY, production hit 11.345m units, sales at 11.262m, output up 34.6%, sales up 35.6%
+ China-US extend Science and Technology cooperation agreement for another 5 yrs
+ China will set up an AI standardisation technical committee focusing on developing industry standards
-China launched an antitrust probe into Nvidia, suspected of violating anti-monopoly law
+ Huawei reportedly developing a new Kunpeng CPU chip integrated with the HBM technology
+ Huawei to spin-off smart car business unit to Yinwang by Jan 1,
+ TSMC’s first Japan plant set for mass production by year-end
*EUROPE*
+ ECB cuts rates by another 25bps amid concerns of tepid growth, impact of Trump trade policies, its 4th cut this yr
-European carriers are struggling with longer and costlier flights to Asia due to closure of Russian airspace: Politico Europe
-Germany’s economy will hardly grow in 2025 after shrinking again this yr, GDP will fall by 0.2% in 2024: Bundesbank
-Germany’s export down 2.8% MoM to near 3-yr low of €124.6bn in Oct, trade surplus declined to €13.5bn, smallest surplus since Nov 2022
-UK GDP contracted by 0.1% MoM in Oct, following a similar decline in Sept
+ UK to mostly avoid tariff trouble with US; Trump will impose a tariff of <10% on UK imports next yr or none at all: Reuters polled
+ Switzerland cuts key policy rate by 50bps to 0.5% in Dec, 4th straight rate reduction and steepest since Jan 2015, borrowing costs at lowest since Nov 2022
+ Russian Gazprom set new daily record for gas deliveries to China via Power of Siberia pipeline
+ Russia’s Yandex has been the 2nd most popular search engine in the world 2024: Cloudflare’s annual report
-Turkiye antitrust body fines Google US$75m in ad tech probe
+ Slovenia touts itself as investment for China’s auto, green tech firms
*ASIA*
-Japan’s current account surplus fell 13% YoY to ¥2.46 trillion in Oct due to a drop in IP revenues
-Nissan reshuffles management to fix its money-losing business, cut production in Mexico abt 50% due to ‘sluggish’ sales in US market
- India annual retail inflation at 5.48% in Nov from 6.21% in previous mth
-South Korea lawmakers impeached President Yoon over failed marital law bid
+ Korean Air buys majority stake in Asian Airlines for US$1bn with 63.88% stake, 4 yrs after first expressing takeover intentions
+ Australia employment increased by 35.6k to another record peak of 14.54m in Nov, jobless rate 3.9% at 8-mth low
-Australia plans new rules that may force tech giants like Meta, Google to pay for Australian media for news content
"ASEAN*
+ Indonesia to announce economic policy package, VAT rate next wk
+ Indonesia eyes 10% investment growth, chipmaking to achieve GDP target
+ Malaysia’s industrial production rose 2.1% in Oct
+ Malaysia launched national AI office to boost adoption and attract more high-value investments
+ Sg Q3 jobless rate at 1.9%, lowest since Q2 2023, driven by fall in retrenchment and improved outlook on external demand
± Sg SMEs say moving business to Johor is a ‘must do before elimination’
+ Sg Keppel and Vietnamese Sovico Gp in talks for new undersea fiber-optic cables to boost region’s data centre industry
Contribution by Derek@valueinvestments chat group. Thank you
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