Wolf Money(world market review 2-8 Aug 2021)
Here they come! circa 1965
Collection of the National Gallery Singapore
Market Summary 2-8 Aug 2021
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+ US nonfarm payrolls increased 943,000 jobs in July after rising 938,000 in June, jobless rate dropped to 5.4%
- US trade deficit hits record in Jun, gap widened by US$4.6bn to US$75.7bn as imports balloon
- US household debt at nearly US$15 trillion, up by the most in 14 years
+ US weekly jobless claims declined further last week to 385,000, layoffs dropped to lowest level >21 years in July
- US private hiring added 330,000 jobs in July, far below 653,000 estimates
+ US Senate clears another key procedural hurdle on US$1 trillion infrastructure deal
- US health authorities issued new moratorium on evictions until Oct 3 amid surge in Covid-19 infections, will keep millions inside their homes
+ US extends loan payments for all federal student loans through end of Jan 2022
+ US >30 most influential business geoups asked Biden administration to restart trade talks with China, cut tariffs on imports
- SEC called on congress to give the agency more authority to better police cryptocurrency trading, lending and platforms
+ US senators eye cryptocurrency taxes to fund infrastructure plan
- US 14 Republican lawmakers asked Commerce Dept to add former Huawei unit Honor Device to economic blacklist
+ US targets 50% of car sales being zero-emissions vehicles by 2030
+ US air travel hits another pandemic high despite rising numbers of Covid-19 infections fueled by delta variant
+ US plans to allow vaccinated foreign travelers
- Boeing’s astronaut taxi 2nd Starliner flight test delayed again after new glitch
+ Boeing 737 MAX departs for key test flight in China
- FTC says FB misused privacy decree to shut down ad research
+ JPMorgan gotten approval for first fully foreign-owned brokerage in China
+ Pfizer, Moderna raise EU vaccine prices
+ Moderna says shot still highly effective after 6 mths, expects booster needed this winter as delta variant poses threat
- Novavax again delayed timeline for seeking US approval for its 2-dose Covid-19 vaccine
+ Apple working with more Chinese suppliers to produce its latest iPhones: Nikkei
+ Amazon won major legal victory in India as top court blocked US$3.4bn deal struck by rival Reliance
+ Google to launch own processor for upcoming Pixel phones
- Uber posted US$509m adjusted loss on driver incentives although trips rise
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- China’s Caixin manufacturing PMI fell to 50.3 in July, lowest since May 2020
- China’s export growth slowed in July following outbreaks of Covid-19 cases, up by 19.3% vs 32.2% in June
+ China aims to provide 2bn doses of COvid-19 vaccines to other countries in 2021: Xi
+ China’s foreign trade expected to reach new high in H2: business leaders
- China closed tourists’ sites, cancelled cultural events, flights to curb Delta variant outbreak, spread to nearly half of 32 provinces within just 2 weeks
- Chinese customs tightens quarantine, health monitoring at ports
+ Chinese regulatory changes were local, rather than global problem, bank remained overweight: JPMorgan
- China’s regulatory agency launching investigation into chip distributions in to auto industry, citing suspicious of price gouging
+ China’s domestic M&A surged in H1 with 6177 transactions, highest level since early 2018
+ China Telecom plans to raise ¥47.1bn (US$8.4bn) from a listing in Shanghai that set to be world’s largest so far this year
+ Chinese sports stocks surged average 10% after govt plans to boost sports activities, investments in national health and fitness
+ China’s first independent deepwater oil and gas project starts operating ahead of schedule
+ China’s Ganfend Lithium, world’s largest by market cap, to invest total US$1.3bn to make “new-type” lithium batteries
+ China’s Ningbo to invest US$1.24bn to boost battery materials output, eye exporting more to Europe
- China’s market regulator launched investigation into fertilizer producers and distributors suspected of driving up prices
- Evergrande financial health intensified after Leo Gp applied to Chinese court to freeze US$55m in assets for overdue payments
- Evergrande and its 2 subsidiaries’ rating been downgraded by S&P by 2 notches to “CCC” from B-
+ China’s EV makers report strong July sales
- Huawei reported its biggest ever revenue drop in H1, handsets revenue fell 47%
+ China Molybdenum Co to spend US$2.5bn to double production of copper and cobalt at Congo mine
- Huawei CFO’s US extradition case begins final weeks of hearings in Canadian court
- Chinese state media called for an end to tax breaks for gaming companies, called the industry “spiritual opium”
- Chinese regulators meet with delivery firms, call for stronger labour rights
- Chinese antitrust regulator to fine Meituan about US$1bn: WSJ
- Tencent shares fell most in 10 years on fear of crackdown, company to limit access to gaming for minors
+ Alibaba revenue rose 35% to US$27bn in the qtr, misses revenue estimate
+ ByteDance aims for HK IPO by early 2022: FT
- Kuaishou to shut down US video app Zynn, gave no reason
- Didi in talks with state-backed Westone to hand over data control-sources
+ Li Auto, Chinese EV maker to raise US$1.52bn in HK listing
+ Xiaomi achieved 17.1% share total number of smartphones sold globally in June, beating Samsung and Apple
+ China builds hog hotels >10,000 pigs are kept in condominium-styled complex with restricted access, to prevent swine fever
+ Taiwan July exports set to rise for 13th straight mth: Reuters poll
+ Foxconn buys US$90.8bn wafer plant from Macronix, eyeing EV chips
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+ Japan not considering extra budget for now: FM
- Japan’s household spending fell 5.1% in June as firms cut summer bonuses hit consumption
- Japan Covid-19 cases hit >1m as infections spread beyond Tokyo to other urban areas
+ Toyota posted record Q1 net profit of US$8.2bn amid pandemic
+ Honda >2000 staff or 5% of domestic workers apply for early retirement amid EV shift
- Japan’s Osaka Dojima Commodity Exchange will end 300 years of trading rice futures in Jun 2022
- Japan Airlines narrowed Q1 operating loss to US$757m as costs fall
- Russia’s crude oil exports decline 8% in first 7-mth in compliance with OPEC+ production cuts deal
- Russian to raise mineral extraction tax on metal producers in domestic market in 2022 to tackle raw material shortage
+ Russia aims to open its Arctic seas to int’l shipping to allow all-season transfer of cargo
+ Russia’s export of agricultural goods increased by 16% in annual terms, reaching US$16.85bn
+ Russia exports of chocolate surged 20%, on course to beat world’s favred chocolate maker Switzerland by end year
+ Russia plans to subsidies EVs to spur demand
+ IMF approves increased lending capacity by US$650bn to boost aid to most vulnerable countries
- WHO called for a halt on Covid-19 vaccine boosters until Sept as gap between vaccinations in wealthy n poor countries widens
- UN set to publish a report next week likely to start warnings how quickly the planet is warming
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+ EU prepared a comprehensive reform to crack down money laundering
- EU’s carbon tax could cost Russia up to US$12bn by 2030
- European natural gas prices jumped to record high after an accident at Russia Gazprom plant affected the supply
+ Airbus sees 1000 of its 2500 German jobs at risk without parts unit spinoff
- German industrial output dropped 1.3% in June, held back by supply bottlenecks for intermediate goods
+ BMW raises 2021 profit forecast but chip shortage to hit H2
+ BoE said could gradually tighten monetary policy it has provided to UK economy during pandemic
- AstraZeneca narrowed losses from its Covid-19 vaccine in Q2, earnings fell below forecast
+ Virgin Galactic to sell space flight tickets starting at US$450,000
- Greece wildfires spread for 5th day, causing mass evacuations in north of Athens
- Turkish lira wiped out half of June’s gain after Erdogan’s latest call for lower interest rates
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- Australia barring non-resident citizens who enter the country from leaving again to reduce pressure on quarantine system
- Australia will not bow to Chinese demands to restart talks: Foreign Minister
- Qantas to furlough 2500 workers from mid-Aug for estimated 2 mths
+ Asian companies’ forward 12-mth earnings estimates lifted by 1.9% in July, the 13th consecutive profit upgrade by analysts
+ India’s manufacturing sector rebounded in July on robust demand domestically and abroad
+ Modi asked industry representatives to look at way to increase exports, to boost employment
+ India state-held oil refiners to invest US$27bn to raise capacity by 20%
+ India approved J&J single-shot Covid-19 vaccine for emergency use
+ Samsung Chair Jay Y Lee, may be released on parole this mth
+ South Korea digital lender Kakao shares surge nearly 80% in Seoul market debut, become the biggest lender by market value
+ Gulf Cooperation Council (GCC) economies are expected to return an aggregate growtth of 2.2%: World Bank GEU
+ Aramco’s quarterly net profit at US$25.5bn, highest since end 2018, up selling prices for crude oil to Asia 2nd consecutive mth
- Qatar Airways grounded 13 Airbus A350s citing dispute with Airbus over aircraft’s carbon composite fuselage
- Sri Lanka at risk of 1st sovereign default as bonds are nearly half face value, debt-to-GDP levels above 100%, 80% govt revenues spent on interest payments
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+ Indonesia GDP grew 7% YoY in Apr to Jun period, first growth booked in 5 qtrs since pandemic hit
+ Indonesia’s fiscal plans on track despite virus surge: FM
+ Indonesia begins construction of SEA largest floating solar power plant
+ Indonesia will need US$365bn investments to achieve minimum 29% emissions reduction target by 2030
+ Indonesia e-commerce giant Bukalapak’s shares jumped 25% in its debut on IDX after managed to raise US$1.5bn from IPO
+ Indonesia now has more crypto investors registered with Indonesia Stock Exchange than individual retail investors
- Thailand central bank cuts GDP outlook amid Covid surge, keeps rate at record low
- Bangkok home prices dive most among SEA peers in Q1
- Hanoi to extend Covid-19 curbs as new cluster emerge
+ Philippines ruling party leaders endorse Duterte for Vice President in 2022
+ Philippines posted smallest trade deficit in 3 mths in June at US$2.83bn, exports up 17.6% to US$6.51bn
+ Cambodia aims to wean off US dollar dependence with digital currency
- Cambodia officially ended its short-lived foray into oil production business after exploration firm declared bankruptcy
+ Malaysia eases Covid-19 curbs to allow home quarantine for fully vaccinated Malaysian, PRs returning overseas
- Malaysia Umno retracting support for the ruling coalition
+ Malaysia PM chairs 2nd National Recovery Council meeting, discusses need to reopen business sector especially SMI
+ Malaysia received additional US$452m in misappropriated 1MDB funds from US, bringing total returned to >US$1.2bn
+ AirAsia fintech unit secured up to USS$100m from South Korea SK Gp
+ Sg begins road to normalcy with a “vaccination differentiated” strategy from Aug 10
+ Sg vaccination rate on track to hitting 70% by National Day
+ Sg to licensee digital payment providers, approves crypto exchange
+ Sg to disburse S$216m in rent support to over 38,400 tenants, owner-occupiers
+ Sg total 62 units sold in strata office market for H1, doubling 79 sold same period last year, values up 106% to S$691.5m
+ Sg all 3 major local banks reported net profits of S$2bn for the first 6-mth
+ Sg sets it sights on becoming world force in e-sports
+ Sg retail sales rise 25.8%in June YoY from low base in 2020
- Sg workers in selected sectors will be required to undergo vaccination or regular Covid-19 testing
- Int’l Plaza in Tg Pagar achieved 80% mandate to launch biggest mixed-use enbloc sale bid could potentially smash records in terms of unit numbers and value
Contribution by Derek@valueinvestments chat group. Thank you.
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