Wolf Money(world market review 12-18 April)
Market Summary 12-18 April 2021
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+ US retail sales rose 9.8% in March, largest increase since May 2020
+ US initial jobless claims drop to fresh pandemic-era low of 576,000 vs 769, 000 prior wk
- US govt budget deficit surged to all-time high of US$1.7 trillion for first 6 mths of budget year, near double previous record
- US officials calling for hard look at China’s plans for digital yuan, see it as potential threat
- US house committee approved blueprint accusing Big Tech companies of buying or crushing smaller firms
+ Biden called for US$50bn investment in semiconductors amid global shortage
- US oil industry faces new oil price war if shale production rebounds next year by rising 1m bpd: shale executive
- US sever cold spell in mid-Feb knocked out 1/3 of US oil refining capacity: data complied
+ US homebuilding surged to nearly 15-year high in March
- US imposed new sanctions on Russia over cyber-attacks; include barring financial institutions from buying new sovereign debt
+ Boeing said it delivered total 77 aircraft in Q1, including large order of 737 MAX accounting >80% of deliveries
- More electrical problems found on some Boeing 737 Max: sources
+ US SEC issued US$50m whistleblower pay-out to 2 tipsters, 2nd largest award on record
+ US removed Vietnam, Taiwan and Switzerland from currency manipulator list
+ Coinbase soared in its trading debut, hitting valuation of >US$100bn
- Morgan Stanley revealed US$911m Archegos loss
+ US, China agreed to work together to tackle climate change and strengthen implementation of Paris Agreement
- Citigroup to exit consumer business in 13 markets across Asia and Europe, ME and Africa, shit focus to wealthy entrepreneurs
+ Citigroup will hire up to 500 new RM in HK and plans to triple client numbers and double assets
+ NASA awarded SpaceX US$2.9bn contract to build a spacecraft to bring astronauts to moon as early as 2024
+ J&J privately reached out to other vaccine maker to join a study on risk of blood clots: WSJ
+ US cruise industry executives met with health experts and white house staff to discuss restart plans
+ Nvidia plans to make its own server central processor based on ARM technology, challenging Intel
+ Microsoft agreed to buy AI company Nuance for US$16bn
- Tesla reached an out-of-court settlement with former staff member currently employed by Xpeng
+ US soybean sector expecting record exports of about 36m metric tons to China in 2020/21 marketing year
+ Southwest recalled another 382 pilots from voluntary leave program ahead of summer travel
+ Airbnb CEO said company will need millions more hosts to meet surging demand
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+ China’s Q1 GDP in 2021 grew 18.3% YoY to US$3.82 trillion, compared with 5.8% contraction last year due to epidemic
+ China’s regulator unveiled revised guidelines on qualifications for listings on Nasdaq-style sci-tech board in Shanghai
+ China draws 43.8% more foreign investment in Q1
+ China spent 37.3% more in high-tech in Q1 compared to same period
+ China records 33.9% YoY increase in social retail sales in Q1
+ China non-performing loan of banking industry totaled at US$552bn at end March, stood at 1.89%
+ China aims to fully digitize manufacturing sector by 2035
- China, US and potentially Europe technological decoupling would cut global GDP: IMF
+ China’s imports of raw material and bulk commodities, include steel, crude oil and soybeans saw significant rise in Q1
+ China should fully lift family planning policy to ease ageing trend: central bank paper
- Yangtze River Pharmaceutical as been fined US$117m, about 3% company revenue, for violation of Anti-Monopoly Law
+ China plans to approve first foreign Covid-19 vaccine by July
+ China to make it easier for rural workers and students to get residency status in cities
+ China would remove tariffs on key materials that cannot produced domestically for advanced monitors used in chip sector
+ China’s regulators issued 1-mth ultimatum to all online platforms to rectify their businesses in unprecedented move
- China’s civil aviation carriers suffer losses in Q1 with cumulative loss of 30.5bn yuan recorded: CAAC
+ Huawei plans to launch ultrafast 6G networks by 2030
+ Huawei unveiled its HI intelligent automotive solution
- Ant Gp reportedly explores options for Jack Ma to divest his stake and give up control of company
- China tells Ant Gp it will be regulated like a bank
+ Tencent raised US$4.15bn in its second major bond deal in less than a year
+ China about 200m ppl are ready to hit the road for upcoming May Day holidays: industry data
+ China’s train tickets to some most popular destinations for May Day holiday sold out the moment they became available
+ Xpeng unveiled 3rd car model, said powered by new intelligent driving technologies
+ Luckin Coffee reached deal through private placement, to get US$250m to restore its business
+ Cathay Pacific to cut cash burn as cargo-crew quarantine measures relaxed
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+ Japan wholesale prices rose 1% in March, first growth in 13 mths
+ BOJ sees strong recovery in US and China as driving force for Japan’s export-reliant economy
- Toshiba mulls rejecting buyout offer, a day after CEO linked with bidder quit
+ SoftBank Vision Fund profit nears US$30bn on Coupang, best return since Alibaba listing in 2014
- Japan “king of ketchup” stopped importing tomatoes from Xinjiang, first major Japanese firm to do so over Xiniang issues
+ Russia’s total external debt cuts by US$8.6bn or 1.8% in Q1
+ Russia may complete construction of Nord Stream 2 gas pipeline this summer
+ Russia planning to increase its share in global hydrogen market by 20% by 2030
- Russia considers temporary ban on exporting some of oil products starting May 1: Ministry
+ Russia is building most powerful icebreaker fleet, aims for ear-round sailing on Arctic sea route
+ Russian Yandex mulls expanding food delivery service to Paris and London by end year
- Canadian lawmakers urged US and Canada to take further steps to resolve dispute over cross-border Line 5 oil pipeline
- Covid-19 deaths reached 3m worldwide as cases continue to surge
+ Dogecoin is now up 18,000% from a year ago at $0.002, current market value at around US$48bn
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+ EU prepares to raise €800bn to finance recovery
+ European Parliament voted overwhelmingly in favour of post-Brexit trade and cooperation agreement
- EU considers ban on using AI for mass surveillance and social credit scores
- ECB will act on unwarranted rise in borrowing costs: VP
- EU slapped tariffs on certain aluminum imports from China, citing selling at artificially low prices in Europe
+ EU concludes partnership talks with Africa-Caribbean-Pacific countries
- German economy probably shrank by 1.8% in Q1 due to lockdown
+ Daimler unveiled electric flagship Mercedes-Benz S-Class luxury sedan
- UK vaccine advisory body said AstraZenca’s Covid-19 vaccine should preferably not be given to patients under 30
+ HSBC will move 4 senior bankers from London to HK to boost it strategy of refocusing operations on Asia
+ Swiss National Bank said it remained ready to intervene in foreign exchange markets as US dropped manipulator tag
+ Credit Suisse sued over risk exposure to Grensill Capital, Archegos in US by a pension fund
- Turkey banned use of cryptocurrencies and crypto assets to purchase goods and services, warning significant risks
- Turkey recorded 63,000 new Covid daily cases in 24 hrs, highest since pandemic began
+ Israel to open Int’l travel to vaccinated tourists in May
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+ Australia, New Zealand travel bubble to start on 19 Apr
- India’s trade deficit widens to US$13.93bn from US$9.98bn in March
- India reported >260,100 daily virus cases in new record
+ LG and GM expected to set up EV battery plant in US
+ Qatar said could allow foreign investors to fully own listed firms, could trigger nearly US$1.5bn inflows
- Egypt sized megaship Ever Given which blocked Suez Canal until the vessel’s owners pay US$900m compensation
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+ Indonesia’s exports hit highest level since Aug 2011 in March as demand, prices pick up
+ Jokowi has offered to open designated area for German firms in Central Java to woo new foreign investors
+ Gojek and Tokopedia will finalise merger this year and seeking listing in 2022: sources
- Thailand Tourism Council estimates industry’s unemployment in Q2 could reach up to 2.5m
+ Thailand to speed up rental housing scheme for low-income earners
+ Vietnam car maker VinFast eyes mega-IPO on Wall Street this year
+ Myanmar coup leader to attend ASEAN meeting
+ Malaysia PM will visit Singapore on May 4, expected to discuss the reopening of the border
- Malaysia placed under US monitoring list for currency practices
+ Malaysia’s new vehicles sales surged 200% to 63,878 units in March from 21,242 units same period last year
+ Sg economy grows 0.2% in Q1, first expansion since Covid-19 outbreak
+ Sg exports rise at faster pace of 12.1% in March
- MAS is reviewing ‘buy now, pay later’ schemes
+ SGX moves to create SPAC listing framework
+ Sg developers sold 1296 new private homes in March, double Feb’s 645
+ Sg about 5118 condo units were rented out in March as more ppl returned from overseas, driving rentals to 8-mth high
- Sg projected 3% rise in insolvencies this year compared to pre-Covid 2019
+ Grab set to go public at US$40bn valuation via an upcoming merger with Altimeter Growth, set to be largest-ever SPAC merger
+ Grab considering secondary Singapore listing after US SPAC merger, to have investor base close to its regional business based
- Thai Beverage defers plans for US$2bn Singapore IPO of regional beer assets
+ French pharma Sanofi will invest €400m to set up factory in Singapore for vaccine production on massive scale
+ Dyson to hire 250 more engineers, scientists in Sg over 5 years
Contribution by Derek@valueinvestments chat group. Thank you.
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