Wolf Money(world market review 18-24 Oct 2021)

 


Tay Boon Ping Singapore 1936

Teh Tarik Seller circa 1969

Collection of National Gallery Singapore  


Market Summary 18-24 Oct 2021

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+ US business activity increased solidly in Oct, though labour n raw material shortages held back manufacturing: IHS Markit 

+ Powell says ‘premature’ to up rates despite inflation risk 

+ US budget deficit shrank in Sept to US$62bn from US$125bn YoY, smallest since Jan 2020

+ Biden said close to striking a deal to pass major infrastructure, social spending measures, n corporate tax hikes unlikely 

- Democrats to target businesses, wealthy individuals for new revenue to pay for US$2 trillion social-policy and climate package  

- Fed’s Bostic: supply chain disruptions, labour market constraints, strong consumer demand could keep inflation high into 2022

+ US jobless claims totalled 290,000, below 300,000 DJ estimates, at 19-mth low 

+ US sealed agreement to end European digital taxes on American tech giants 

+ US holds 3 tests to advance hypersonic weapon programmes: Pentagon 

+ Goldman Sachs received approval from Chinese Regulatory to take full ownership of its securities JV in China 

+ Elon Musk could soon become world’s first trillionaire as Tesla and SpaceX are experiencing rapid growth: Morgan Stanley 

+ Tesla reported record quarterly profits and revenue in Q3, boosted by robust growth in production, demand in China 

- Intel warns China cold dominate AI, gain military edge 

+ PayPal wants to buy pinboard site Pinterest for US$45bn: Sources 

+ Trump SPAC DWAC skyrockets as much as 1657% since deal was announced

- US lawmakers threatening to seek criminal investigation of Amazon’s market dominance 

- Twitter and Square CEO: hyperinflation will happen soon in the US and the world 

+ Google aims to double smartphone output with new Pixel 6

+ First bitcoin futures ETF started trading in NYSE

+ Walmart launched program to allow customers to buy bitcoin at 200 of its stores via Coinstar ATMs 

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- China’s GDP growth hits 1-year low of 4.9% amid power crunch, supply bottleneck 

- China trimmed >US$21bn of its holdings of US Treasury bonds in Aug to the lowest level since Oct 2020

+ China regulator said expects to make significant progress in ongoing probe of Chinese fintech firms before year end 

- China’s coal and power crisis in Q3 threaten to spill over to global supply chains in Q4

- Chinese securities regulator toughens supervision over IPO, revealing 245 firms have withdrawn filings on STAR Market 

+ China looks to roll out its new digital currency on larger scale in Feb 2022 

- China cuts US Treasury holdings in Aug to lowest since 2010 

+ China will roll out property tax pilot scheme in some regions

- China’s top economic planner vows ‘all necessary means’ to curb irrational coal prices 

+ China chip shortage in vehicle sector likely to ease in Q4: ministry 

+ China reportedly seeks to lock in long-term LNG supplies from US 

+ China has given complete doses of Covid-19 vaccines to 76% of its population 

+ China total foreign investment forecasted to exceed US$160bn in 2021 

+ China’s grain output will set new record by exceeding 650bn tons for 7th year in a row

+ China to allow foreign shareholding of >50% in domestic VPN services as part of open up its services sector 

+ Xiaomi EV unit to enter mass production in early 2024; CEO

+ Alibaba unveiled new chip for cloud computing 

+ Jack Ma takes first trip abroad to Europe after China’s crackdown on firm

+ China’s double 11 shopping spree kicks off early this year with record sales expected 

+ Huawei launched updated HarmonyOS 3.0, on fast track to shake off reliance on Android 

+ Huawei, SMIC received billions worth of licenses for US technology from Nov-Apr: documents reveal 

+ GZ-based flying car startup HT Aero nailed US$500m in Asia’s biggest funding deal, aims to launch 1st flying car in 2024 

- China’s home prices cool down across major cities in Sept: NBS 

- China tax authority to probe SHOH China unit for suspected tax evasion  

+ Evergrande averts default with last minute US$83.5m bond coupon payment, resumes work on 10 projects  

+ Chinese property bonds stay firm after 2 major developers Sunac and Kaisa Gp make coupon payments 

- China Cyberspace Administration removed Caixin financial news from 1300 approved media list

+ HK jobless rate drops to new Covid-era low of 4.5% 

- HK insurer FWD’s US IPO hits potential regulatory roadblock as SEC concerned risks associated with Beijing   

- HK banks to disclose related property of clients who breach security law 

- Taiwan central bank says watching inflation, to take steps if needed 

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+ Japan’s core consumer prices edged up 0.1% in Sept, first increase in 18 mths 

+ BOJ discussing phasing out pandemic loan programme if infections continue to dwindle, as economy reopens 

+ Japan targets 36% to 38% of energy to come from renewables by 2030

+ Russia’s foreign trade turnover may surpass pre-pandemic level: Federal Customs 

- Russia ready to boost coal & gas supplies to China, but transportation problems may hinder the efforts 

+ Russia ready to start supplying gas to Europe via Nord Stream 2 pipeline in Dec  

+ Russia’s non-resource-based exports will reach historic highs in 2021 to US$180bn 

- Russia reported record Covid-19 deaths and cases; only 26% of population are fully vaccinated 

- Russia to fine Google up to 20% of annual turnover for repeatedly failing to remove content deemed illegal 

- Canada said US proposed EV tax credits for US-built vehicles could harm sector, mulls possible challenge 

+ G7 countries reached breakthrough on digital trade and data 

- Chip shortage expected to cost auto industry US$210bn in revenue in 2021

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- Eurozone annual inflation rate came at 3.4% in Sept, highest level in 13 years as energy prices continue to rise 

- European businesses facing serious risks of shutting down due to rising gas prices: von der Leyen  

- European natural gas prices continued to rise, reaching >US$1150 per 1000 cubic meters

- Germany composite PMI slipped to 52 in Oct to 8-mth low, from 55.5 previous mth 

+ BMW to phase out fossil-fuel engines from main plant by 2024 

- Bank of England warned cryptocurrencies could spark global financial crisis unless tough regulations are introduced 

- UK retail sales fall for 5th straight mth in a row in Sept, signs of recovery are losing momentum 

- UK factory orders growth falls to 6-mth low 

+ British Airways begins London-Singapore vaccinated travel lane flights 

- France rail operator scrapped plans for expansion of Europe’s busiest train station after cost estimates ballooned 

+ Norway’s AutoStore, Softbank-backed, valued at US$12.4bn, biggest in 2 decades on Euronext’s Oslo Stock Exchange 

- Moldova declares state of emergency over gas crisis, after Russia hiked prices 

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- Australia says EU has postponed trade talks for second time 

+ Australia to start quarantine-free travel bubble with Singapore, could be rolled out next week: PM

- Asian companies’ earnings downgraded over slowing growth in China, higher inflation, supply chain disruption : IBES 

- IMF lowered 2021 growth forecast for Asian economy to 6.5%, down by 1.1% from April projection 

- India reportedly to stockpile gas and coal to avoid future energy crunch 

+ India signed an agreement with Russia to boost coal supplies to 40m tons per year 

+ India-China trade cold reach US$100bn for the first time in 2021: Indian envoy to China 

- South Korean’s decision to join CPTPP free trade agreement pushed back to early Nov 

+ Mumbai reopened its cinemas after 18 mths of closure due to pandemic 

+ Saudi Arabia aims to reach net-zero greenhouse gas emission by 2060: MBS 

+ Qatar hopes to attract 1.2m tourists World Cup visitors in 2022 

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+ Indonesia exports grew by 48% and imports up by 40% in Sept YoY, lower than previous mth 

+ Indonesia is now China’s biggest coal supplier surpassed 21m tonnes in Sept vs 17m tons in Aug

+ Indonesian-Chinese consortium begins study on US$560m coal-to-methanol plant 

+ Indonesia’s GoTo gets US$400m cash injection from Abu Dhabi’s sovereign wealth fund 

+ Thailand expected to submit letter of intent for cabinet approval to apply to join CPTPP

+ Thailand to lift curfew in Bangkok and 16 provinces, to allow quarantine-free travel for vaccinated from 46 countries from Nov 1

+ Thailand fruit growers seek to use new Laos-China railway as “durian express”

- Myanmar FDI drops to 8-year low, expects economy to shrink in 2022 as foreign currency revenue disappears

+ Malaysia’s CPI increased 2.2% YoY to 122.8 in Sept YoY

+ Malaysia aims to reopen to int’l tourists in Nov: tourism minister 

- Malaysia to limit renewable energy exports to Singapore

+ Sg poised to reach 84% of weekly flights to Europe it had in March last year 

+ Sg private home prices may jumps 6-7% this year: analysts 

+ Sg may eases some Covid-19 measure if weekly infection growth rate drops below 1: Lawrence Wong 

- Sg extends curb and hospitals were ‘under significant pressure and strain’ after reporting record Covid-19 cases 

+ Sg to include Sinovac Covid-19 vaccine in national vaccination programme 

+ Sg to allow some travellers from South Asia, ease stay-home notice restrictions for Malaysia and Indonesia 

+ Sg private home prices rise 1.1% in Q3, HDB resales transaction surges 19.4% in Q3 at all-time high 


Contribution by Derek@valueinvestments chat group. Thank you.

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All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for information only. Buyer beware,do you own due diligence.

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