Wolf Money(world market review 2-9 March 2025)
Market Summary 3-9 Mar 2025
*USA*
± US Nonfarm Payrolls added 151,000 in Feb vs Jan’s 125,000, lower than 160,000 expected
-US unemployment rate rose to 4.1% in Feb vs 4% in Jan
+ US average hourly earnings for all employees on private nonfarm payrolls rose by 0.3% MoM to US$35.93 in Feb
-US wholesale inventories rose by 0.8% MoM to US$906.2bn in Jan
-Powell stated that there will be no rush in adjusting current monetary policy
-US posted record trade deficit of US$131.4bn in Jan, up from revised US$98.1bn shortfall in Jan
-US imports surged 10% to all-time high of US$401.2bn in Jan, driven by anticipation upcoming tariffs, exports rose 1.2% to US$269.8bn
-US job cuts surged 245% to 172,017 in Feb amid DOGE’s layoffs, highest level since Jul 2020
+ US initial jobless claim fell 21,000 from previous wk to 221,000, returning to historically low levels
+ Nasdaq plans to offer 24-hr trading Mon through Fri on its equities exchange, expects to start in 2nd half 2026, pending regulatory approval
+ US regulator clarified that national banks are permitted to engage in some crypto activities
+ Trump set to meet with US tech leaders next wk amid new tariffs, export rules
-Trump called for ending a bipartisan $52bn Chips and Science Act; which 20 companies reached binding agreements for Chip Act support before Biden left office
+ Trump signed an executive order establish a “Strategic Bitcoin Reserve” and “US Digital Asset Stockpile” to maximise its strategic position” with assets already held by federal govt offices
± Trump granted 1-mth delay for tariffs on automakers whose cars comply with USMCA
-Trump to sign executive order limiting Public Service Loan Forgiveness program
-US has to immediately commit to cutting the deficit or face the risk of major debt crisis within next 3 yrs: Ray Dalio
-DOJ reaffirmed its proposal forcing Google to sell its Chrome web browser
-SpaceX Starship explodes in 2nd failure for Mars program
-Tesla’s sales of Model Y and Model 3 in China sink 51.5% MoM to 30,688 units in Feb
+ Microsoft working on in-house AI reasoning models that might be able to directly rival OpenAI
*CHINA*
+ China has ample policy tools and flexibility to address both internal and external uncertainties amid escalating trade tension with US: Finance Minister
-China’s annual inflation rate drops from 0.5% to -0.7% in Feb, fell at the sharpest pace in 13 mths
± China's PPI down 2.2% YoY in Feb: NBS
+ China’s trade surplus surged to US$170.52bn in Jan-Feb, up from US$125.16bn same period a yr earlier
+ China’s exports grew by 2.3% YoY to US$540bn in Jan-Feb, imports fell 8.4% to US$369.4bn
+ China’s gold reserves rose for 4th straight mth in Feb to 73.61m fine troy ounces vs 73.45m in Jan
+ China’s foreign exchange reserve rose US$18bn in Feb to US$3.227 trillion vs US$3.209 trillion in Jan
-China announced 15% levies on imports of chicken, wheat, corn, cotton, 10% on sorghum, soybeans, pork, beef, aquatic pdts, fruits, vegetables, and dairy pdts from US
-China to impose retaliatory tariffs of 100% on Canadian rapeseed oil, oil cakes and peas, 25% levy on aquatic products and pork
+ China discovered 2 major shale oilfields boasting combined reserves of 180m tonnes
+ Chine developer unveiled a new AI agent, Manus AI; claimed to outperform OpenAI models across all 3 difficulty levels in GAIA benchmark test
+ China >30 tech firms are pushing new “all-in-one” servers that include DeepSeek’s advanced AI models
+ Alibaba says its QwQ-32B AI model outperforms DeepSeek’s R1 coding and problem solving while using fewer resources
-Baidu plans to issue yuan-denominated bonds in offshore markets to repay existing debt and fund general corporate purpose as US$600m debt comes due
+ HK stocks hit 3-year high on China stimulus hopes
+ CK Hutchison to sell majority of port holdings including Panama Canal Port to BlackRock in US$22.8bn deal
+ HK around 17 tech companies raised combined US$6.7bn from share placements since Feb
-HK property sales fell to lowest in 5 mths in Feb
+ TSMC announced US$100bn plan to build 5 new US factories
+ Taiwan inflation rate eased to 1.58% in Feb, marks the lowest since Mar 2021
+ Foxconn breaks ground on new China HQ, expands into production of EVs, batteries, semiconductors and robots
*EUROPE*
+ ECB cuts 3 key interest rates by 25bps, lower deposit facility rate to 2.5%, refinancing to 2.65%, marginal lending to 2.9%
+ Eurozone, EU GDP rose 0.2% and 0.4% respectively in Q4 MoM, up 1.2% and 1.4% YoY
-EU has been tapping its gas storage facilities at rapid pace n already used up its winter stockpile by Jan: Gazprom
-Europe has spent more money on Russian oil n Gas than they have spent on defending Ukraine "BY FAR" !: Trump
-Germany factory orders tumbled 7% MoM in Jan, steepest drop since Jan 2024
+ Germany plans to increase military and infrastructure spending while pushing EU to do the same
+ Germany 10-year yield held at 2.85% at near 15-mth high
-DHL to cut 8000 jobs as part of US$1.1bn cost-saving strategy, largest domestic cull in decades
-Bosch announced more job cuts at several locations, up to 10,000 positions could be at risk
+ UK removed Russia’s Rosbank from sanctions list
+ France forex reserves rose to new all-time high of €295.98bn in Feb
-France posted current account deficit of €2.2bn in Jan, largest current account shortfall since Oct 2024
-France trade deficit widened to €6.5bn in Jan from €3.9bn in Dec
+ ASML to build reuse-and-repair centre in Beijing
-Ukraine received first tranche worth US$1bn from UK, secured by proceeds from Russian assets
*ASIA*
+ Japan is set to officially declare end of long-term deflation: Economy Minister
+ Japan’s foreign reserves up by US$12.65bn to US$1.25 trillion in Feb, hitting highest level in 5 mths
+ South Korea recorded current account surplus of US$2.94bn in Jan, marking 9th consecutive mth in black
+ Indonesia manufacturing activity hits 11-mth high at 53.6 in Feb from 51.9 in Jan
+ Malaysia aims to be a global leader in carbon capture, utilisation and storage
+ Johor govt allocated >RM5 bn to develop 3 reservoirs n 3 water treatment plants, to end dependence on SG treated water by 2030
+ Sg retail sales up 4.5% in Jan, partly due to CNY being celebrated in Jan
+ Sg will invest S$1b over next 5 yrs to support development of Changi air hub: Minister
+ Sg forex reserves up S$511.63bn in Feb, largest value in almost 3 yrs, driven by increases in gold and foreign exchange
-MAS bans digital payment token service providers from offering credit or leverage to all retail customers for cryptocurrency purchases
+ Sg offers S$40,000 incentives for electric heavy vehicles; co-funds up to S$30,000 for chargers
Contribution by Derek@valueinvestments chat group. Thank you.
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