Wolf Money(world market review 5-11 July 2021)

Le Pho Vietnamese 1907-2001

Harmony in green : Two Sisters circa 1938

Collection of the National Gallery Singapore 

Market Summary 05-11 Jul 2021

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+ US job openings rose slightly to record 9.2m in May, layoffs hit all-time low 

- US material shortages and difficulties in hiring are holding back economic recovery: Fed   

- US jobless claims up 2000 to 373,000 in July 3 week 

+ US 10-year Treasury yield fell to 1.28%, lowest pt since Feb 

+ Biden’s planned executive order to promote greater competition, will target bank mergers, financial data 

+ Biden will order to crack down anti-competitive conduct and unjust fees to boost rail, sea shipping competition 

+ Yellen: tax changes for large, highly profitable MNCs firms may not be ready until spring 2022

+ Fed officials started discussing timing, mechanics of reducing huge monthly bond purchases: minutes show 

+ US most big banks expected to report stunning rebound in quarterly profits next week: Refinitiv 

+ US consumer borrowing surged to US$35.3bn in May, largest 1-mth gain on records back to 1943

+ US govt pledges US$500m to expand beef, pork and poultry processing capacity

+ United Airlines to add 150 flights to cities in US States, Central America, Caribbean in anticipation of higher holiday travel 

- US added 14 more Chinese firms to blacklist over Xinjiang 

- Pentagon to cancel controversial US$10bn could-computing contract with Microsoft 

- US FTC extends probe of Amazon, MGM US$8.5bn deal 

+ US demand for secondhand car rises amid factory closures, chip shortage 

- Biden urged Putin to act on ransomware attacks, hints retaliation 

+ US troop withdrawal from Afghanistan is more than 90% complete: Central Command

- US 33 states filed lawsuits alleging Google’s Play Store monopoly 

+ GM said Q2 deliveries with JV in China rose by 5.2% to >750,000 vehicles 

+ Sotheby’s sold a diamond worth $12 million in cryptocurrency

- Trump suing FB, Google and Twitter for removing him from their platforms 

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+ China central bank cuts reserve ratio by 0.5%, to release long-term capital of ¥1 trillion into monetary market 

- China’s regulator issued draft rules for cybersecurity reviews over domestic internet firms seeking overseas listings 

- China’s new bank loans increased more than expected in June to ¥2.1 trillion, household loans climb to ¥868.5bn

+ China plans to increase foreign trade volume from US$4.65 trillion in 2020 to US$5.1 trillion by 2025, average annual of 2%

+ China’s CPI rose 1.1% in June, factory gate or PPI surged 8.8%, both edging down compared with growth in May 

- China’s Caixin services PMI fell to 50.3 in June, lowest level in 14 mths 

+ China expects retail sales in 2021 to 2025 to grow by average 5% per year: Commerce Ministry 

+ China will continue to keep its currency stable and make timely adjustments to its policy tools to help exporters

- China will not tolerate certain countries criticism and mud-throwing and profit seeking at the same time: FM 

+ China aims to develop 10,000 enterprises specalise in niche sectors and 1000 that are champions in single industry: Ministries 

+ China auto sales grew by 25.6% to 12.98 units in H1, new energy autos accounted for around 1.21m, doubling YoY 

+ China’s carbon emissions market to start trading this mth, turnover expected to reach US$308bn  

+ China’s resource recycling industry will reach maturity by 2025 with estimated output value of ¥5 trillion: NDRC

+ Chinese domestic aviation has returned to its pre-epidemic level: CAAC

- China iron ore future on 4th straight weekly losses, top 4 miners overall supplies expected to increase significantly in H2 

+ China plans to increase use of steel scrap by 23% to 320m tons by 2025, to increase production of recycled nonferrous metals 

- PBOC said measures against Ant’s Gp will also be imposed on other payment service firms

- China launched cybersecurity probe into 3 more US-listed tech firms; Yunmanman, Huochebang, Boss Zhipin 

- China regulator fines companies in 22 antimonopoly cases in internet sector 

- China’s regulator said would block Tencent’s US$5.3bn top 2 video games merger, Huya and DouYu

+ Huawei struck licensing deal allow its 4G tech in connected vehicles manufactured by Volkswagen

+ Tencent and NAOC will jointly launch star exploration plan to apply AI tech to search for pulsars and explore the universe 

- Didi pushed ahead with it US IPO despite Chinese regulators suggested delaying it: WSJ

- China orders remove of 25 apps from ride service Didi

- ByteDance expected to be the 1st to drop listing attempt after recent crackdown on Didi

- Evergrande founder Hui Ka Yan reportedly was asked by regulators to solve bad debt problems: Bloomberg 

- China officially set a structure-height limit of 500 meters for all its future skyscrapers 

+ HK financial hub role has not changed by slightest degree after national security law implemented: Carrie Lam 

+ HKEX set up new advisory gp and panel to support China’s strategies

- HK apparel make Esquel filed a lawsuit in US District Court for blacklisting subsidiary over false Xinjiang force labour accusation 

+ Taiwan govt plans to offer further US$5.34bn in loans for companies to invest at home 

+ Foxconn in talks with US state Wisconsin about building EVs 

+ Foxconn, TSMC said in process of signing deal for BioNTech Covid-19 vaccines 

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+ Japan expected to deliver at least ¥20 trillion in new stimulus  

+ Japan’s current account surplus rose 85% in May amid export rebound

+ Japan govt expects GDP to return to pre-pandemic level in 2021 

+ Japan every roof in the country cold have solar panels in future 

- Japan’s currency in circulation and bank deposits hit record high for 4th straight mth in Jun on prolonged impact of pandemic 

- Japan top Olympic sponsors forced to nix plans after spectator ban

- Toyota halting donations to US lawmakers who opposed Biden certification 

- Russia’s capital outflow in H1 totaled US$28.2bn, down by close to 10%: Central Bank 

+ Russia raises GDP growth outlook to 3.8% this year from 2.9% as economy recovers faster than expected 

- Russia eliminated US currency from it National Wealth Fund, boosting share of euro, Chinese yuan and gold 

+ Russia e-commerce spiked by almost 60% from start of pandemic in 2020 to US$44bn 

- Canadian Keystome XL pipeline owner seeks US$15bn in damages from Biden Administration 

- Canadian judge denied Huawei CFO to use HSBC documents in US extradition case 

+ Bank of Canada will taper its asset purchases again at its July meeting, encouraged by robust growth prospects 

- OPEC+ failed to agree terms on oil output deal once again, prompting crude prices to rise to 3-year high 

- Global corporate net debt will increase by as much as US$600bn this year as companies start to spend pandemic cash piles  

+ G20 endorsed landmark move to stop multinationals from shifting profits to low-tax heavens 

+ IMF backed US$650m distribution of reserves by August to boost liquidity 

- Covid-19 deaths globally topped 4m this week 

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+ EU-China we’re undertaking legal reviews, translation, other technical preparations for investment deal (CAI)  

- EU said UK is liable to pay €47.5bn as part of its post-Brexit financial settlement

+ ECB debated a cut in stimulus at their June 10 meeting as recovery picked up pace  

+ ECB set new inflation target and carved out major role in fight against climate change 

+ EU to propose new agency to crack down on money laundering, new transparency rules for transfers of crypto-assets

+ EU economy and eurozone would expand by 4.8% this year and 4.5% in 2022: forecast 

- EU fined BMW, VW, Audi and Porsche US$1bn over failure to deliver cleaner cars

+ Airbus delivered 297 planes in H1, surged by 52%

+ VW posts H1 operating profit of US$13bn 

- UK gp of airports and airlines launched legal action against govt over its travel curb 

+ Richard Branson took off from Virgin Galactic vessel bound for the edge of space

- FTSE Russell to further remove20 Chinese companies from indexes over US ban

- France proposed at G20 for 25% target for taxing big multinationals’ profits no matter where they are earned 

- Norwegian Telenor sold entire operations in Myanmar to Lebanese Investment firm US$105m vs enterprise value US$600m

+ Iceland’s trials of 4-day workweek overwhelming success, productivity maintain, even improved in some cases: UK think tank 

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+ India food delivery start Zomato, backed by Ant Gp to raise US$1.3bn in IPO 

- South Korea reported 3rd consecutive record high new Covid-19 cases at 1387 

+ Samsung Electronic reported likely 53% jump in Q2 operating profit 

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- Indonesia fallen back into World Bank’s lower-middle-income country ranks 

- Jakarta’s CBD office occupancy rate fell to 79.2% in Q2, lowest in 5 years 

- Indonesia expects to miss 2021 GDP growth target, expects debt to keep rising until at 2022  

+ Indonesia’s e-commerce company Bukalapak launched US$1.13bn IPO, biggest in more than a decade  

+ Indonesia aims to triple plastic waste collection to 4.3m tons by 2030 to spur recycling 

- Thailand consumer confidence dropped to record low in Jun, dented by biggest Covie-19 outbreak, slow vaccine rollout 

+ Philippine boxing legend Manny Pacquiao likely to run for country’s presidency May 2022, could face off Duterte’s daughter 

- Malaysia’s daily Covid-19 cases hit another record high of 9453, total deaths breach 6000 mark 

- Malaysia seeking US$5.6bn in damages from KPMG for alleged breaches and negligence linked to 1MDB

+ Air Asia buys Gojek’s Thai loss-making e-commerce for US$50m, paid in shares of airline’s digital business 

+ Sg differentiated measures for fully vaccinated persons to kick in soon 

+ Sg announced additional S$1.2bn for Covid-19 support measures, extension of job support for vulnerable sectors 

+ Sg govt to extend its loan assistance programmes for SMEs till March 2022 

+ Sg will adjust corporate tax system when global consensus is reached on such matters 

+ Sg retail sales up nearly 79.7% YoY in May to S$3.3bn, rebounding from circuit breaker low base 

+ Sg city fringe business rents surge by 2.5% in H1: Cushman & Wakefield 

+ HDB resale prices climb for 12th straight mth in June 

+ Sg infocomm media sector is likely to occupy a bigger share of economy in future: Minister 

Contribution by Derek@valueinvestments chat group. Thank you.

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