Wolf Money(world market review 8-14 Nov 2021)

Richard Walker British 1895-1989

Hari Raya - Gathering at the Ferry

Collection of National Gallery Singapore 

Market Summary 8-14 Nov 2021

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- US inflation surges to 30-year high in Oct, consumer prices jump 6.2% YoY

- US govt posted US$165bn budget deficit for Oct, 42% lower than US$284bn shortfall a year earlier 

+ US social spending of US$1.75 trillion package may include a tax break apply to most millionaires 

- US consumer confidence hits 10-year low in Nov amid rising inflation 

+ Biden and Xi to meet on Tue via video link

+ US getting traction with China in Phase 1 deal talks: trade chief Tai 

- Biden signed bill to tighten telecoms equipment oversight 

+ Biden said chief executives of major US retailers assured him store shelves would be stocked in time for holidays 

+ US eyes Jan rollout projects to counter China’s BRI, include vaccine manufacturing hub in Africa, renewal energy supplies 

- Fed warned China’s real estate sector including Evergrande have the potential to impact US 

- Republicans in Senate called for fresh Nord Stream 2 sanctions which Biden had waived earlier this year 

+ US will open talks with Japan on import steel, aluminium tariffs

+ Elon Musk sold combined US$6.9bn worth of Tesla shares this week  

+ Nasa, SpaceX launched 4 astronauts on flight to int’l space station

- Apple faces delivery delays amid chip, labour shortages

- Google lost its appeal against a US$2.8bn antitrust decision by EU  

+ Disney to make technological leap into virtual reality world first imagined by science fiction writers: CEO 

+ J&J to spin off consumer products and focus on pharmaceuticals  

+ General Electric unveiled plans to spin off its healthcare, energy and aviation businesses into separate companies 

+ Rivian shares soared from IPO, is now biggest US company by market value with no revenue 

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- China’s PPI climbed 13.5% YoY vs 10.7% rise in Sept, at 25-year high: NBS

+ Beijing Stock Exchange to debut on Nov 15 with at least 81 listings  

+ Yuan hits 5-year high as exports surge, likely to stay in near-record territory 

- GZ court finds drugmaker Kangmei liable for losses incurred by >50,000 investors in its stock related to massive fraud

+ SZ court approved China’s first personal bankruptcy liquidation

+ China to improve links between digital yuan and payment apps 

+ China’s imports of coal in Oct nearly doubled YoY as it turned to fossil fuel for surging energy prices 

+ China will act to keep property market stable and prevent prices from rising rapidly: Central Bank

+ China Weighs Moderating Property Curbs to Help Troubled Developers Unload Assets

+ PBOC’s carbon-reducing lending program could unleash >US$63bn estimated to be released over next few years 

+ China to offer path for economic recovery at APEC leaders’ meeting 

+ China finalised 3-tranche bond deal worth €4bn 

+ China state council think-tank met developers, banks in SZ: source

- China’s growth rate of imports from Australia declines for the first time in 2021 

+ Ant Gp reshuffles consumer loan business to make it clear who’s doing the lending 

+ China’s rare earth price exceeds historic high amid booming demand and tight supplies 

+ China Int’l Import Expo (CIIE) wrapped up with projected purchases worth US$70.72bn 

+ Geely to launch a high-end electric pickup truck

- Evergrande faces US$366m in interest payments before year’s end 

+ China’s Oct mortgage lending jumps as restrictions ease 

+ Chinese photovoltaic (PV) LONGi eyes setting up production bases in overseas, including India and US 

+ Tencent posted decline in net profit in Q3 amid regulatory changes, unveiled 3 computer chips of its own design

+ Alibaba records US$84.54bn in orders in Singles Day, slowest ever sales growth 

+ SMIC to triple production capacity amid domestic demand; Q3 revenue reaches record high of US$1.42bn  

+ Didi to relaunch apps in China, anticipates probe will end soon 

+ HK plans gradual reopening with China from Dec, global travel in mdi-2022

+ HK vaccine passport a future possibility: health chief 

+ Richard Li’s FWD reportedly mulls to switch IPO to HK from NY

+ Taiwan’s exports rose for 16th straight mth in Oct to new high, outlook strong for next 6 mths 

+ TSMC assured customer confidentiality in data submission to US govt 

+ TSMC, Sony confirmed plans to build US$7bn chip factory in Japan with capacity to produce 45,000 12-inch wafers per mth 

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+ Global chip sales rose 27% in Q3 YoY to US$145bn

+ Bitcoin price hits all-time high, total market cap of all crypto tokens approaching US$3 trillion 

- Japan >50% of firms plan to pass or have passed on rising commodity costs to customers 

+ Japan plans economic stimulus package worth US$350bn aimed at easing pain from pandemic 

+ Toyota at full production in Japan, first time since May, plans to develop alternative fuels with other Japanese auto makers  

+ Toshiba plans to split into 3 after wave of scandals 

+ Russia’s oil production could once again reach record highs pre-Covid oil output levels 

- Russia plans to tax crypto miners 

- Mexico raises interest rates for the 4th consecutive time 

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- European Parliament approved new rules to make MNCs and subsidiaries to stop dodging taxes 

+ European Commission raises growth forecast for 19 countries, economy bouncing back from the worst 

- European 6 firms said they were either reducing their exposure to vessels transport coal or considering doing so 

- Eurozone industrial production down 0.2% in Sept

+ European natural gas prices plunged to Sept low on Russia boost 

- Euro zone housing demand to persist, hitting poorer households: ECB 

+ EU will allow clearing houses in London to continue serving customers in the bloc beyond next June that set to expire 

- EU court upheld €2.4bn antitrust fine, the penalty was the first of 3 antitrust penalties 

+ EU-UK entering new round of Brexit negotiations to prevent possible trade war 

+ German govt could expect up to €10bn of additional income tax revenue through to 2025 

- German exports fell 2nd consecutive mth in Sept, imports nearly stagnated

+ Germany’s listed largest companies post record profits despite supply chain crisis: EY

- UK faces slow growth, high inflation after pandemic and Brexit: NIESR 

+ BoE likely to be the first major central bank to raise interest rates, probably in Dec: economists 

+ BoE becomes first European Central Bank to green its corporate bond buying 

- Netherlands to go into partial lockdown for at least 3 weeks after seeing record in daily Covid-19 cases

- Austria orders lockdown for those not vaccinated against COVID-19

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+ India’s annual retail inflation rose to 4.48% in Oct vs 4.35% in Sept YoY

+ India’s payment platform Paytm expected to raise US$2.5bn on IPO subscription, potential to be biggest in India’s history

- India’s current account deficit expected to hit 1.4% of GDP or US$45bn by March as crude soars: Barclays 

+ Korean Air surprised the market by posting highest Q3 operating profit in 5 years, boosted by strong demand for cargo traffic 

+ Iran called for talks with Germany, France, UK to revive nuclear deal progressive 

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+ South East Asia’s digital economy to top US$175bn in 2021: report 

+ Indonesia consumer confidence index recorded 113.4 in Oct at level not seen since March 2020 

+ Indonesia secured US$46.6bn investment commitment after Jokowi’s trip to UAE

+ Indonesia govt to inject US$4.2bn into sovereign wealth fund to finance infrastructure, tourism, tech projects 

- Indonesia gvot will inject US$300m into Jakarta-Bandung high-speed railway on project that far outgrown its original budget 

- Garuda has negative equity of US$2.8bn burden increases by US$100–US$150m per mth 

+ Jakarta needs private investors to expand MRT, LRT worth nearly US$6bn 

+ Indonesia to have US$2bn investment from Dubai’s AKS to develop sugar factory to help reliance on sugar import  

- Thailand central bank expects spike in NPLs after banks relaxed debt assistance measures 

- Thailand’s nightlife venues across the country will remain shut for at least 2 more mths

+ Thailand plans to complete feasibility study for first 16.5km section of Grey Line electric monorail project 

+ Duterte’s Daughter to run for Vice President in 2022 election

- Malaysia’s economy contracted in Q3, shrinking 4.5% as Covid-19 curbs hit 

- Malaysia’s public healthcare expenditure to increase considerably in short term despite reforms: report 

- Malaysia no major mobile carriers have agreed to use govt’s 5G network yet due to transparency and pricing issues 

+ Malaysia-Indonesia plan to allow fully-vaccinated travellers to fly between the 2 nations 

+ Malaysia consortium of mid-tier firms hopes govt can ratify CPTPP by Dec 2021 to remain competitive 

+ Sg alternative assets post strong 2020 growth in Sg asset management industry: MAS 

+ Sg remained top destination in SEA for startup investments, raised S$11.2bn in first 9 mths, more than twice whole 2020 

+ Sg condo resale prices up for 15th straight mth but with lower volume in Oct 

+ Sg-Malaysia to start VTLs for quarantine-free air travel from Nov 29

+ Sg plans to introduce a year-long programme in 2022 to use sustainable aviation fuel at its airport 

+ China-SG trade in services innovation forum in Shanghai to discuss new path for high-level opening up service

- SIA cuts Q2 loss to S$428m helped by VTLs double revenue to S$1.5bn, currently has 79% of fleet ready 

- Grab’s reported US$88m in revenue in Q3, down 26% YoY, hit from virus curbs

- Crypto exchange Huobi Global to close Singapore accounts by end-March 2022

Contribution by Derek@valueinvestments chat group. Thank you.

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