Wolf Money(world market review 15-21 Nov 2021)

F.X Harsono Indonesia 1949

What would you do if these crackers were real pistols? Circa 1977- 2018

Collection of National Gallery Singapore 

Market Summary 15-21 Nov 2021

🇺🇸 🇺🇸 🇺🇸 🇺🇸 🇺🇸 

+ Biden-Xi recent virtual meeting intended to build consensus on major world problems: White House 

+ US may set up a new Asian economic framework with allies and friendly nations as early as next year: Tai 

+ US Leading Economic Index increase at a faster pace in Oct vs Sept, signalling gathering momentum over the month 

+ US President signed a US$1 trillion infrastructure bill

+ US jobless claims fall to pandemic low in tight labour market to 268k 

+ US reportedly ready to receive bulk shipment of diesel from Russia as it strives to cool down fuel’s retail price 

- Hillary Clinton warned Cryptocurrencies could possibly undermine existing fiat currencies and US dollar’s role of being reserve currency  

+ US wants ‘race to the top’ on Africa infrastructure amid China competition: Blinken 

- US thanksgiving dinner will cost consumers average of 14% more in the biggest annual increase in 31 years 

- US asks China jointly release oil from the 2 countries’ strategic reserves to stabilize rising crude prices 

+ US trade court reinstated a tariff exemption on some imported solar panels, imposed by Trump last year

- US warned Iran-backed hackers are targeting critical US sectors 

+ CDC expands Covid booster jab eligibility to all US adults 

+ US starts construction it’s first commercial scale offshore wind farm 

- JP Morgan sues Tesla for US$162m over violating a stock warrants contract 

+ IBM claimed to have developed a new quantum computer chip which could beat traditional chips in some tasks in matter of years 

+ Google inked deal to pay Agence France Presse (AFP) for its news content under new French law 

- Tesla ranked 27th out of 28 for reliability; survey conducted by Consumer Reports 

+ Pfizer signed US$5.3bn deal to supply Covid-19 antiviral pills to US govt 

- Ohio AG filed lawsuit against FB for US$100bn over its faulty algorithms and effects on children 

+ AMC Theatres announced will soon accept payments in Shiba Inu crypto tokens 

+ US, Canada, Mexico leaders to meet in first summit since 2016

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- Beijing Stok Exchange first trading week meets expectations with 340,000 new investors 

+ China many developers successfully issued bonds in the interbank market as financing conditions ease 

- China’s regulator fined firms including Alibaba, Baidu, Tencent, JD, Suning for violating anti-monopoly rules in 34 M&A deals 

+ China and ASEAN expected to officially upgrade relations to tap into more high-quality cooperation

- China FX regulatory body proposes cap the size on bank’s proprietary trading accounts 

- China value of govt land sales declined 13.14% in Oct YoY to US$89.9bn after a drop of 11.15% in Sept: Reuters

- China housing prices slide another mth, force more companies to slash prices in more cities 

+ China’s newly established National Anti-monopoly Bureau releases guidance for enterprises on overseas anti-monopoly compliance 

+ Beijing financial regulators selects 16 fintech innovation pilot projects 

+ China pledges US$31bn of credit to back clean use of coal 

- Chinese firms’ HK listings could face national security reviews as China releases draft data management rules  

+ China starts pilot program will open mainland shipping to foreign-flagged vessels

- China Telecom US subsidiary asked an appeals court to block decision made by FCC to bar its services 

+ Chinese soler products could likely to get export boost after US court reinstatement of tariff exemption 

+ China installed total of 2.3bn kilowatts of renewable in first 10 mths, up by 30.4% YoY

+ China ramped up coal production to its highest level since 2015 to reign in record energy prices and boost supply 

- China NDRC said SOEs should get out of cryptocurrency mining, considering imposing punitive measures 

- China’s court found independent directors of Kangmei Pharmaceutical partially liable in massive fraud 

+ China’s regulator expressed satisfaction with Boeing’s proposed fixes for 737 MAX

- CATL loses bid to buy Millennial Lithium to Canadian mining company, cuts fundraising target after question from SZ bourse 

- Evergrande chief borrows US$105m against HK properties to keep up with interest payments 

+ Chinese appliance giant’s Hisense may bid US$1bn for Siemens intelligent traffic unit 

- China names and shames 353 private firms pretending to be state-owned 

+ Zhangjiajie unveiled world’s first scenic spot metaverse R&D centre, aims to create the world of Avatar 

+ Southwest Guizhou province launches first direct China-Europe freight train service 

+ Xpeng revealed its all-new flagship SUV that comes with ultra-high-power charger, first model designed for global distribution 

+ HK-China may reopen in early Dec, number of visitors would initially be limited to few hundreds per day 

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- Oil down 3% to below US$80/bbl on resurgent pandemic in Europe 

- Blockchian analytics firm Elliptic: research showed fraud and theft at decentralised finance platforms have led to US$10.5bn losses so far this year 

+ Japan PM unveiled record US$490bn stimulus spending to cushion economic blow from pandemic

- Bitcoin’s mysterious creator Satoshi Nakamoto could be finally unveiled in a Florida court: WSJ 

+ Japan PM confirms to release oil reserves to curb prices 

+ Toyota might build battery Gigafacotry in US North Carolina 

+ Lexus is rated the most reliable automaker by Consumer Reports 

+ Russia will adopt digital ruble only after it can be easily converted from cash into digital ruble n non-cash, and only at 1-to-1 ratio

+ El Salvador plans first Bitcoin City, backed by bitcoin bonds 

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+ Euro zone’s current account surplus widened in Sept at €18.7bn vs €17.1bn in Aug 

+ EU will announce new overseas infrastructure investment program aims to compete with China’s B&R Initiative 

- European natural gas prices soared after Germany suspended certification of Russian Nord Stream 2 pipeline 

- EU car sales plunged to lowest level in Oct due to chip shortage

- Germany energy regulator suspends Nord Stream 2 certifications, set demands 

- Merkel warned 4th Covid wave is hitting Germany with full force 

- Germany warned it may reimpose full lockdown, reporting >50,000 Covid cases a day, seek tighter rules for unvaccinated 

+ UK retail sales rise by 0.8% in Oct, bigger rise than expected 

- UK warns rapid growth of digital assets and their integration with traditional financial services could soon post systemic risks 

- France govt “very cautiously” monitoring Europe’s latest wave of Covid-19 infections, urging citizens to get vaccinated 

- Austria become first country in western Europe to reimpose full Covid-19 lockdown 

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- Australian iron ore exports expected to continue to fall until Q1 2022

- India reportedly rejected latest call to release strategic petroleum reserves made by Biden 

- Modi decided to withdraw 3 farm laws that sparked year-long protests 

- Paytm’s share prices crash >20% on market debut at India’s largest IPO

- South Korea singnaled will not comply with Biden’s request to help stabilize rising oil prices by tapping into own reserves 

+ South Korea to allow operation of Boeing 737 MAX from Nov 22

+ Saudi Arabia is the biggest supplier of crude oil to China, with an increase in volume by 19.5% YoY 

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- Southeast Asia’ nearly 1/3 or 1.6m of total job losses Thailand, Vietnam, Philippines and Brunei were linked to tourism 

+ Indonesia’s export value reached all time high at US$22.03bn in Oct, up by 6.89% YoY 

+ Indonesia’s internet economy likely reach US$330bn in value by 2025 from estimate US$70bn this year 

+ Thailand economy seen growing 3.5% to 4% in 2022, recovery fragile: FM 

- Thai AirAsia plans mass layoffs, fleet reduction 

+ Vietnam 1st metro rail project started operations in Hanoi after huge budget overrun and lengthy construction delay 

- Laos issued new regulations to govern cryptocurrency mining operations, trading platforms, plans to leave behind poor country status by 2026

+ Malaysia BN won Meleka state election by securing 21 of the 28 state seats 

+ Malaysia-US plan to sign a cooperation agreement on supply chain improvements by early next year 

- Sg wealth tax ‘not so easy to implement “: PM Lee

- Sg GST hike may be announced in next Budget and implemented as early as July 2022: economists 

+ SG-Malaysia land VTL could be launched by end-Nov: Minister 

+ Sg pay growth to return to pre-Covid levels as economy recovers: consultants 

+ Sg 2 FH development land parcels adjacent to Tanjong Katong Rd sold for S$815m, biggest housing site sales since 2018 cooling measures 

- URA turned down proposed redevelopment of Int’l Plaza under CBD Incentive Scheme 

- Sg BTO demand-supply mismatch jumps to 70,000 in 2020 

+ OCBC mulls setting up its own crypto exchange to satisfy growing demand from clients: CEO 

+ Temasek plans to make >US$30m available over 3 years through its Asia Sustainable Food Platform 

+ ComfortDelGro Bus to operate SG’s largest e-bus fleet 

Contribution by Derek@valueinvestments chat group. Thank you.

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