Wolf Money(world market review 7-13 Jun 2021)

Mochtar Apin Indonesian 1923-1994 

Batik Variant Truntum II cicra 1985

Collection of the National Gallery Singapore

Market Summary 7-13 Jun 2021

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+ US CPI jumped 5% in May to highest since 2008; oil prices rose to pre-pandemic level, supply chain disruption drove up prices 

+ US consumer sentiment roe in early June, preliminary estimate at 86.4, up from 82.9 in May 

+ US posted record 9.3m job openings in April, up by 12% MoM, however employers hired just 6.1m, up 1% from March 

+ US 10-year Treasury yield falls to 3-month low of 1.43% despite inflation fears

+ US-China agree to push forward trade, investment ties in 3rd call between senior officials

- Biden revokes Trump-era TikTok, WeChat ban orders, but orders to conduct security review of apps related to China 

+ US household net worth surged to fresh record to US$136.9 trillion in Q1, propelled by gains in stock prices, home value

+ US CDC has eased travel recommendations for >110 countries, territories 

- US Treasury Dept to probe tax record leak of ultra-wealthy

- Yellen said concerned Chinese lenders could benefit from int’l debt relief initiative aimed at poor countries 

- US meatpacking giant JBS paid US$11m Bitcoin worth to ransomware hackers  

- US tech giants would have to sell or exit key businesses under sweeping antitrust legislation proposed by house lawmakers  

- CDC identified 216 cases of heart inflammation after first dose of mRNA shot, 573 after second jab

+ United Airline in advanced talks to buy at least 100 Boeing MAX planes 

+ United Airline-backed start-up Archer unveiled its future electric aircraft 

+ US eyes possible trade deal with Taiwan: Blinken 

+ US to donate vaccines to 92 lower-income countries and African Union over the next year 

+ Musk unveiled Tesla’s newest and fastest EV to date, Model S Plaid, 

+ Apple in talks with CATL and BYD about supply of batteries for its planned EV

+ FB would give employees option of sticking with remote work permanent 

+ Nivdia Corp submitted application to Chinese competition regulators to review US$40bn takeover UK chip designer ARM

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+ China NPC filed 2nd draft of legislation aimed at countering sanctions imposed by foreign govts

+ China’s GDP forecasts to grow 8.5% in 2021, leading world economic recovery: World Bank 

+ China’s CPI rose 1.3% YoY, PPI surged 9% in May, fastest annual pace in >12 years 

+ China’s consumer confidence has returned to pre-pandemic level: industry report 

- Chinese banking watchdog warned monetary easing in developed countries has reached unprecedented level, fueling global inflation felt by entire world, while China’s products are serving as “key anchor" in stabilizing inflation 

+ China’s top market regulator urged stronger law enforcement to tackle unfair competition and related problems 

+ Beijing called for better control over local govt debt after finding some misusing bond proceeds and collecting taxes illegally

+ China moves to take collection of land sales income out of local govt hands 

+ China should strictly guard against the resurgence of shadow banking: regulator

+ China considering launching trials of cross-border regulatory sandbox by adopting digital yuan as carrier to test capital account convertibility in Greater Bay Area 

+ Shanghai nearly 700 shops participated in digital yuan pilot program

- China’s resurgence Covid cases in Guangdong has no significant impact on industrial n supply chain of local exporters: Ministry 

- China passenger throughput in Guangzhou and Shenzhen’s airports to drop in Jun, as fight against spread of Covid-19 cases 

- Chinese air cargo transport continued on an upward trend in recent months 

+ China passed data security law, strengthening control over digital information 

+ China’s watchdog issued rules on wealth management products for cash, tightening the US$1 trillion market 

- China new policy allowing up to 3 children unlikely to dramatically change its birthrate: Moody’s 

+ China to see over 100m passenger trips during upcoming 3 days Dragon Boat Festival 

+ China will overtake Japan as world’s largest importer of LNG this year: ICIS 

+ Hainan plans to invest US$34.5bn by 2025 to build global-connected transportation hub 

+China’s first int’l Consumer Products Expo in Haikou has attracted >1000 global brands in May  

+ China enacted law to make Hainan world-class free trade port 

+ China to strengthen supervision of related blockchain service platforms: CAC

+ China, Japan steel bodies meet, tie to clamp down on soaring iron ore prices

+ Shenzhen to ramp up construction of MSIC 12-inch wafer fabrication facility as port of its fourteen 5-year plan 

+ Shenzhen to subsidy up to US$47m to promote innovative satellite development and application industry 

+ China’s auto chip sector aims domestic testing and certification platform for car chips to cut foreign reliance, ease shortage 

+ Chinese mRNA vaccine developer Stemirna Therapeutics raised record US$200m 

+ CNOOC has expanded construction world’s largest LNG storage tanks in Jiangsu 

+ Nio delivered >20,000 vehicles all SUVs in Q1 at average price of US$68,000

+ Huawei launched its largest global cybersecurity and privacy protection transparency centre in Dongguan 

+ Didi flies for US listing, could be one of the biggest stock market debuts this year 

+ HK unveiled its new strategy for driving fintech development in 2025, including digital HKD

- Las Vegas Sands Macau facing US$12bn lawsuit from former partner, Asian American Ent Corp in Macau court 

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+ World Bank projects global economy to grow by 5.6% in 2021

+ Oil pirces reached fresh multi-year highs in 3rd weekly gain on demand recovery 

+ Global crude demand would return to pre-Covid-19 pandemic levels by end of next year: IEA

- BItcoin droped 10% after news of FBI seizure bitcoin funds, exposing potential security breach 

+ G7 leaders agreed to the need to continue supporting economies with fiscal stimulus: source 

+ G7 to donate 1 bn Covid-19 vaccine to poorer countries 

+ G7 agrees to a plan to rival China’s Belt and Road

+ G7 countries moved closer to tax plan for US tech giants 

+ Japan’s exports likely posted largest monthly rise in 4 decades in May: Reuters poll 

- Japan sentiment among large firms falls again due to chip shortage 

- Tokyo Olympic Games corporate sponsors hired consulting firms to advise whether to push ahead with Olympic-themed marketing plans 

+ Japan PM Suga said vaccinations for all residents will be completed by Nov 

- Toshiba 4 directors called for a shake-up of its management and board 

+ Toyota aiming to make all its global factories carbon neutral by 2035, pulling forward goal by 15 years 

+ Russia GDP expanded 10.7% YoY in April

+ Russia sold US$5bn US dollar from its oil fund to reduce exposure to greenback 

- Russia, Saudi warn of major oil supply crunch if world fails to invest enough in new oil and gas pipeline 

+ Russia’s Siberia Federal District attracted US$7bn in investment at St. Petersburg Economic Forum 

+ Russia plans vaccination travel packages for foreigners to revive tourism industry 

- Canada firm TC Energy terminated keystone XL pipeline project after controversial initiative opposed by Biden

+ El Salvador officially recognized Bitcoin as legal tender, 1st in the world to do so 

- Cuba will temporarily stop dollar deposits in banks due to tighter US sanctions 

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- EU, US leaders are set to lifting steel tariffs before Dec 1

- EU chief Charles Michel has defended EU’s efforts to reach an investment agreement with China

+ EU-UK reached fishing deal for 2020-21 

+ European nearly 60% of companies plan to expand their businesses in China this year vs 51% last year: survey 

+ Euro 2020 finally kicks start after a year delayed, with 51 football matches in 11 stadiums in 11 cities over 31 days 

- Airbus tells EU hydrogen won’t be widely used in planes before 2050 

+ German economy set for post-pandemic bounce in growth and prices, inflation could rise faster than expected: central bank

+ Germany exports rose for 12th consecutive mth in April

+ Germany starts basic income experiment; select gp will receive €1200 s mth, to test feasibility of universal basic income  

- Germany govt purchased €2m data of German nationals’ assets in UAE to uncover tax fraud  

- Deutsche Bank expects to book €100m provision in Q2 

+ UK economy expanded 2.3% in April at fastest monthly pace since July 2020 as public-health restrictions eased

+ France reopens its border to foreign visitors who have been vaccinated against Covid-19 

- Norway economy shrank 1.4% in April in view of weaker spending

- Luxembourg’s watchdog planning to fine Amazon up to €350m following 2018 complaint by French privacy rights group

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+ Australia’s outlook raised to stable on swift recovery: S&P

+ Australia survey of business conditions reaching record high in May, led by employment, profitability, trading sub-components

+ India’s exports rose by 52% to US$7.17bn in first week of June 

+ South Korea employment came closer to recovering to pre-Covid-19 levels in May, added 619,000 jobs for a year earlier 

+ Bank of Korea will prepare for orderly exit from monetary easing if recovery remains solid: chief 

+ Saudi Arabia in no longer an oil country, it’s an energy-producing country: Energy Minister 

- Saudi Aramco sold US$6bn of bonds in first US dollar-denominated Islamic bond sale

+ Sri Lanka aimed to attract US$15bn to their China JV Colombo Port City project in next 5 years 

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+ Indonesia govt ready for 1m vaccinations per day on new vaccine arrival 

- Indonesia may maintain its unambitious climate policy and avoid prioritizing its net zero commitment for decades: Ministry 

- Garuda has grounded 2/3 of its fleet as a result of record low air travel demand

- Indonesia bans new investment in alcoholic beverage industry, bowing to pressure from Muslim organization 

- Thailand consumer confidence hit record low in May, hurt by latest Covid-19 outbreak, could cost economy B800bn: Ministry 

+ Thai tourism authorities will propose fully vaccinate foreigners be allowed to travel to Koh Samui and 2 neighboring islands 

+ Vietnam’s HCM stock exchange evolved as Asia’s strongest this year, with benchmark VN-Index surging >20% in first 5 mths 

+ Vietnam to build 4000 km of expressways as part of 10-year plan for US$36bn 

- Myanmar military formally charged Aung San Suu Kyi with corruption, could face up to 15 years in prison

- Cambodia’s dream of becoming an oil-producing nation ends as exploration firm collapsed

+ Malaysia govt is drafting a national recovery plan in preparation to emerge from Covid-19 pandemic at reasonable level: PM 

+ Malaysia’s wholesale, retail trade surged 66.2% YoY to RM111.1bn in April 2021: DoSM

- Malaysia extends nationwide lockdown by 2 weeks as numbers of daily Covid cases remain elevated 

+ Johor announced 3rd economic stimulus package worth RM241m to mitigate impact of pandemic 

+ Sg to ease Covid-19 curbs from Jun 14 in 2 steps approach, dinning-in only allowed from Jun 21, WFH staying the default 

+ Sg only 21% of business leaders ready for 5G: Qualcomm study 

+ Sg home prices likely to climb 7% in 2021: RHB

+ SG-HK air travel bubble decision to be pushed back to July 

+ MAS will deploy US$1.8bn of official foreign reserves to 5 asset managers for climate-related investments 

+ URA will launch for public tender a white site at Marina View triggered from reserve list 

+ Genting Singapore-led consortium submits bid for Yokohama integrated resort 

Contribution by Derek@valueinvestments chat group. Thank you.

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