Wolf Money(world market review 19-25 April 2021)

 

Raden Saleh Indonesian 1811-1880

Boschbrand(forest fire) circa1849

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Market Summary 19-25 April 2021

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- Biden to propose tax plan nearly doubling capital gains tax to 39.6% for income >US$1m 

+ US 85.5% firms have beaten analysts’ estimates for EPS with results in from 110 of S&P companies 

+ US jobless claims hit 13mth low last week, reopening gathers pace 

- US may have highest tax on capital gains in the world if Biden’s tax hike comes true 

+ US companies’ borrowings for capital investment rose 4% in March YoY 

- US state dept warned against travel to 80% of the world 

+ US new home sales rebound more than expected in March

+ US existing homes sales drop to 7-mth low in March as prices jumped to record high amid shortage of houses 

+ US economy will grow at its fastest pace in decades and outperform most major peers: Reuters Poll

- Republican proposed US$568bn over 5 years infrastructure package to counter Biden’s US$2.4 trillion 

+ United Airlines adding >480 daily flights to its US schedule in June to meet summer travel demand

+ US ends J&J Covid-19 vaccine pause, to resume shots immediately 

- Boeing still working on fix for 106 grounded 737 MAX planes: FAA  

+ Southwest Airlines expects lower cash burn in Q2 as vaccines drive leisure travel rebound 

+ PayPal plans to set up a local wallet in China, focusing on cross-border payments 

- JPMorgan said regretted supporting soccer clubs in launching breakaway European Super League after the plan collapsed 

- BlackRock cuts Alibaba, Tencent, Meituan on ongoing China tech crackdown and valuation risk 

- Tesla car reportedly lost control and caught fire in China leading to one passenger dead 

- Tesla has an obligation to face scrutiny from Chinese consumers: China’s Central Political & Legal Affairs Commission 

+ Amazon unveiled pay-by-palm technology at some whole foods’ stores

+ Elon Musk offered inventors US$100m in prize money to develop ways by removing carbon dioxide from atmosphere or ocean 

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+ China expects its carbon emission to peak before 2030 and will achieve net zero emission by 2060 

+ China became world’s largest recipient of foreign investment in 2020: MOFCOM  

+ Xinjiang province direct exports to US surged 113% YoY in Q1 despite sanctions on cotton and other products

+ China will suspend trading if foreign accounts enter A-share market cause volatility in domestic stock market 

+ China’s top court unveiled plans to toughen antitrust proceedings 

+ Beijing’s Daxing district to build 40-hectare commercial aerospace industry base 

+ China to curb coal consumption below 56% of energy use in 2021 

+ Digital yuan undergoing trials in a housing estate in Shanghai as use extends to more areas 

+ China opened world’s largest internet test facility backbone network, ensuring stability and security, ending reliance on US 

+ Chinese 3 pharmaceutical companies to produce 260m doses of Russian Sputnik-V Covid-19 vaccine annually 

+ Chinese vaccine-related producers expressed willingness to cooperate with Indian over vaccine production and distribution 

+ Chinese firms have raised US$6.6bn through IPOs in US this year, an eightfold increase same period in 2020

+ China prepares to launch space station core moudle

+ China’s NEA draft proposal on wind, solar to account for 11% use in the country by end 2021 

+ Guandong GDP grew 18.6% YoY in Q1, Hubei GDP expanded nearly 60% in Q1, recovering from 40% plunge in 2020 

+ Chinese majority consumers believe many Western brands could be replaced by “China Made”: survey

+ China number of AI corporation stands at 2nd place in world in 2020 after US 

+ China has built world’s largest 5G high-speed mobile network with 260m 5G mobile connections: MIT

+ China estimates 5G mobile phone shipments in the country would account for 80% to total shipments in H2

+ China’s EV market has attracted more foreign brands and luxurious competitors stepped up their activities 

+ Huawei starts selling smart cars in its flagship stores 

+ Jidu Auto, venture between Baidu and Geely to plough US$7.7bn into producing smart cars next 5 years  

+ XPeng plans launch next generation flight vehicles by end 2021, carrying more passengers 

+ Tsinghua established ‘chip college’ to target research and training of technicians in semiconductors 

- Ant Gp told to hand over data to state-run credit-scoring entity: report 

+ Zhuhai airshow to have >300 companies participating including Boeing 

+ China expects to see 40bn yuan (US$6.15bn) market for water purification devices in coming years

+ China imports of sugar expects to grow with annual pace of 5.8% next 10 years to 5.52m tons: Ministry 

+ HK resident had spent US$4.76bn on properties in Greater Bay Area in 2020

+ Taiwan chipmaker Nanya Tech will build US$10bn chip plant to alleviate server global semicon shortage

- Cathay Pacific to close pilot base in Canada, proposes shutting Australia n NZ

+ HK-based private equity PAG plans US$10bn merger, offshore IPO of Chinese gases assets  

- Foxconn is scaling back planned factory in Wiscosin touted by Trump, to be reduced to US$672m from US$10bn 

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- Japan declared “short and powerful” state of emergency for Tokyo, Osaka and 2 other prefectures

+ BOJ will set guidelines when time to sell ETFs: Kuroda  

- Tokyo motor show has been cancelled due to pandemic 

+ Panasonic to buy US supply-chain software company Blue Yonder for US$7.7bn 

+ Honda aims to increase its ratio of EVs and Fuel cell vehicles (FCVs) to 100% by 2040

- Russia’s central bank hikes rates from 4.5% to 5% 

+ Russia’s GDP expanded 0.5% in March, first monthly growth since pandemic began one year ago 

+ Russia’s foreign exchange holdings and gold surged by >US43bn in one week to US$583.7bn  

+ Russia remains world’s 2nd largest oil producer for 10 mths in a row 

+ Russia’s Arctic LNG2 project almost 40% complete, will be launched in 2023 

+ Canadian judge agreed to delay Huawei’s CFO extradition hearings to review newly released banking document 

+ Global hedge fund assets hit record US$3.8 trillion in Q1, best 1st qtr performance in 21 years 

- Global Airlines could face US$48bn in losses in 2021: IATA

- Bitcoin, Ether, XRP, Dogecoin fell on concerns Biden’s plan to raise capital gains taxes will curb investments in digital assets 

+ Households around the globe accumulated US$5.4 trillion in additional savings compared with 2019 spending patterns 

+ Shipping is looking to hydrogen as it seeks to ditch burner fuel 

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+ Eurozone recovery from pandemic accelerated in April as services return to growth: PMI

+ EU to sign world’s largest vaccine deal with Pfizer 

+ EU agreed to cut greenhouse gas emissions by 55% from 1990 levels by 2030 

- Volkswagen warned to prepare for bigger production hit in 2nd qtr than 1st due to global chip shortage 

+ Daimler quarterly earnings rebound to €4.4bn, sold 538,869 vehicles 

+ UK factories expect strongest rebound in 48 years this mth 

- UK commercial-property loan defaults surge 44% on lockdown hit 

+ Manchester United owners set £4bn asking price to sell club

- Credit Suisse made pre-tax loss of 757m Swiss francs in Q1

- Swiss financial watchdog FINMA begun investigation into Credit Suisse over Archegos losses 

- Credit Suisse will raise >US$2bn to strengthen its capital base ahead of further Archegos hit 

- Turkey crypto exchange boss said to be missing with US$2bn funds 

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- Australia govt to cancel agreement signed between Victoria State and China to cooperate under BRI

+ Australia and UK agreed vast majority of a free trade deal during talks in London 

- India’s surging epidemic has forced both its financial and political capitals into lockdown 

- India set new global record of most Covid-19 infections in a day, hospitals are running out of space and vital resources  

+ South Korea signed with Pfizer for additional 40m vaccine doses 

+ Samsung considering US$673m solar power plants in Texas, aiming to start production in 2023

- Emirates may need to raise more cash this year, possibly from Dubai govt if air travel demand does not pick up soon 

+ Iran exports 500,000 bpd despite US sanctions: Reuters 

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+ Indonesia builds its own Silicon Valley 888 hectares land called “Algorithm Hill” in West Java  

+ Gojek motorbike taxi drivers in Vietnam crossed 200,000 mark 

+ Thailand plans to inject US$12bn into economy: PM 

+ Thailand to upgrade export growth forecast to >4% after export value in March recorded 8.47% growth 

- Thailand report daily record of >2000 cases and record daily number of Covid-19 deaths 

- Thailand halved it expected number of int’l visitors to 3-4m this year, slashed its tourism revenue forecast 

+ Duterte’s daughter stays top in poll on Philippine president candidates 

+ Myanmar junta chief and Asean attended summit in Jakarta 

+ Laos-China railway project already 80% complete, with final sections of track scheduled to be completed in May 

+ Malaysia setting up new entity to support digital economy and digitization of businesses and administrative processes 

+ Microsoft to build data center network in Malaysia for US$1bn 

+ Malacca unveiled 15-year plan to draw RM100m to develop a costal economic zone  

+ Petrons raised USS$3bn from bond offering 

+ Sg core inflation rose in March, in positive for 2nd straight mth after more than a year in negative territory 

+ Sg may soon have commercial launch of multi-currency payment for digital currencies 

+ Sg private residential properties increased QoQ by 3.3% in Q1 boosted by landed properties 

+ HDB resale prices climb for 4th consecutive qtr in Q1

+ Sg rolled out new grant scheme for maritime tech startups to develop scalable solutions 

- SG-HK air travel bubble to start on May 26: Bloomberg 

- Sg to block all non-resident entry, transit from India until further notice 

- Sg construction firms prepare for prolonged manpower crunch 

- Sg contractors association sourcing workers from countries other than India 

Contribution by Derek@valueinvestments chat group. Thank you.

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All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.