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

Vincent Leow Singaporean 1961

Meat Shop circa 1989

Collection of the National Gallery Singapore 

Market Summary 19-25 Jul 2021

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- Biden said inflation temporary; Fed should so what it deems necessary for recovery, pushes for more spending 

+ US GDP projected to accelerate 9.2% for April-June period: FactSet survey 

+ US Composite Output Index fell to 59.7 in July from 63.7 in June, continued to expand: preliminary data IHS Markit 

+ US struggling homeowners with certain govt-backed mortgages could get their monthly payments reduced by 25% 

- Yellen urged congress to raise or suspend the debt limit by Aug 2 to prevent US govt from defaulting 

+ US sales of existing home rose 1.4% in June, after 4 straight mths of declines 

- US jobless claims totaled 419,000 for week ended July17, above 350,000 estimate 

+ US all 3 major indexes at record closing highs on upbeat earnings and economic revival 

- US introduces bill to lift social media protections over misinformation 

+ US 2021 GDP forecast to lower from 7% to 6.5%: BofA 

- US equity funds recorded biggest net outflow in 6 weeks due to fear of rising Covid-19 infection caused by Delta variant

+ Bill Gates,  George Soros lead buyout of UK Covid-19 testing firm Mologic, has developed a 10 minutes coronavirus test  

+ US govt buying 200m more Covid-19 vaccine doses and with option to buy updated version targeting new variants: Pfizer 

- US blamed Chinese hackers for a major breach of tech giant Microsoft 

+ US trade agency drops tariff threat against Vietnam over currency practices 

+ Jeff Bezos launched into space in Blue Origin rocket 

- Amazon bans top Chinese electronic brands with US$1bn revenue from platform for posting fake reviews 

+ Tesla wrote to Indian ministries seeking big reduction in import duties on EV, likely to set up factory in India if successful 

+ Rivian, EV startup closed US$2.5bn fundraising round led by Amazon, Ford, and T. Rowe Price 

+ Twitter’s revenue up 116%, strongest pace since 2014 

+ Robinhood seeks up to US$35bn valuation in US IPO

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+ China’s factory-gate prices slowing for the first time this year in June 

+ China to release top-level design plan on reaching carbon neutrality 

+ China will not use the property market as vehicle for short term economic stimulus: Vice Premier 

- China’s central bank requires non-bank payment firms to report overseas IPOs and other major events 

+ China’s Free Trade Zones attract US$15.6bn overseas investment in H1 n accounting for 17% of all foreign capital flowed into the country 

- Chinese warns of possible slowdown in H2 trade growth, to address rising raw material prices, congested maritime logistics 

+ China to build Pudong into global financial hub on par with London, Manhattan: officials 

+ China’s refineries processed record amount of crude oil in June, at 14.8m bpd, up by 3.9% from May 

- China’s new regulations on listings of firms in US could kill US$2 trillion listings market 

+ China’s self-developed world’s speediest 600 km/h meglev bullet train made its debut in Qingdao 

+ Xi inspects key railway project in SW China’s Tibet 

- China >13m toddlers under age 3 cannot get access to affordable child care: Health Authority

- China imposed counter-sanctions on US individuals including former US commerce secretary Wilbur Ross in response to recent US sanctions on Chinese officials in HK

+ China 5 major cities to become global consumption centres on par with NY, London 

+ China’s first personal bankruptcy case granted by Shenzhen court after laws went into effect in March 

+ China’s auto sales back to pre-pandemic level: energy insider 

+ China to probe into new construction by property developers, the use of illegal funds for mortgages, strive to clean up irregularities in 3 years 

- BOC HK, HSBC reconsidering Evergrande Gp mortgage halt to unfinished residential properties in HK after queries from HKMA 

- Chinese Education Stocks on NYSE collapse after authorities issue new regulation restricting after-school tutoring 

- China bans academic training agencies from raising capital through IPOs, foreign investors, fatal blow to many education firms 

+ China published guideline directs central regions to develop regional industrial cluster bases, special focus on high tech

+ China mulls revision of prohibited and restricted technology imports 

+ China’s private space sector expects space travel price to fall within US$30,000 - US$50,000 range: Galactic Energy 

+ Huawei expected to deliver its first flexible OLED driver chip by end 2021

 - China regulator bars Tencent from exclusive rights in online music 

+ Zhengzhou factories gradually resumed operations as impact of severe floods eased 

+ Beijing-based SinoCellTech rolled out world’s first I4-Valent human papillomavirus (HPV) vaccine entered clinical trials 

+ China Telecom approved for secondary listing in Shanghai

- Foxconn’s Zhengzhoue factories partially resume operation; shipping issues could delay delivery of iPhone 13 

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+ Tokyo Summer Olympics opened with scaled-back ceremony in near-empty stadium 

- Tokyo Olympics opening draws 16.7m US TV viewers, smallest in the past 33 years: preliminary data 

+ Tokyo’s mayor proposed Japan’s Standard time to push ahead 2 hrs to allow stock market to start at earliest among other major economies 

- Putin says Russian navy can carry out ‘unpreventable strike’ if needed 

+ Russia raises key interest rate to 6.5% by 100 basis points to curb high inflation, sharpest since late 2014

- Russian Central Bank warned domestic stock exchanges not to admit shares of companies related to cyrptocurrencies 

- Russia eliminating US dollar transactions in foreign military deals

- Russian ruble remains one of world’s most undervalued currencies, according to Big Mac Index: Economist 

+ OPEC and allied agreed to raise production limits imposed on 5 countries and boost their production by 2m bpd

+ OPEC+ members agreed to boost oil supply in August to 400,000 bpd amid soaring oil prices 

- G20 likely to conclude talks without ambitious climate deal as to reach net-zero emissions by 2050

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+ Euro zone growth and inflation could be higher in 2021 and 2022 than earlier predicted: ECB Survey

- EU proposed legislation forcing service providers to report cryptocurrency transactions of US$1000 or more 

+ ECB leaves stimulus, interest rates unchanged 

+ Germany’s flash PMI Composite Output Index up to 23-year high at 62.5 in July, economy continued its strong recovery  

+ Germany-US reportedly reached deal regarding completion of Nord Stream 2

- VW to end US sales and production of Passat as focuses on SUVs

+ UK consumer confidence highest since Feb 2020: GfK 

+ UK govt plans to issue at least £15bn of new debt this financial year: BoE

+ Schlumberger, oilfield giant, issued bullish forecast for 2021 as margins soar on revenue gains  

+ Swiss Re AG: global insurance recovery will be faster, stronger than in 2008 GFC

- Greenland abandoning its ambition of 50 years of becoming an oil producing nation after attempt failed 

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- Australia prepared to pay an economic price in China dispute: Trade Minister 

+ Australia wine shipments to HK jumped 111% in the last 12 mths ended Jun 30

- Australia wine unable to use HK as ‘back-door entry’ to Chinese mainland: industry insiders 

- NZ suspended travel bubble with Australia 

- India court turned down appeals by Amazon n Walmart-owned Flipkart to call off antitrust investigation into business practice 

- India’s oil imports slide to 9-mth low in June amid drop in consumption due to renewed Covid lockdown 

+ Indian central bank looking at phased launch of its own digital currency 

+ India internet start-up Zomato nearly doubled on its debut 

+ South Korea parliament approved US$30bn extra budget 

+ Saudi plans to tap a tourist market beyond religious pilgrims as part of economic diversification 

- Saudi shipments to world’s top oil importer China fell 19% in June amid lower overall imports 

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- Indonesia prepares more ICU units, Covid-19 curbs to be extend by another week

- Garuda faces lawsuits at home and abroad, including an insolvency lawsuit from aircraft leasing firm AerCap Ireland

+ Indonesia fishery and marine online platform Aruna raised US$35m, seeks to disrupt the fishing industry 

+ Thailand exports in June grew at highest level in 11 years as global demand increased 

- Thailand could open its airports for int’l flights only in late Sept  

- Thailand reports daily record of 15,335 Covid-19 cases 

+ Vietnam pledged not to deliberately weaken its currency to gain export advantage in agreement with US Treasury 

+ Vietnam opened a new freight rail link from Hanoi to Belgium in EU on China-Europe railway line 

- Vietnam reports record 7968 Covid-19 cases on Sat 

- Myanmar lost an estimated 1.2m jobs or 6% of total employment in Q2 following the military take over on Feb 1 

+ Philippines becomes first country globally to approve commercial production of genetically modified rice 

- Malaysia total Covid-19 caseload passes 1 million mark reported record 17,045 daily new cases 

- Malaysia should bolster private sector to jumpstart the economy for post-pandemic recovery: World Bank

- Sg tightens restrictions again as Covid-19 cases rise, including ban on dinning at food establishments   

+ Sg >50% of population have received both doses of Covid-19, but 200,000 seniors yet to take the jab

+ MAS chief said there may be need for a property gains tax or inheritance tax to address wealth inequality

+ MAS chief: Consider having modest minimum wage as complement to existing progressive wage model (PWM) 

+ Sg prepares to swap oil hub status for greener future 

+ Sg firms can save up to 76% in energy use if moving at least 1 megawatt of workload into the cloud 

+ Sg govt to aid workers and businesses hit by tighter Covid-119 measures through S$1.bn package  

+ GIC posted highest 20-year annualized return since 2015

+ Sg bid for Tampines EC site breaks records, an all-time high land rate for EC govt land sales site 

+ Sg private home prices up 0.8% in Q2, office rent continue to rise 

- Sg rental decline for retail space in central region slowed to 0.5% in Q2, compared with 4.4% QoQ drop in Q1

+ HDB resale prices climbed for 5th consecutive qtr by 3% in Q2, resale transactions fell by 6.8%

- SMEs appealed to landlords to share in carrying the burden of going into new round of Covid-19 restrictions

+ Sg overseas travel by end of the year may still be a possibility: Minister 

+Sg number of point-of-sale (POS) terminals set to increase to 316,695 by 2024 from about 254,469 in 202 : GlobalData

+ Sg energy firm Sunseap Gp to build world’s largest floating solar farm, power storage system on Batam

+ PropertyGuru to go public in merger with SPAC backed by Richard Li, Peter Thiel  

- Sg court granted an order to wind up Hyflux 

Contribution by Derek@valueinvestments chat group. Thank you.

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