Wolf Money(world market review 14-20 April 2025)
Market Summary 14-20 Apr 2025
*USA*
-Trump and his team are studying whether firing Federal Reserve Chair Powell is an option
-Philadelphia Fed Manufacturing Index down 39 pts to -26.4 in Apr, down sharply from 12.5 in Mar
-US reportedly launched probe into chip, pharmaceutical imports, as part of a bid to impose tariffs on both sectors
-US average rate on 30-year fix mortgage backed by Freddie Mac surged to 6.83%, highest in 2 mths
+ US building permits rose by 1.6% to seasonally adjusted annualised rate of 1.482m in Mar: preliminary estimate
-US homes selling at slowest pace in 6 years, with typical property under contract in Mar taking 47 days to sell
-US housing starts stood at 1,324,000 in Mar, down by 11.4% MoM
+ US initial jobless claims down by 9000 to 215,000
-California becomes first US state to file a lawsuit challenging Trump’s spate of tariffs that have upended global trade
-US reportedly may form task force to handle China tariff impact
-Trump hits Chinese-vessels with port fees, will start at US$18 a ton or US$120 per container, rise over next 3 years
-US “reciprocal” tariffs, policy uncertainty could lead to 1.5% decline in global goods trade: WTO
-US tariffs could cost EU €1.1 trillion over next 4 yrs if Trump proceeds with proposed tariffs: IW
+ Trump to fast-track permitting for 10 mining projects across US
-Ray Dalio warned Trump’s aggressive tariff policies and ballooning debt could trigger a breakdown of the global financial system
± US proposed easing sanctions on Russia, terminating Ukraine’s aspirations to join NATO, with formerly Ukrainian territories held by Russia: Bloomberg
-US competition watchdog is seeking to break up Meta over allegations it unfairly dominated market by acquiring Instagram and WhatsaApp
-US Judge found Google illegally monopolised Ad tech market, could allow prosecutors to argue for a breakup of Google’s advertising products
+ Trump said might temporarily exempt the auto industry to give carmakers time to adjust their supply chains: AP
+ SpaceX emerged as leading contender to develop a significant portion of Trump’s proposed ‘Golden Dome’ missile defense shield
-Tesla’s plans for affordable Model Y delayed by at least several mths
-Ford Motor halted shipments of some of its more expensive vehicles to China to avoid tariffs
-Nvidia sees US$5.3bn sales loss from US chip export cap
+ Nvidia CEO in Beijing, hopes to continue cooperation with China
*GLOBE*
+ Global EV sales include battery-only and plug-in hybrids reached 4.1m units in Q1, up 29% YoY
-Worldwide consumption of wine fell in 2024 to its lowest level in >60 years: OIV
*CHINA*
+ China posted 5.4% GDP growth in Q1, beating forecasts
+ China’s retail sales reached ¥4.4094 trillion (US$557bn) in Mar, up 5.9% YoY
-China FDI sank by 10.8% YoY to US$26.0bn in Q1, sharpest decline in FDI on record with data going back to 2008
-China halted exports of several critical rare earth metals and magnets amid deepening trade war with US: NYT
+ China released a series of new measures aimed at expanding and upgrading consumption in domestic services sector
+ China exports soared >12% in Mar
-China reportedly ordered its airlines not to take any further deliveries of Boeing jets in response to US’s tariffs
+ China’s homegrown jetliner C909 begins commercial service in Vietnam
+ Hainan University unveiled domestically developed core technologies and a series of products for implantable brain-computer interfaces
+ China to deepen cooperation in 6G with EU, South Korea and India: MIIT official
-China completely stops buying LNG from US: FT
-China steel rebar futures fell to ¥3020 per tonne in Apr to 7-mth low
+ China’s Vice Premier He met with Nvidia CEO Huang in Beijing
+ Chinese e-commerce giants are extending efforts to help nation’s exporters to pivot to domestic market
+ Chinese manufacturers are creating connections directly with Western consumers amid Trump’s trade war
+ Chinese private space company rolled out 100th engine to be used for country’s first reusable rocket
+ China sets set new records in shipbuilding with delivery of world’s largest LNG-fuelled 24,000 20-foot equivalent units (TEUs) vessels
+ Chinese e-commerce apps dominate US Apple store rankings amid tariff fears
+ China sees 33.4% growth in foreign visitor trips in Q1
+ Chinese travel to ASEAN rose about 40% YoY in Q1
-China’s youth jobless rate dips in Mar to 16.5% from 16.9% in Feb
+ China hosts world’s first humanoid robot half-marathon
+ Chagee climbed 15% in stock market debut
-HK Post suspended postal service for items containing goods to US over tariffs
+ TSMC’s Q1 net income for Q1 up 60% to US$11.1bn
*EUROPE*
+ ECB cuts benchmark rates by 25 bps to 2.25% amid continued worries about growth
+ EU to pivot further towards Asia to reduce reliance on US: Von der Leyen
± EU’s “most obvious” response to growing global trade tensions would be to pursue a zero-for-zero tariff offer: Lagarde
+ Euro has surged >10% against USD since Jan
± EU delayed penalising Apple, Meta when attempting to reach a trade deal with US
-DHL would suspend global business-to-consumer shipments worth US$800 to individuals in US from Apr 21
-French luxury Hermes to hike US prices to offset tariff impact
-LVMH sales fell 2% to €20.3bn in Q1
+ Russia and Qatar strike US$2bn investment deals with focus on tech, mineral extraction and other areas of mutual interest
± Ukraine published a memorandum of intent to finalise a formal agreement would grant US access to country’s natural resources
*ASIA*
-Japan’s annual inflation at 3.6% in Mar vs 3.7% in Feb, core inflation rose 3.2% YoY, up from 3% in Feb
-Japan’s global trade deficit totalled ¥5.2 trillion for fiscal year through Mar, surplus with US ballooned to ¥9 trillion (US$63bn)
± Japan considering increasing soybean and rice imports as concession in trade negotiations with US over tariffs
+ Honda will shift production of hybrid Civic for US market from Japan to its plant in Indiana to fend off tariffs
+ India considering Japan’s next-generation shinkansen bullet train for high-speed rail
+ South Korea proposed an extra budget of US$8.6bn budget to support economy
± Indonesia-US agreed to a 60-day deadline to resolve tariff dispute; would increase oil and gas imports, agricultural products wheat, soybeans and soybean milk
± Indonesia-US agreed negotiations, set to complete within 60 days, will include investment and trade partnerships, critical minerals, development of reliable supply chain corridor
+ Vietnam-China signed dozens of cooperation deals, including production and supply chains, railway cooperation
+ Malaysia’s GDP expanded 4.4% YoY in Q1, vs 5% in previous qtr
+ Malaysia exports grew by 6.8% YoY to 3-mth high of RM137.3bn in Mar, trade surplus largest in near 2 years
+ Malaysia is ready to develop the Pan-Asian Railway Network (PARN): Anthony Loke
+ Malaysia-China exchange 31 MOUs and documents covering various sectors of cooperation
+ Malaysia Airlines reportedly considering China’s C909, C919, C929 purchase
+ Johor recorded a revenue collection of RM575m in Mar, marking 30% increase from RM400m same period last year
+ Sg Parliament dissolved; polling day set for May 3
+ Sg NODX grew 5.4% YoY in Mar, easing from 7.6% prior mth
+ Sg will expand trade ties, forge new alliances and push to reform WTO in response to escalating global tensions: DPM
Contribution by Derek@valueinvestments chat group. Thank you.
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