Wolf Money(World Market Review 13-19 Dec 2021)

Nam June Paik The Future is Now exhibition

10 Dec-27 March 2022@ National Gallery Singapore

Market Summary 13-19 Dec 2021

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+ Fed will tighten credit faster and see 3 rate hikes in 2022

+ US manufacturing output index climbed 0.7% in Nov to 100.6, highest level since Jan 2019: Fed 

- US retail sales increased less than expected in Nov, rising 0.3% MoM vs 0.8% consensus forecast 

- US wholesale prices rose 9.6% YoY, highest level going back to Nov 2010 

+ Biden signed debt ceiling increase, preventing first-ever US default 

+ US process of reducing asset purchases by Fed will end by mid-March 2022 if recovery stays strong: Powell

+ Fed will halt asset purchases by March and hike rates in June: CNBC survey 

+ US private sector economic growth maintained strong momentum in Dec; Supply chain shortages ease: IHS Markit 

- Biden declared a major federal disaster in Kentucky after swarm of deadly tornadoes hit the state 

- US hits more Chinese firms over ties to alleged human rights abuses 

- US reached 800,000 Covid-19 related deaths: Reuters tally 

- JPMorgan hit with US$200m fines for letting employees use WhatsApp to evade regulators’ reach 

+ Boeing set on moving its production to virtual reality world within next 1-2 years: chief engineer 

+ MGM Resorts Int’l will sell operations of Mirage Hotel and Casino in LA to Hard Rock Int’l for US$1.08bn 

- Jim Rogers says he plans to sell off his dollar holdings as soon as the next peak occurs 

- Uber looking to sell Didi, other non-strategic stakes, China market has little transparency: CEO says 

+ Pfizer set to oust AstraZeneca as top supplier of Covid-19 shots to poor nations 

+ Musk tweeted Tesla will accept Dogecoin as payment at some of its merchandise 

+ Binance will soon sign a MOU with govt of Dubai for crypto-related activities: sources 

+ Reddit said it has filed with SEC to go public on Wall Street 

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+ China’s factory production rose at faster pace in Nov, consumption and investment decelerated: official data 

+ China’s industrial output up 34.5% YoY in first 11 mths, pharmaceutical industrial surged by 290% YoY 

+ China’s benchmark lending rates will likely be set lower after standing still for 20 mths: Reuters flash poll 

+ China to curb new ‘hidden debt’ in 2022 to fend off systemic financial risks 

+ China to tighten antitrust legal enforcement to improve regulatory framework: new antirust bureau head 

+ China to lower import tariffs on 954 products in 2022, including range of medical equipment 

+ China’s centrally-owned state firms’ net profit at US$275bn in Jan-Nov

+ China issued ¥1.46 trillion (US$229.3bn) in 2022 advance quota for local govt special bonds to support economy 

+ China expected to ramp up pro-growth measure to boost domestic demand and help foster new economic upturn 

+ China revised 2020 GDP to 101.36 trillion yuan (US$15.92 trillion), reduction of ¥2419bn 

+ China set out road map for further strengthening China-ASEAN economic relations

- China cancer-drug developer BeioGene’s shares plunge >16% on STAR market debut 

- China developer R&F pleads for 6 mths delay in repaying US$725m of bonds 

+ Sinopec added 104.88 billion cubic metres of newly proven natural gas reserve in Fuling shale gas field  

+ China-Russia trade expected to hit new high of estimated US$140bn in 2021: MOFCOM  

+ Nio unveiled new smart electric sedan, to compete with Tesla, XPeng 

+ Alibaba accelerated expansion into overseas markets with multi-brand operation to meet local consumer demand 

+ Alibaba sets ambitious US$100bn Gross Merchandise Value goal for Lazada, to serve >300m users eventually 

+ HK has become top destination for overseas M&A deals by mainland firms 

+ Richard’s Li’s FWD raised >US$1.4bn in private placements, weighs HK IPO

+ Taiwan’s export orders likely rose in Nov for the 21st straight mth: Reuters poll 

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+ Japan’s food agriculture, forestry, fisheries exports exceeded  ¥1 trillion (US$8.7bn) for 1st time in 2021

+ Japan’s export jumped 20% and imports rose nearly 44% YoY  as surging oil prices pushed cost sharply higher 

- Japan to extend border measures over Omicron variant

+ Toyota offering 30 new fully electric models by 2030 

+ Russia and China agreed to establish independent financial systems, will not be affected by pressure of 3rd countries

- Russia Central Bank wants to ban cryptocurrencies in the country: Reuters

- Argentina limiting exports of corn and wheat to tackle domestic food inflation 

- Global crude production expected to drop 30% end current decade due to underinvestment in oil & gas: Saudi Energy Minister 

+ Bitcion nearly 90% of the total amount that will ever exist has already been mined: Clark Moody Bitcoin Dashboard 

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- Europe tightens Covid-19 curbs as Omicron spreads ‘at lightning speed’

+ ECB said would wind down pandemic-era bond buys

+ ECB remains very unlikely to hike interest rates next year: Lagarde 

- Euro zone inflation confirmed at record high in Nov with more than half of increase due to a spike in energy prices 

- Europe’s largest emergency gas stockpile hits historic low 

+ ECB ‘increasingly likely’ to achieve its goal of stabilising euro zone inflation at 2%: policy maker 

+ ECB reinstates liquidity requirement after pandemic suspension

- Germany’s most prominent leading indicator; lfo index dropped for 6th mth in a row in Dec to 94.7 

- German producer prices rose by 19.2% in Nov YoY on higher energy costs to record biggest annual jump since 1951 

- German business morale declined for 6th straight mth 

+ BoE raised interest to 0.25%, first G7 economy to hike rates since the onset of pandemic

- UK inflation surged to 5.1% in Nov, hitting 10-year high

- UK said Omicron variant was spreading at a “phenomenal rate” and now account for about 40% of infections in London 

+ UK retail sales rose by 1.4% in Nov and 4.7% higher than a year earlier

- HSBC said it expected all its clients to have plan in place to exit the fossil fuel by end 2023  

+ UK, Australia signed deal forecast to create £10bn extra trade

- France will be hit by 6th Covid-19 wave in Jan due to emergence of more contagious Omicron variant 

- Netherlands became the first European country to announce full lockdown to fight Omicron variant 

- Turkish stock market halts trading after crashes below 17 lira per US dollar 

- Turkish largest business gp urged Erdogan’s govt to abandon a monetary policy based on low rates  

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- Qantas forecasts A$1.1bn loss in worst half year from Jul-Dec: CEO 

+ APAC remains the fastest growing and largest market for duty-free retail products, accounting for 60% of global sales in 2020 

+ India’s exports rise 27.1% to US$30.04bn in Nov; trade deficit at US$22.91bn 

- South Korea intends to adjust its living with Covid plan by imposing tougher restrictions as it recorded its highest increase since the start of pandemic  

+ South Korea takes step to join CPTPP, following China and Taiwan

- UAE suspended talks with US govt over US$23bn F-35 deal 

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+ Indonesia exports grew 49.7% YoY to US$22.84bn in Nov: BPS

+ Indonesia to receive US$5bn investment from Amazon in cloud infrastructure 

+ Indonesia e-commerce transaction value projected to hit US$27.5bn by end 2021 

+ Thailand set up casino complex panels to look into a proposal to build a casino-entertainment complex  

- Thailand SET opposed share sales tax proposal by Finance Ministry, citing will decrease competitiveness 

+ VinFast started building a battery cell plant for US$174m to support its EV business 

- Philippines near to 4m ppl fell into poverty in first half 2021 due to lockdown measures 

+ Myanmar’s shadow govt NUG adopts crypto currency Tether as an official currency for local use  

+ Cambodia’s China-assisted national stadium officially launched, will act as main stadium for 2023 SEA Games 

- Malaysia faces some of its worst flooding in years, >22,000 ppl were evacuated throughout 

+ Malaysia govt will provide RM100m in post-flood allocation for repair of homes and infrastructure 

+ Malaysia to receive US$7bn new investment from Intel in new chip plant in Penang, creating 9000 jobs 

+ Malaysia’s major wireless carriers called for govt to allow a second 5G provider 

+ Sg Nov NODX expanded 24.2% YoY at fastest pace in a decade, an extension of 17.8% growth in previous mth 

- Sg raises additional buyer’s stamp duty, tightens HDB loan limit to cool property market 

+ Sg govt raising supply of private homes from sites on its confirmed list for next-half year by about 40%

+ SG-Malaysia land VTL extended to citizens of both countries from Dec 20 with 50% more bus tickets

+ MAS proposed to introduce due diligence requirements for corporate finance advisers, including on IPOs  

+ SGX rolls out mandatory climate reporting for financial, energy, agriculture, food, and forest products issues from 2023 

+ Sg will allow up to 50% of those able to WFH being allowed back to office from Jan 1 

- Binance Sg unit withdrawn its application for a crypto permit by MAS, shut down trading effective immediately  

+ Grab to acquire Malaysia supermarket chain Jaya Grocer 

- Singtel lost landmark US$640m Australian tax case 

 

Contribution by Derek@valueinvestments chat group. Thank you.

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