Wolf Money(world market review 4-10 Oct 2021)

Ang Ah Tee Singapore 1943

Mama Stall (Sophia Road) circa 1986 

Collection of National Gallery Singapore 

Market Summary 4-10 Oct 2021

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- US job growth slows sharply in Sept amid decline in govt payrolls, added 194,000; unemployment rate falls to 4.8%

+ US pledged to begin unwinding some tariffs imposed by Trump on goods from China, seeks “frank talk”

+ US, Chinese diplomats’ hold talks in Zurich with commitment to continue speaking at senior level 

+ US jobless claims fell by 38,000 to 326,000, first drop in 4 weeks 

- US trade deficit jumps to record high to US$73.3bn in Aug, boosted by imports as businesses rebuild inventories 

- Yellen sees inflation staying higher for next several mths 

+ US Senate voted 50-48 to increase debt limit by US$408bn which will cover until early Dec, averting default   

+ Biden and Xi agree to hold virtual summit within this year 

- Democrats set to target palm oil, beef trade in deforestation bill 

- US diversified industrial companies are disrupted by supply chain disruptions that have been building for mths

- US set to resume negotiations with China, vows to pressure China beyond ‘phase one’ deal 

+ US crude oil price tops US$80 a barrel for the first time in 7 years

- US pushing Singapore to let American visitors enter freely 

- US Kellogg cereal plants came to halt as roughly 1400 workers went on strike 

- Jeff Bezos invests in Indonesia e-commerce startup Ula through his family office 

- FB, Instagram, WhatsApp reconnecting after nearly 7-hr outage 

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- China’s manufacturing PMI unexpectedly contracted in Sept, lowest point since Feb 2020, non-energy sectors post gain: NBS

- Xi stresses peaceful reunification, calls Taiwan secessionists ‘serious threat’ to national rejuvenation 

+ China said it pressed US to eliminate tariffs in talks between countries’ top trade officials 

+ China’s Caixin/Markit services PMI rose to 53.4 from 46.7 in Aug

+ China to deepen its loan prime rate (LPR) reforms and gradually make deposit rates more market-driven 

- China GDP to slow to 5% amid property woes: Nikkei survey 

- Xi will not personally attend the G20 summit in Rome 

+ Chinese provincial govts are encouraging more coal imports from Russia, Indonesia and Kazakhstan to resolve shortages 

+ Inner Mongolia 72 coal mines producers ordered to boost production by 55%

+ Beijing stock exchange have successfully run the first technical test with market players, with 2nd test this week 

+ China administered total 2.214bn doses of Covid-19 vaccines as of Oct 3

+ Chinese airlines challenge 2050 industry target for net zero CO2 emissions 

+ China to allow market-based coal-fired electricity to be raised up to 20%, encourage to boost production 

+ Zhong Nanshan suggested loosen its Covid-19-zero restrictions by end of the year, learn to live with the virus 

+ Chinese ppl made 515m trips during National Day holidays, down 1.5% YoY, at 70% of pre-pandemic levels 

+ China to expedite high-quality IPR transfer process 

+ China to ban core industrial and information data from leaving the country 

+ China seeks fast growth in shale gas output amid green push 

- China >90% of crypto-related businesses shut down after ban 

- China bans loans to speculate in commodities, some luxury goods 

- PingAn weighs sales of US$1bn Founder insurance business 

+ China orders banks to ramp up funding to boost coal output

- China’s few property developers, including Evergrande Gp, CFLD and Tahoe are facing liquidity issues: CRIC 

- Chinese property developer Fantasia missed a US$206m repayment deadline 

- Lenovo withdraws anticipated US$1.6bn listing application on STAR market, no reason given for the halt  

+ Xiaomi smartphone sales top Central, Eastern Europe in Q3

+ Futu reported to file for HK secondary listing 

- China fines Meituan US$530m for monopolistic behaviour, ending 5-mth antitrust probe      

+ HK to develop North as ‘Northern Metropolis’ with 300sq.km land area into Int’l Innovation & Tech Hub 

- Evergrande to raise US$5bn from property sales, shares trading suspended 

+ China backs HK to lead Greater Bay Area biomedical tech hub

+ China has no timetable extending anti-sanctions law to HK; Carrie Lam 

- HK-mainland China border unlikely to reopen before Feb: govt adviser 

+ HK to supply 400-500k private units in mid-to-long term, public housing for next 10 years increases to 330k units 

- HK told to speed up Article 23 security law to counter foreign meddling 

+ HK’s anti-epidemic measure to level with mainland standards for border reopening 

+ Li Ka Shing foundation further acquires 1.34m CHA shares 

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+ Fumio Kishida becomes Japan’s 100th Prime Minister

+ Japan to use foreign reserves for ESG investments 

+ Honda becomes 1st Japanese automaker to sell cars online domestically 

+ Sony, TSMC entered into discussions to jointly build new semiconductor plant in Japan 

- Russian energy minister says approval of controversial pipeline could ‘cool’ situation to ease gas markets 

- Russian stock hits record levels, ruble strengthens to 14-mth high against euro

- Russia will run out of gold in 20 year if new deposits not found: largest gold miner warns 

- Russia’s oil and gas output hits record high in Sept to 43.859m tons 

- Canada posted massive jobs gain in Sept, employment back to pre-pandemic levels, jobless rate at 18-mth low 

+ Global tax overhaul now backed by 136 countries, agree to 15% minimum tax rate

- Global debt will be nearly 3 times bigger than global GDP by year-end: S&P

- Global food prices index in Sept rose for the 2nd consecutive mth to its highest level in 10 years: FAO

- US$11bn has poured into clean energy startups this year 

- Airlines to lose US$51.8bn in 2021 m, to stay in red in 2022

- IATA projected int’l travel demand to double next year and reach 44% of 2019 levels, urged govts to simplify travel rules, open borders

- Bitcoin nearly 90% have been mined, new coin issue unlikely after 2140: analysts 

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- ECB should not rush to tighten its monetary policy as it could endanger recovery”: Lagarde 

+ EU lawmakers may lower threshold that determines which companies will subject to new tech rules 

- EU working to avoid new tariffs on US due in Dec: trade chief 

- EU energy chief says gas prices surge has no quick fixes, will propose longer-term options to boost capacity 

- European 5 countries called for probe into causes of record-high growth of gas prices 

- European council presidents and Chinese Xi expected to hold talks as early as this mth, to ease tension in relationship

+ German parties to start 3-way talks on coalition led by Social Democrats 

- German Greens and Liberals willing to explore deal with election winner Scholz that would shut out Merkel’s CDU

- Lufthansa adds 4 new Airbus A350s to its fleet

- UK price inflation accelerates at fastest pace on record in service sector 

+ UK employers increased pay for new staff by most on record as shortages bite: survey

+ UK will scrap tough Cociv-19 quarantine requirements for 47 destinations

- UK fuel crisis could go on for further week; fuel retailers warned 

- Scotland’s first minister on independence: “I have got time on my side”

- France said EU could look to leverage its electricity supplies to UK to force the govt to grant access to British fishing waters

+ Ireland to increase corporation tax rate to 15%

+ Hungary to build Europe’s first 5G smart railway port together with Huawei 

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- Australia raised minimum interest-rate buffer that lenders need to account for when assessing home-loan applications, citing growing risks 

+ Asian Development Bank and UK’s Prudential are developing US$120bn plan to buy coal plants in Asia 

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+ India’s economy to expand by 8.3% in current fiscal: World Bank 

- India is next for coal and power shortages: FT

- India’s loss making national carrier Air India has been sold to Tata Sons

- Reliance Retail readies to open its first 7-Eleven store in India 

+ South Korea seriously looking to join Trans-Pacific Pact following China bid: trade minister

- Samsung sees Q3 profit up 28% on chip demand, foldable phones 

- Saudi Arabia’s oil revenues flowing in at highest rate in 3 years 

+ Saudi Aramco soars to US$2 trillion market cap on high oil prices

+ UAE, a major carbon emitter, aims to go net-zero by 2050 

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- Indonesia to develop an efficient, effectively enforced IP ecosystem to combat piracy and counterfeits

+ Indonesian home pirces to pick up over next 2 years: Moody’s

- Indonesia Riau Islands cancelled travel bubble with Singapore, due to surge in Covid cases

+ Indonesia set target to attract 3.6m foreign tourists in 2022, double the 1.5m projected for this year 

+ Indonesia startup B2B e-marketplace Ula raised US$87m from Tencent, Jeff Bezos 

+ Thailand state-controlled oil major PTT sets up venture capital fund for SEA startups 

+ Thailand SET Index rose 10.8% first 9 mths, exceeding average for the region and other emerging markets 

+ Thailand to open 5 more tourist destinations to visitors starting Nov 1, including Bangkok, Chiang Mai, Hua HIn 

+ Thai Lion Air adding more aircraft to its fleet as it gears up for int’l air travel for further reopening 

+ Philippine developer Megaworld to develop new US$2bn business district north of Metro Manila

+ Laos to explore issuing own digital currency with support from a Japanese financial tech startup

+ Malaysia to resume interstate travel, reopen int’l borders as 90% of the adults have been fully vaccinated 

+ Malaysia tourism sector to be given special focus under budget 2022: FM

+ Airasia Gp received approval from Danajamin for an 80% guaranteed loan of up to RM500m 

+ Sg could reach ‘new normal’ in 3 to 6 mths: PM Lee 

+ Sg to open ‘vaccinated travel lanes’ with more 8 countries as it aims for new normal 

+ SGX shares monthly buybacks reach 10 mths high in Sept

- Sg Covid-19 isolation bed occupancy at 85%: MOH

+ Sg inked deal for antiviral pill to treat Covid-19 and variants 

- Sg core inflation expected to increase 1.4%: Maybank Kim Eng 

- Sg, US inked deal to implement new partnership for growth and innovation 

- HDB resale prices up 13.8% YoY in Sept

- Sg overseas property investments reach S$5.2bn in Q3: Knight Frank  

- Sg-based Asiaciti Trust named in Pandora Papers data leak under ‘close supervision’: MAS 

- Sg unemployment rate drops to 2.7% in Aug 

- Maritime n Port Authority roll out accreditation system to recognise shipowners, operators in 4 areas, extra benefits for those in green category 

Contribution by Derek@valueinvestments chat group. Thank you.

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