Wolf Money(world market review 30 Aug-5 Sep 2021)

M. Fazial Fadil Singapore 1967

Study of Three Thermos Flasks circa 1991

Collection of the Singapore Art Museum

Market Summary 30 Aug – 5 Sept 2021

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- Federal unemployment benefits end this weekend for millions of Americans 

- US nonfarm payrolls added 235,000 jobs in Aug vs expectations of 720,000; jobless rate fell to 5.2% from 5.4%

- US private payrolls rose 374,000 in Aug vs 600,000 estimate: ADP

+ US weekly jobless claims drop, layoffs tumble to >24 years low 

- US economy created fewest jobs in 7th mth in Aug as hiring in leisure and hospitality sector stalled due to Delta variant 

- US hiring slows sharply in Aug with smallest jobs gain in 7th mths amid Delta variant

- US consumer confidence in Aug drops to 6-mth low on worries about soaring Covid-19 infections, higher inflation

+ US home prices in key 20 metro markets surged 19% in year through June, biggest annual price gain ever recorded by survey 

+ Fed likely to announce taper in Nov: former official 

- US regulators examining ways to crack down on M&A in oil and gas industry as fuel prices surge

- US lawmakers to discuss risks related to Chinese firms listed in US  

- US >90% of Gulf oil, gas production remains shut in wake of Hurricane Ida 

- US half of small businesses owner reported unfilled job openings in Aug as finding qualified workers remains ongoing challenge 

- US Insurers could face US$1bn hit from Hurricane Ida damage to offshore rigs: CoreLogic

- Hurricane Ida expected to cause US$18bn in insurance payments in US and Caribbean: Karen Clark & Co

+ Biden administration unveils US$65bn plan to combat next pandemics after Covid

- US Justice Dept preparing 2nd monopoly lawsuit against Google over digital advertising business: Bloomberg  

- Boeing 787 Dreamliner deliveries not likely to resume until late Oct, suspended since May

- US has no plans to release billions in Afghan assets: Treasury 

+ Amazon said it plans to hire 55,000 ppl around the world, with about 40,000 roles in US 

+ PayPal reportedly exploring launching own platform for trading individual stocks for American users

- US regulators are investigating fatal Tesla crash that killed pedestrian 

- GM, Ford temporarily close some factories as chip shortage worsens 

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+ China plans to launch new exchange in Beijing, to build the capital city into major base for innovative SME firms  

+ China will strive to fend off financial risks by shoring up risk prevention, pre-warning and disposal systems: central bank  

+ Chinese finance regulators vowed tighter supervision, promote institutional opening-up

+ China’s FM said recent market regulatory actions will improve business environment, vows continued opening-up

- China seek to take Didi under state control and proposed govt-run firms invest in the company: Bloomberg 

- Shanghai said to suspend key approval for route to offshore listings

- China’s regulatory actions to limit online gaming for minors market worth US$22.44bn e-sports industry 

- China cracking down on private-sector oil refiners to close tax loopholes and mitigate pollution 

- China’s Caixin/Markit services PMI fell to 46.7 in Aug from 54.9 in July, lowest level since pandemics first waive in Apr 2020

+ China’s service trade has become new engine for foreign trade growth and likely further fuel high-quality development

+ China to promote negative list of cross-border trade in digital trade, safety is the bottom line 

+ China to boost financing support for SMEs by increasing annual relending quotas by US$46.4bn

+ China aims to finish building New Int’l Land-Sea Trade Corridor by 2025; logistics channel would facilitate trade with ASEAN, BRI countries and regions 

+ Sinovac plans to invest US$60m to build a vaccine manufacturing plant in Chile

+ China startup CellX unveiled a selection of lab-grown pork dishes 

- China shuts American Chamber of Commerce in Chengdu 

+ Shanghai to be center of China’s civil aviation industrial ecosystem by 2025

+ Belt and Road Initiative serves as an excellent example to strengthen cooperation for all around the world: WEF 

+ China-EU cargo train trips exceeded 10,000 at end Aug, 2 mths earlier than last year 

+ China-Africa trade hits record high of US$139.1bn from Jan to July, an increase of 40.5% 

- China to ban celebrities with ‘Incorrect’ Politics, limit pay 

- PetroChina warns of global oil supply shortage until end of the year 

+ China deploys world’s largest 5G network, rolling out 993,999 stations

+ Alibaba, Tencent etc yo invest billions of yuan for ‘common prosperity’

+ DIdi, JDcom set up staff unions in unprecedented move

+ SMIC to invest US$8.87bn for new chip plant in Shanghai 

+ China issued draft guideline aiming to improve regulation over insurance group firms to prevent financial risks 

- Evergrande property sales drop 26% as home market cools 

+ HK leader dismisses business pushback over ‘zero-Covid’ strategy 

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- Japanese PM Suga to step down, setting stage for new leader 

- Japan to extend Covid-19 state of emergency in Tokyo 

+ Japan’s economy likely grew more than initially reported in Q2 due to stronger business spending 

- Japan’s Aug service sector activity shrinks at fastest pace since May 2020: PMI

+ Japan’s unemployment rate fell to 2.8% in July, down for 2nd straight mth 

+ Tokyo Exchange plans 30 mins longer trading day: NHK 

+ Russian gas supplies to Europe via new Nord Stream 2 pipeline will start this year: energy ministry 

+ Russia to establish tax-free zone on Kuril Islands that  disputed with Japan, to attract business and draw investors

+ Russia will ship 80m tons of cargo along its Arctic sea route by 2024: Putin 

+ Russia’s int’l reserves jumped by US$20bn or 3.4% in a week following a transfer from IMF 

+ Russia’s Far Eastern Sakhalin island to build hydrogen production facilities, exporting by 2025, to reach 100,000 tons by 2030 

+ Russia around 95,000 ppl received a free hectare of land under its state-backed land giveaway program in Far East  

- Canada reported sharpest 1-week decline in confidence since April 2020

- Brazil warns that energy crisis is worse than previously thought, record drought hampers hydropower generation

+ OPEC and allies set to raise oil output amid rig shutdowns in Gulf of Mexico, global demand continue to recover 

- OPEC+ may cancel previously agreed oil production increase of 400,000 bpd next few mths: Kuwait 

+ BRICS development bank admits UAE, Uruguay and Bangladesh as new members 

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+ Euro zone producer prices rose more than expected in July

+ Euro zone business activity remained strong in Aug, IHS Markit’s PMI at 59, well above 50 mark 

- Euro zone retail sales were much weaker than expected in July, due to sharp fall in number of goods bought online 

+ Germany expands its DAX stock index from 30 to 40 companies, biggest overhaul of 33-year history

+ Mercedes and Swedish steelmaker SSAB to explore fossil-free steel for autos 

+ UK to hold 1st talks with TPP members to join trade pact 

+ UK businesses grew at fastest rate since May 2014 during 3 mths to Aug as Cvoid-19 restrictions lifted: CBI 

+ France’s economy will return to pre-pandemic growth rates by end 2021: ministry 

- Norway’s wealth fund excludes India’s state oil company 

- Ireland’s privacy regulator fines WhatsApp €225m for failing to give users transparency about data used

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- Australia reported 1756 Covid-19 cases, another record high, officials warned that worse is yet to come 

+ Australia’s GDP growth slowed to 0.7% in Q2, better than expected 

- Australia’s economy may not grow in 2021, GDP forecast lower to 0% from 2.4%: Westpac 

+ Australia trade surplus widened to record in July to A$12.1bn as exports of iron ore, coal and LNG all rose strongly 

+ India service activity in Aug grows at fastest pace since pandemic began; HIS services PMI rose to 56.7 

+ India merchandise exports surged 45%, imports jumped 51% YoY in Aug

+ India’s largest insurance Co LIC preparing for nation’s largest IPO with value >US$250bn  

+ South Korea becomes first country to stop Apple and Google charging commissions on in-app purchases 

+ Hyundai Motor set to use internally developed chip for upcoming car 

+ Saudi state media companies to start moving from Dubai to Riyadh as plans to remould as regional business hub 

+ Iran looking further 1m bpd output boost from huge oilfields 

- Sri Lanka declares economic emergency to deal with foodstuff shortages and contain soaring inflation  

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- SEA could lose US$28 trillion over next 50 years if it fails to reduce its carbon emissions: Deloitte 

+ SEA e-commerce added 70m shoppers since the start of Covid-19 pandemic: Bain & Co

- Indonesia factory activity contracts for 2nd straight mth in Aug 

+ Indonesia govt eased provisions for restaurants, shopping malls and some industries to operate longer hours, higher capacity 

+ Indonesia estimates excise on plastic products and sweetened beverages may yield Rp13.52 trillion additional state revenue 

+ Indonesia govt promises quicker procedures, greater ease for doing business

+ Garuda might get US$231m capital injection for new planes 

- Thailand’s PM survived a vote of no confidence as activists planned more protests against gvot  

+ Thailand debt restructuring periods to borrowers affected by pandemic could be extended to >10 years 

+ Phuket sandbox scheme generated revenue of about B1,634m during past 2 mths, Pattaya eyes reopening

+ Vietnam proposed creation FTZ between ASEAN and Eurasian Economic Union to boost regional cooperation 

- Vietnam’s Covid-19 closures disrupt global coffee supply 

+ Myanmar’s new investor Lebanese Investment firm M1 Gp pledged to spend US$300m next 3 years to expand the telecom business 

- Philippine Airlines filed for bankruptcy in US to allow it to restructure contracts and cut debt by at least US$2bn in debt 

+ Philippine holiday island Boracay likely to get a casino soon after gambling ban lifted: Reuters  

+ Malaysia unicorn Carsome, online used-car platform in SEA raised US$170m funding at US$1.3bn valuation 

+ Malaysia Kedah state will be Porsche first factory outside Europe to be ready next year, to meet strong demand in SEA 

+ Malaysia and Singapore organizations inked 7 MOUs in sector of education, arts & culture, business and missionary services 

+ Sg remains in preparatory stage, no further loosening of Covid-19 curbs for now: multi-ministry taskforce 

+ Sg manufacturing PMI at 50.9 in Aug, 0.1 decline from previous mth 

+ Sg retail sales see marginal 0.2% rise in July 

- Sg tax collection declines 7.3% to S$49.6bn in FY20/21

+ SGX to allow SPAC listings with minimum market cap of S$150m  

+ Sg to roll out Covid booster shots to some groups, including seniors 

- Sg increased development charge (DC) rates for landed and non-residential use groups, from 1 Sept 21 to 28 Feb 22 

- Sg corporate governance standing under threat, undermined by complacency and impetus to attract more listings: report 

+ Sg 92% CEOs are confident about country’s growth, earnings: KPMG

+ Sg has the 2nd most expensive rent with average of US$3131 monthly cost for a 3-bedrm property after HK: Moneycouk

+ Sg visitor arrivals rose to 18,520 in July, highest since April

- Sg orders BInance to halt services after a potential breach of local payment rules  

Contribution by Derek@valueinvestments chat group. Thank you.

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