Money Monday

Ranora Daily - Your daily source for reliable market analysis and news.

July 17, 2023

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

  • China’s GDP data comes in mixed but, not altogether encouraging. Q2 GDP expanded 6.3% y/y, below the consensus of 7.3%, and follows 4.5% in the previous quarter. However, sequential growth came in at 0.8% q/q, firmer than consensus 0.5%, following 2.2% in Q1.

  • China’s PBOC injected CNY103B in new MLF funding while keeping the rate unchanged at 2.65%, both matching expectations.

  • China property investment fell 7.9% y/y in Jan-Jun, versus Bloomberg forecast of a 7.5% drop

  • Singapore's non-oil exports (NODX) fell 15.5% y/y, the ninth consecutive contraction

Europe, Middle East, Africa

  • Poll of economists show ECB to bring rates to 4% peak in September

  • Property website Rightmove said the price of UK property coming to the market fell for the second month in July, with prices down 0.2% m/m

  • Russia announced Monday it had ended participation in the UN-brokered grain deal, which had allowed Ukraine to export grain through the Black Sea after Moscow blamed Kyiv for an attack on the Crimean Bridge. Pact will end with immediate effect.

The Americas

  • Net Interest Margin pressure seen in State Street's Q2 results may be a better bellwether for the industry than money center names

  • Yellen says it 'premature' to scrap Trump tariffs, but the US should look for ways to further de-escalate tensions with China

  • Musk says Twitter's ad revenue is down 50%, the company still cash flow negative

  • BlackRock expects a surge in bond fund investments (funded by money-market fund outflows) after Fed stops raising rates

  • Investors using a 50% rally in ARK Innovation ETF this year to get out

  • Repayment of student loan debt could feel like a pay cut of ~4-5%, have an outsized impact on apparel and T&E spending

  • Americans increasingly tapping HELOCs to take advantage of equity ramp from higher prices

The Week Ahead:

  • Monday:

    • China's Gross Domestic Product

    • NY Empire State Manufacturing Index

  • Tuesday:

    • US Retail Sales

  • Wednesday:

    • UK Consumer price index

    • US Building Permits

  • Thursday:

    • China’s PBoC Interest Rate Decision

    • US Initial jobless claims

    • US Existing Home Sales Change

  • Friday:

    • UK GFK Consumer Confidence

    • UK Retail Sales

Investment Tip of The Day

Stay mindful of behavioral biases Awareness of behavioral biases can help you make better investment decisions. Common biases include loss aversion, confirmation bias, and herd mentality. Regularly reflect on your decision-making process and be mindful of these biases.

Meme of the Day

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.