Wolf Money(world market review 24-30 May 2021)

Singapore Courtyard@Former City Hall Building National Gallery Singapore 

Market Summary 24-30 May 2021

🇺🇸 🇺🇸 🇺🇸 🇺🇸 🇺🇸 

+ US unveiled US$6 trillion budget proposal that would ramp up spending on infrastructure, education and climate change 

- Republicans unveiled US$928bn over 8 years infrastructure counter offer vs Biden’s original US$2.25 trillion  

+ US jobless claims fell again to fresh pandemic low to 406,000 from 444,000 prior week 

+ US consumer spending rose 0.5% in April 

- US fiscal 2022 budget plan will push debt above size of US economy, but will not contribute to inflationary pressures: Yellen 

- US labour market tightening than many appreciate, calls for taper talk: Fed’s Kaplan 

+ US economy growth in Q1 unrevised at annualized 6.4% 

+ US proposed US$52bn boost in govt funding for semiconductor production and research could result in 7-10 new factories 

+ US senate advanced sweeping package of legislation intended to boost ability to compete with Chinese technology 

+ US has imported sanctioned oil from Iran, first after 30 years of sanctions: Dept of Energy reports  

+ US and China top trade officials held “candid, pragmatic” virtual talks in first meeting under Biden presidency

- US Treasury wants to expand crypto reporting to fight offshore tax evasion 

- US judge rejected Bayer’s US$2bn deal to resolve future lawsuits alleging its Roundup weedkiller causes cancer  

- US blocked seafood imports from Chinese company due to allegations of forced labour 

+ US govt set to open California’s coastline to offshore wind farms 

+ Boeing received order of two 777 widebody freighters from China Cargo Airlines, after a 3-year deadlock  

+ US has officially removed Xiaomi from ‘communist Chinese military companies’ list 

+ PayPal to allow users to move cryptocurrency to 3rd party wallets 

 - Amazon hit with antitrust suit from Washington, citing it abuses its dominant position in online retail sales 

+ Amazon acquired Hollywood Studio MGM for US$8.45bn, its second largest acquisition ever 

+ Bezos to relinquished role as CEO on Jly 5, to focus on space business, mammoth yacht

+ Ford to invest US$30bn in EV and expects 40% of volume by 2030 in EVs

+ Apple officially puts 1st data centre in China into operation 

+ WeWork founder received US$445m payout in exit package 

🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳 

+ China’s official PMI likely maintained steady growth momentum in May, expected to hit 51.1: Reuters 

+ Chinese yuan hitting its strongest level since March 2016 against broad basket peer currencies, at 3-year high against USD 

+ Chinese regulators granted some banks higher quota for foreign currency-denominated loans to domestic clients 

+ China urged to increase sea-based nuclear deterrent amid US intensified strategic threat: Global Times 

+ China’s int’l goods and services trade surplus stood at US435bn in April

- China should gradually pullback financing to high-emission industries to avoid credit risks: China Development Bank    

+ China invites 4 EU foreign ministers – Ireland, Poland, Hungary and Serbia to visit in diplomatic push 

+ China’s outbound direct investment, both financial and nonfinancial investment rose 3.3% in first 4 mths YoY

+ China administers >600m doses of Covid-19 vaccine with record 100m shots achieved within 5 days  

- Shenzhen to slow down population growth with changes to incentive structures 

- China lockdown a neighborhood in city near HK after reported 20 new cases of Covid-19 in past week 

+ China to build data centre clusters nationwide to ensure reliable access to cloud computing and data storage services 

- Guangdong province faces power shortages and factory cutbacks amid hot weather strained region’s power system 

+ China’s industrial firms grew at slower pace in April amid high commodity prices

- China’s major cryto exchange Huboi suspended bitcoin mining services and sales of mining equipment in the country  

+ China’s natural gas production rose 11.6% YoY to 70.2bn cubic meters

+ Huawei to unveil new OS for smartphones next week, all-out push into the software industry 

- Lenovo CEO says world chip shortage will last well into 2022 

+ HK 4th wave of Covid-19 cases has ended: pandemic adviser 

🇯🇵 🇷🇺 🌍 

- Tokyo’s governor said Japan should retain option of canceling or postponing Summer Olympics

- Japan cuts economic view as Covid-19 state of emergency led to drop in consumer spending  

+ Japan’s factory output expected to rise for 2nd mth in April as exports cushion pandemic’s impact: Reuters poll

+ Japanese automaker sales soared in April on rising demand for vehicles in China and US  

+ Russia economy to perform better than expected at 3.2% in 2021: World Bank 

+ Russia’s gold and foreign currency holdings hit record high of US$600.9bn 

+ G7 countries are close to reaching agreement on corporate taxation of multinationals, clearing way for global deal later year 

+ OPEC+ gp set to proceed with plans to ease oil production cuts by planned 840,000 bpd in July 

+ Oil posted its biggest weekly gain since middle of last mth on eve of US summer travel season 

+ Gold edges to 4-mth high amid inflation concerns, crypto crash 

+ Air travel will bounce back strongly by 2023: IATA 

🇪🇺 🇩🇪 🇬🇧 🇫🇷 🇳🇴🇨🇭🇮🇪 🇹🇷 

+ Euro zone sentiment its 3-year high in May, inflation expectation jump as govts eased pandemic restrictions 

- Europe world top 32 football clubs’ valuation dropped 15% off aggregate enterprise value amid virus outbreak 

+ European shares rose to record high on gains in financials 

- EU demands AstraZeneca pay millions of euro in penalties for failing to deliver vaccines  

+ Airbus preparing for surge in production of best-selling A320 series jets beyond pre-covid-19 levels within 2 years 

+ Germany pumped US$10bn in 62 large-scale hydrogen projects as it aims to become global leader in hydrogen technologies 

- Germany supply bottlenecks with timber, steel and insulating material are causing construction stoppages 

- HSBC set to exit from US mass market retail banking business in push for Asia 

+ FTSE Russell said would add Xiaomi and Luokung Tech back to its global indices 

- France fell into recession in Q1 with 0.1% contraction; revised official data 

- French winemakers facing devastation after worst weather in 30 years 

+ Norwegian Air Shuttle ASA emerged from 6 mths bankruptcy protection with smaller fleet and its debts almost wiped out 

- Swiss Re, reinsurance giant has sold entire stake in New China Life for US$258m, after racking up US$878m own losses in 2020

+ Ireland rejects US push for global corporate tax hike, vows to keeps rates low: Finance Minister 

- Turkey liar hits record again as concerns over global inflation, possible rating downgrade 

🇦🇺 🇳🇿 🇮🇳 🇰🇷 🇮🇷 🇮🇶 

- Australia seeks WTO panel for barley dispute with China 

- Melbourne capital Victoria will go on 7-day lockdown to prevent spread of Covid-19 

+ NZ Reserve Bank projected its official cash rate might start to rise in H2 next year 

+ India said will have 120m vaccine doses for local use in June, up from 79.4m doses available in May

+ Tata buys majority stake in Alibaba-backed online grocer BigBasket 

+ South Korea consumer confidence rose 5th straight mth to 105.2, highest since June 2018  

+ Iran may have 69m barrels of oil ready per day for when US sanctions end   

- Iran bans crypto mining during hot summer mths until end Sept due to power scarcity 

- Iraq said US$150bn in oil revenues has been stolen and smuggled out since US invasion in 2003 

🇮🇩 🇹🇭 🇻🇳 🇰🇭 🇲🇾 🇸🇬 

+ Indonesia top govt officials forecast GDP to grow between 6.5% and 8.3% in Q2

+ Indonesia plans tax “sunset policy” to encourage declaration of unreported assets 

+ Indonesia digital economy could reach between US$200 and US$300bn per year, up from current US$40bn 

+ Indonesia Battery Corporation, state-owned firm partner with LG to set up EV battery plant for US$1.2bn  

+ Indonesia in travel corridor talks with 7 countries 

- Garuda planning major restructuring, to halve its fleet as costs explodes amid pandemic 

+ Indonesia to spend US$280m to create “5 new Balis”

+ Thailand domestically-manufactured AstraZeneca vaccine to make its debut in June 

+ Thailand food giant Charoen created new brand for plant-made meat – “Meat Zero”, aims to become Asia’s top supplier

- Thailand could take another 5 years before tourism revives fully in the country

- Vietnam estimated trade deficit of US$2bn for May as exports likely rose 36%, imports likely up by 56%

+ Cambodia plans to reopen to foreign tourists in Q4 

- Malaysia announced a nationwide total lockdown from 1–14 June to stop Covid-19 surge 

- Malaysia to escalate EU palm oil dispute at WTO, for restricting palm oil-based biofuels 

- Genting gp HK-listed cruise ship operator reported record loss and warned about its ability to continue as going concern 

+ Sg unveiled S$800m Covid-19 support package for affected firms and individuals, no draw on past reserves 

- MTI maintains 2021 GDP forecast by at least 4% in 2021 despite increasing Covid-19 cases

+ Sg factory output rose 2.1% in April, its 6th straight mth of growth

- Sg overall service industries business receipts decline to -1.5% in Q1: DOS

+ Sg has no plans to further tighten Covid-19 restrictions for now with cases stabilizing: Minister  

- Singtel posted 93% lower H2 net profit, to unlock value of infrastructure assets  

Contribution by Derek@valueinvestments chat group. Thank you.

Please follow us on telegram for the latest update on Lone Wolf investor by clicking on the link below 

https://t.me/joinchat/oCgkD3sQFRMzMWM1

Disclaimers 

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 information only. Buyer beware,do you own due diligence.