Wolf Money(world market review 11-17 Oct 2021)

 

Goh Beng Kwan Singapore 1937 

Black Afternoon Circa 1963

Collection of National Gallery Singapore 

Market Summary 11-17 Oct 2021

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- US annual inflation rate edged up to 13-yr high of 5.4% in Sept from 5.3% in Aug 

- US PPI surged 8.6% in Sept YoY, biggest jump on records dating back to 2010

+ US retail sales increased 0.7% in Sept against DJ estimate for decline of 0.2%

- Fed says could begin ‘gradual tapering process’ by mid-Nov 

- US close to 500,000 low-income homeowners, many are minorities, are nearing end of mortgage forbearance plans 

+ US to discuss China’s Phase 1 trade deal non-fulfilment at upcoming meeting with Liu He: Katherine Tai

+ Biden to announce 24/7 operations for Port of Los Angeles 

+ US initial jobless claims fall below 300,000 for the 1st time since pandemic began to 293,000

+ US to ease travel restrictions for vaccinated foreign visitors 

+ US big banks’ wealth management businesses put in another stellar performance in Q3

- Goldman Sachs COO said inflation is the No. 1 risk that could derail global economy and stock markets 

+ Goldman Sachs reported 66% surge in Q3 profit, rode a record wave of M&A activity and IPOs

- US >50% of the population feels economy in bad shape: CBS poll 

+ Morgan Stanley upgraded China’s property market to ‘attractive’

- US Senator Elizabeth Warren called for Amazon breakup

- Microsoft to shut down LinkedIn in China later this year, to roll out a new “InJobs” app designed for Chinese market 

- Apple’s production lines in China disrupted by tight chip supplies, raw materials, cuts Christmas production by 10m units 

+ US Tech startups surpassed US$500bn from public listings, record windfall for venture capitalists 

+ US emerged as biggest Bitcoin miner after China crypto crackdown

+ Square CEO says looking to build a bitcoin mining system based on custom silicon n open source for individuals and buisnesses 

+ Coinbase called for creation of dedicated crypto regulator 

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- China could expand pilot testing of property tax to Zhejiang province, closing to adopting long-discussed levy

- China’s PPI hits 10.7% in Sept, highest level since data began complied in 1996, driven by energy curbs, commodity prices 

+ China’s consumer price index rose 0.7% in Sept YoY: NBS

+ China eases restrictions on home loans at some of its largest banks for the rest of the year 

+ China’s exports grew 28.1% YoY in Sept, up 3.9% from Aug: GAC

+ China-US trade surges 35.4% to reach US$543bn in first 9 mths 

+ China’s trade surplus with US surges to mthly record of US$42bn in Sept 

+ PBOC’s governor Yi says China can ‘contain’ the risk from Evergrande

- Chinese online brokerage giants will face tough obstacles in complying new data protection law: state media 

+ Chinese 10 property firms’ executives met govt regulators seeking for appropriate loosening of restrictions

+ China’s major energy companies in advanced talks with US exporters to secure long-term LNG supplies

+ China launched major inspection of financial regulators, insurers, state-banks, bad-debt managers to root out corruption 

- China may reduce car production by about 2m till year end due to chip shortage 

+ China cargo industry witnessed full recovery from Jan to Sept, up by 14.3% YoY: official data   

+ China launched astronaut crews on 6-mth space station mission 

+ China oil imports fell by 6.8% first 9-mth to 387m tons

- China coal prices hit record highs as power plants scrambled to stock up on coal 

+ China >22m tons of coals shipped off northern part of coal-producing Shanxi by train in first half of Oct

+ China established an innovation platform for automotive targeting automotive digital transformation 

+ Huawei has about 10,000 projects exploring B2B applications of 5G (5GtoB) around the world, faster than expected

- Evergrande’s US$1.7bn HK HQ sales flops as buyer withdraws 

+ CNOOC announced rolled out China’s first smart offshore platform with 30% efficiency boost  

+ HK to build a new logistics center at airport and DongGuan to boost intermediary trade 

+ CK Asset, HendersonLand set to launch projects in Northern Metropolis 

+ TSMC posted 13.8% jump or US$5.56bn net profit in Q3 

+ TSMC looking to build Japan plant in 2022 and start operations in 2024

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- Japan’s growth forecast cuts to 2.4% by IMF 

+ Japan planning ¥100bn tech fund for economy security 

+ Toyota aims to make up some lost production as supplies rebound

+ Honda to launch 2 new EV brand models in China next Spring

+ Russia to produce over 700 aircraft and 430 helicopters by 2030: ministry 

+ Russia will supply Europe with as much gas as it needs, gas prices will inevitably stabilize: energy committee 

+ Russia is on course to set new record for natural gas output in 2021: Novak 

+ Russian ruble at multi-month highs against dollar and euro boosted by soaring global energy prices

- Oil prices rise to 3-year high above US$85, boosted by forecast of a supply deficit in next few mths    

- Aluminium exceeded US$3200 per ton for the first time since 2008

+ Bitcoin soared to above US$60,000 at its highest level since May, on prospect first bitcoin futures ETF

- Global food price index shooting up 27% at fastest pace in 40 years: INFOLine 

- Global shipping n supply chain disruptions making it  harder for corporate planemakers n suppliers to meet resurgent demand for parts 

+ Construction set to lead global economic recovery from pandemic next 10 years, overtaking manufacturing: Oxford Economics  

- Poor countries’ debt rose 12% to record US$860bn in 2020: World Bank 

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+ European stocks marked their best weekly performance in 7 mths amid bright start to earnings season 

+ EU offers to ease Northern Ireland border checks amid Brexit row 

+ Europe’s imports of Russian goods soar 50% form Jan-Aug reached US$109.7bn despite lingering sanctions: Eurostat

- ECB sees risk of housing bubbles in several countries 

- German inflation accelerated in Sept to 4.1%, highest since Dec 1993, driven up by energy and food costs 

+ Germany cuts energy surcharge to help consumer to weather soaring prices 

+ Volkswagen’s battery-powered EVs deliveries to China more than triple in first 9 mths at 47,200 units 

+ UK eases foreign trucker rules to tackle supply chain crisis 

- BAT will withdraw from Myanmar by end of the year and cease all its operations 

+ France unveiled €30bn plan to revive French industry with high tech 

- Turkey’s lira fallen to new record low after the sackings of 3 key figures from central bank

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- Australia-China trade saw sharp MoM decline by 12.5% to US$21bn in Sept as China moved to curb skyrocketing iron ore prices 

- India’s wholesale price inflation, proxy for producers’ prices, in double digits for 6th mth in a row in Sept  

- Indian retailers demanded govt probe of Amazon after investigation showed it had copied products, rigged search results  

+ Samsung, Intel targeting to resume full operations of their Ho Chi Minh City plants by end Nov

+ South Korea’s “Squid Game” becomes Netflix’s biggest ever hit 

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+ Indonesia new tax law expected to raise tax revenue by at least 9%  

- Indonesia oil output could plummet 87% by 2040, current production already far below targeted 1m bpd: Energy Board 

+ Indonesia rupiah likely to outperform Asian currencies for rest of the year: Bloomberg 

- Indonesia halts license issuance for fintech lending to eradicate rampant illegal businesses with high interest loans 

- Indonesia woes US$17.28bn ‘hidden debt’ to China, more than 4 times reported: Study 

- Jakarta-Bandung high-speed train gets bigger govt backing after facing US$2bn cost overrun

+ Indonesia wants to increase national ownership of tech startups

+ Bali to reopens to int’l flights from 19 countries 

+ Thailand set to reopen to fully vaccinated foreign tourists from at least 10 countries on Nov 1

+ Thailand looking to attract 1m wealthy global citizens to settle down in the next 5 years 

+ Thai Airways to resume full service on 36 foreign routes to destinations in Europe, Asia and Australia 

+ Thailand’s e-commerce forecast to grow 6.1% to hit B4 trillion, driven by businesses focusing on B2C 

+ Vietnam’s coal-fired power may double by 2030 under draft power development plan 

+ Vietnamese car market VinFast to start selling cars in US and Europe in 2022

- Philippines named one of the least attractive destinations for FDI in Asia-Pacific: Oxford Economics

+ Laos-China first express train was delivered to its operator in Vientiane 

- Malaysia set to raise limit on govt debt for 2nd time in slightly over a year to 65% to support economy 

- Malaysia >37,000 businesses shut down due to Covid-19: Minister 

+ Malaysia to halve quarantine period for fully vaccinated travellers returning or coming to 7 days 

+ Malaysia 91.4% of adult population fully vaccinated as of Oct 15

+ Sg studying how to expand wealth tax system as it relooks fiscal strategies: Lawrence Wong 

+ MAS tightens monetary policy, amid mounting cost pressures caused by supply constraints and recover in global economy, first such move in 3 years 

- MAS will tighten policy again in 2022: Fitch 

+ Sg GDP grew 6.5% in Q3; preliminary official data, in line with forecast 

- Sg record number of 96,000 Singaporeans get financial aid from ComCare amid Covid-19

- Sg 3 electricity providers providers exited the market past few days hit by global power crunched

+ Sg real estate investment sales soar 22% to S$8bn in Q3

+ Sg issued >2400 vaccinated travel passes for entry a day after application opened 

- Sg new home sales down by 31.4% to 834 in Sept

+ Sg record of new condominiums were sold for at least S$2m each in OCR in first 9-mth 

+ Temasek to invest S$1bn annually in deep-tech innovation 

+ Sg plans to expand defence and security forces with mobile robots

- Sg zero growth policy for cars to stay at least another 4 years 

Contribution by Derek@valueinvestments chat group. Thank you.

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