Wolf Money(world market review 21-27 April 2025)
Market Summary 21-27 Apr 2025
*USA*
-ICE US Dollar Index fell as low as 97.92 to the lowest level since Mar 2022
+ Fed’s Hammack says Jun rate move in play if data is clear
-US consumer sentiment declined further in Apr to 52.2, down by 8.4% MoM n 32.4% on annual level, lowest since Jul 2022
-US PMI Composite Output Index at 51.2 in Apr, down from 53.5 in Mar, hitting 16-mth low
+ US new home sales rise by 7.4% MoM in Mar to 724,000
-US existing home sales down 5.9% MoM in Mar, down 2.4% YoY to 4.02m, median home sales price up 2.7% YoY to US$403,700
-US mortgage applications observe a weekly plunge of 12.7%, purchase index down from 164.2 to 153.4, refinance index down from 841.9 to 673.6, average rate for 30-year fixed rate mortgages went up from 6.81% to 6.9%
+ US is planning to eliminate major funding that could cut billions in the budget proposal for fiscal yr 2026
+ Trump said he’s open to talking a less confrontational approach to trade talks with China, calling current 145% tariff very high
+ Trump’s China tariffs cold drop to as low as 50% from current 145%: WSJ
+ Trump to exempt carmakers from some US tariffs: FT
± Bassent: “energy abundance sparks economic abundance”, citing World Bank recent announcement would seek to remove prohibition on support for nuclear energy, could “revolutionize energy supply for many emerging markets”
+ DOGE announced termination of 269 federal contracts with total ceiling value of US$8455m, citing wasteful spending
-US initial jobless claims up by 6000 to 222,000
+ US durable goods orders surged by 9.2% MoM in Mar to US$315.7bn
-US to impose tariffs of up to 3521% on South East Asia solar panels
-Boeing looks to resell up to 50 aircraft rejected by Chinese customers due to tariff
-Morgan Stanley to sell final US$1.23bn worth of debt ties to Musk’s US$44bn buyout of Twitter, now called X
-US calls EU fines on Apple and Meta ‘economic extortion’
± Apple is looking to produce all of its iPhones for US market in India as soon as 2026: FT
-Google could face second antitrust trial practices in Sept
+ Yahoo reportedly preparing to acquire Google Chrome if a US federal court orders its sales in an antitrust case
*CHINA*
+ China released action plan to promote use of the yuan and own payment system in int’l trade, seeks to reduce dependence on the dollar
-China vows retaliation against countries that follow US calls to isolate Beijing
+ China’s industrial profits surge 0.8% in Q1 by policy combinations, growth in equipment, high tech manufacturing
-China denied they have engaged in any consultations on tariff issues with US
-China state-linked companies will end new investments in private firms that have HQs in the US: FT
+ China issued yuan-denominated sovereign bonds worth ¥12.5bn (US$1.71bn) in HK
± China says CK Hutchison’s ports deal must not try to avoid antitrust review
+ China has allowed some US-made pharmaceuticals to enter the country without paying 125% duties imposed earlier
+ China’s wind, solar energy capacity surpasses thermal power reached 1.482bn kilowatts by end Mar, exceeding thermal power for the first time
+ SMIC is on track to finalise its 5nm chip development by 2025 but cost could be as much as 50% higher than TSMC: Wccftech
+ Huawei unveiled next-generation Ascend 920 AI chip, will start shipping 910C to Chinese customers in May, as potential alternative to Nvidia H20
+ China now holds 60% of world’s AI patents, the most globally: WIPO
+ China has produced nearly 100 embodied AI robotic products since 2024, capturing 70% of global market
-China released new version of market access negative list, includes emerging sectors such as unmanned aerial vehicle operations
+ Chinese airlines transport 34% more int’l passengers in Q1
+ Baidu offers new AI models at lower cost than DeepSeek’s products
+ Alipay leads China’s payments market as tap-and-pay reaches 100m users
+ China further optimises departure tax refund policies to expand inbound consumption
-Shein hikes US prices as much as 377% ahead of tariff increases
-HK’s Mandatory Provident Fund recorded estimated investment loss of 3.24% or HK$43.3bn, between Apr 1-22 as trade war hammers markets
+ HK’s small flats construction set to hit 40-year high
*EUROPE*
+ Eurozone Int’l trade surplus in goods stood at €24bn in Feb
-EU: if trade talks with US fail, we will respond: trade commissioner
+ ECB likely to cut rates further this year: Villeroy
-Airbus suspended plans to deliver flagship zero-emissions commercial aircraft by 2035
-Germany is facing 3rd straight yr of economic stagnation likely to be impacted by latest US tariff hike
-German Composite PMI Output Index stood at 49.7 in Apr, down from 51.3, marking 4-mth low in contraction territory
-UK consumer confidence worsened from -19 pts in Mar to -23 pts in Apr: GfK survey
+ UK announced new offshore wind farms project with initial funding of £300m with aim to attracting “billions” in private investment
± BNP Paribas’s Q1 revenue saw annual rise of 12.5% to €5.28b, income reached €2.95bn, down by 4.9% Y
+ Louis Vuitton registered up to 6 new trademarks in Russia, plans to sell jewellery
-Norway’s wealth fund reported negative return of -0.6% or US$40bn loss in Q1
-Crimea will stay with Russia: Trump
*AISA*
+ Japan intends to push back against any US effort to bring it into an economic bloc aligned against China
-Tokyo’s annual inflation at 3.5% in Apr, vs 2.9% in Mar
-Nissan revised its financial outlook for full fiscal 2024, expects a net loss of up to US$5.3bn as restructuring charges mount
± Air India in talks with Boeing to acquire around ten 737 MAX jets orders cancelled by China
+ South Korea, US to craft a trade package aimed at removing new US tariffs before tariff pause ends in Jul
+ Hyundai has registered at least 8 new trademarks with Russia’s intellectual property service; it had pulled out of Russian market in 2022
+ Malaysia’s inflation slows to 1.4% in Mar
+ Malaysia-China agreed to strengthen aviation ties with twin hub cooperation
+ Johor govt is mooting establishment of an ASEAN Industrial Park within JS-SEZ; tp attract RCEP member countries by focusing on high-value sectors
+ Sg manufacturing production rose for 9th straight mth YoY, expanded 5.8% in Mar YoY
-DPM Gan: US not ready to lower tariff on imports from Singapore, but agrees to explore way forward
Contribution by Derek@valueinvestments chat group. Thank you.
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