Wolf Money(world market review 24 Feb-02 March 2025)
Market Summary 24 Feb – 02 Mar 2025
*USA*
+ US Personal Consumption Expenditures (PCE) price index up 0.3% MoM in Jan and 2.5% on annual rate
+ US core PCE rose 0.3% for the mth and at 2.6% annually
-US consumer confidence index dropped to 98.3 in Feb vs Jan’s upwardly revised figure of 105.3
+ US personal income rose 0.9% MoM in Feb to US$23.345 trillion, the most in 1-year, personal savings rate rose 4.6%
-US spending down 0.2% vs forecast for a 0.1% gain
-US trade deficit up 25.6% to US$153.3bn in Jan
-US Atlanta Fed’s GDPNow tracker of incoming data is indicating GDP is on pace to shrink by 1.5% for Q1
+ US house prices rose 3.9% YoY in Dec: S&P/Case-Shiller
-US new home sales dropped 10.5% MoM in Jan, down 1.1% on annual basis
-US pending home sales fell by 4.6% in Jan MoM to 70.6, lowest in NAR data back to 2001
± US Treasury auctioned US$44bn in 7-year notes at 4.194% vs previous 4.457%
-Trump confirmed US will impose 25% tariff on automobiles and other impots from EU
-Trump: Canada, Mexico tariffs coming on Mar 4, extra 10% for China over fentanyl
-Trump ordered new tariff probe into US lumber imports
+ Trump to resume US-Canada keystone XL oil pipeline
-Trump signed executive order to probe into copper tariffs for national security
-Basset wants Mexico, Canada to match US tariffs on China
+ Tesla to launch self-driving taxi service in California
+ Meta to release standalone Meta AI app in Q2 to rival ChatGPT: CNBC
+ Meta in talks to build a massive AI data centre campus potentially exceeding US$200bn
-Intel delays US$28bn Ohio chip plants to 2030
-FBI linked North Korea to a massive US$1.5bn cryptocurrency theft from ByBit
+ US firm Firefly makes its first moon landing with uncrewed Blue Ghost spacecraft
-Tesla sales fell 45% YoY across Europe in Jan, registered only 9945 cars
+ Telsa introduced Autopilot feature for urban roads in China
+ Trump to host ‘first ever’ crypto summit on Mar 7
-Gold fell toward US$2850 per ounce, heading for its biggest weekly drop since Nov
-Bitcoin falls below US$80,000 first time since Nov 2024
+ China’s NBS Composite PMI Output Index increased to 51.1 in Feb vs Jan’s 5-mth low of 50.1
+ China’s official NBS Manufacturing PMI rose to 50.2 in Feb from 49.1 in prior mth, highest in 3-mth
+ China’s official NBS Non-Manufacturing PMI at 50.4 in Feb vs 50.2 in Jan
+ PBOC injected ¥548.7bn into the banking system
+ Xi chaired CPC leadership meeting to discuss govt work report
+ China’s annual sessions of top legislature (2 sessions), with technological innovation expected to be a central topic
-China’s promised countermeasures after Trump threatened an additional 10% tariff on its exports
-China average price of 2d-hand residential properties across 100 cities fell 0.4% MoM in Feb
-China said to have restricted US IPOs for small companies to prevent for market manipulation
+ China approved 13 foreign-invested telecom firms for value-added services in major cities
+ China called on domestic airlines to expand all-cargo aircraft operations to help boost int’l services
+ China to add >200m kilowatts of new-energy power generation capacity in 2025 amid green transition
+ Chinese banks moved to enhance financial support for nation’s foreign trade sector
-China tells its AI leaders to avoid US travel over security concerns: WSJ
+ DeepSeek claims theoretical cost-profit ration of 545% per day
+ China’s first licensed pancake-making robot chef approved for commercial use
+ HK unveiled 2026-2026 budget to enhance role as super connector under 1-country 2-system framework
+ EU unveiled €100bn to support EU-made clean manufacturing within the bloc
+ EU adopts rules to save €6.3bn in administrative costs
+ EU approved Nokia’s acquisition of Infinera Corp for US$2.3bn
+ EU spending on Russian LNG imports quadruples in 3 yrs: Eurostat
-German Bundesbank central bank reported the largest financial loss of €19.2bn loss for 2024, warned of possible further losses in coming year
+ Germany retail sales rose 2.9% in real term in Jan, up 0.2% on monthly basis
-German unemployment rate at 6.4% in Feb, total number stood at 2,989,000, up 5000 MoM
+ UK house prices saw annual growth of 3.9% in Feb or rose 0.4% from previous mth
+ BP plans to abandon its pledge to cut oil and gas output and refocus on fossil fuels to resort investor confidence: FT
-France GDP declined 0.1% in Q4 QoQ
+ Russia and US are in talks on “major” joint economic projects: Putin
+ Russia and US discuss Arctic cooperation: Bloomberg
+ Russia proposed restoring direct flights with US
+ Asia’s tourism arrivals forecast to return to pre-covid levels in 2025
+ Japan’s industrial production index recorded monthly decreased of 1.1% to settle at 100.5 in Jan
+ Bank of Korea cuts benchmark interest rate by 25bps to 2.75%, lowest since Aug 2022
± Softbank plans to borrow US$16bn to invest in AI
+ South Korea lifts medical sanctions against Russia
+ Australia reclaimed position as China’s 3rd largest agricultural import source in 2024
+ Thailand central bank cuts key policy rate by 25bps to 2% amid slow growth, trade policy risks
+ Vietnam pledged quick licensing for Musk’s Starlink, more imports
+ Maybank’s full-year earnings hit RM10.09bn in the financial year ended Dec 31, 7.9% higher than RM9.35bn recorded in FY23
+ Public Bank posts RM7.15bn net profit for FY24, higher by 7.5% in FY23
+ ARM Holdings to set up a base in Malaysia, pledged at least RM25bn to support its semiconductor industry
+ Sg factory output rose 9.1% YoY in Jan, marking 7th consecutive mth of expansion
-Sg corporate insolvencies reached highest level since 2010, total 307 firms shuttered in 2024
+ Sg to launch an applied AI initiative, large-scale research programmes in next 5-year Research, Innovation n Enterprise (RIE) plan
+ Sg Perennial Holdings owned China’s first wholly foreign-owned, 3rd grade general hospital starts operation in Tianjin
+ DBS, Sg Manufacturing Federation sign partnership to hleo 500 SMEs to go green in next 2 yrs
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