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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