Wolf Money(World Market Review 29 Nov-4 Dec 2021)

Chua Mia Tee Singapore 1931

Portrait of Yusof Bin Ishak circa 1995

Collection of Monetary Authority of Singapore 

Market Summary 29 Nov – 04 Dec 2021

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+ Fed could speed up bond purchase to counter inflation 

+ US factory orders increased more than expected in Oct

- US big mergers unlikely in 2022 as Biden regulatory squeeze intensifies 

- US Conference Board’s Consumer Confidence Index fell 2.1 pts to 109.5 in Nov 

+ US services sector growth accelerated to new record high to 69.1 in Nov: ISM 

- US added 210,000 jobs in Nov vs forecast 550,000, jobless rate fell to 4.2% from 4.6% in Oct, weekly claims up 28k to 222k

+ US Congress passed a stopgap bill to fund federal agencies until 18 Feb, averted govt shutdown  

+ Yellen says cutting some tariffs on Chinese goods could ease price pressures 

+ NASA allocated US$415m to 3 US companies, to design private space stations and other commercial destinations in orbit 

- US new surveys show workers lost or quit jobs during Covid-19 pandemic may not re-join the workforce anytime soon 

- US FTC sued to block Nvidia’s planned US$75bn acquisition of UK chip design provider Arm 

- US-China freight cost likely to hit new high amid Omicron breakout  

- US appeals court declined China Telecom emergency bid to halt FCC order withdrawing its authority to provide services  

- US Chinese listed firms must disclose ownership, audits: SEC; could lead to >200 companies being kicked off US exchanges 

- Charlie Munger said markets are wildly overvalued in places and current environment is “even crazier” than dotcom boom 

- Tesla Cybertruck could be delayed due to global technology supply chain problems: Musk 

- Tesla Shanghai recalled >21,000 Model Y vehicles for faulty steering 

- Elon Must has sold another bulk of company’s shares worth US$1.01bn to pay his taxes 

- Moderna’s CEO says vaccines are likely to be less effective against Omicron as they have been against Delta version 

+ Citigroup applies for a securities license in China, eyes bigger presence 

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+ China will cut amount of cash have to keep in reserve to aid smaller firms

+ China’s manufacturing PMI for Nov stood at 50.1 pts: NBS 

- China’s Caixin manufacturing PMI stood at 49.9 in Nov, down by 0.7% pts MoM

+ China’s economic growth to exceed this year’s target: Liu He

- China advisers to recommend lower 2022 GDP target below the one set for 2021: sources 

- China ends decades-long preferential tariff certificates to it exporters in 32 countries including EU 

+ China govt plans to transform Macau into regional technology hub: SCM Post 

+ China unveiled a 5-year green development plan for industrial sectors 

- China stock losses in US top US$1 trillion on delisting fear 

- Didi said it would “immediately” start delisting from NYSE and turn to HK instead 

- China authorities summoned Evergrande boss after firm announced it may be unable to repay its debts 

- China’s Aoyuan tumbles after failing to pay US$651m demanded by creditors 

+ China easing rules for US business travellers, approvals in less than 10 days

+ China middle-income population to rise to 800m by 2035

+ Chinese patients expected to pay US$4.7bn less on drugs in revised national healthcare system 

+ China to import US$300bn products, promote Chinese investment in Africa 

+ Xi promises 1bn Covid-19 vaccine doses to Africa 

+ China has administered >2.5bn doses of Covid-19 vaccines in the country, over 1.1bn ppl have been fully vaccinated  

+ China’s aviation regulator cleared Boeing 737 MAX planes to return to flying with technical upgrades after a ban of >2.5 years 

+ Universal Beijing Resort expected to get 100,000 visitors per day in 2022, surpassing average of 80,000 Shanghai Disney 

- Suncity Gp plunged 48% as stock resumed trading in HK following CEO Alvin Chau’s arrest 

+ HK all new cars could be electric by 2030, 5 years ahead of schedule 

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+ Japan 48% of firms to raise wages even without further tax incentives: survey 

+ Japan services PMI grows at fastest pace since 2019 to 53 

+ Japan’s farm exports in 2021 to top ¥1 trillion (US$8.8bn) for 1st time, up by 28% YoY

- Japan suspends entry of foreign visitors to guard against Omicron variant 

- Russia, OPEC to stick to their existing policy of hiking output by 400,000 bpd in Jan 

- Russian natural gas to Europe via Nord Stream 2 pipeline likely to delay for another 6 mths: Germany

+ Russia-China said will continue in-depth cooperation on OS to break US monopoly 

+ Russia-China first highway bridge linking is ready for launch 

- Brazil’s economy fell into recession as drought, inflation and interest rates bite 

- UN’s Food Price Index climbed 4th straight mth in Nov to highest level since 2011 

- Capital flows to emerging markets excluding China suffered a “sudden stop” this qtr: IIF 

- Oil prices could surge a lot higher and hit US$150 a barrel amid global supply constraints: Jefferies 

+ Omicron may infect more vaccinated ppl, they’re unlikely to experience sever illness: BioNTech CEO

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- ECB could decide to raise interest rates in 2023 if inflation continues to exceed expectations in 2022: policy maker 

- EU fined 4 major banks combined €344m for colluding in foreign exchange spot trading cartel via a chatroom 

- Euro zone Nov business growth acceleration may be temporary as demand growth weakened, Omicron variant: PMI

+ Euro zone producer prices jumped more than expected in Oct, unemployment eases 

+ EU drug regulator said could approve vaccines adapted to target the Omicron variant within 3 to 4 mths if needed 

- EU country’s electricity prices 5 times higher this year 

- German inflation rose 6% in Nov, highest in decades 

+ Germany moved towards mandatory vaccination and tightens Covid curbs 

- Volvo warned sector-wide semiconductor shortage would continue into next year 

- UK firms are struggling to find staff and expect higher inflation in year ahead: BoE

+ UK-India FTA talks set for early 2022 

- Turkey president promises continue policy of low interest rates despite massive plunge in lira, lost nearly 30% in Nov  

- Lithuania’s goods from some of companies were barred from entering Chinese ports 

- Israel’s Tel Aviv won title of world’s most expensive city to live in: Economist Intelligence Unit 

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- Australia delays planned border reopening over Omicron variant 

- Australia lockdowns and border control shrank its economy by 1.9% in Q3

- Australia announces inquiry into behaviour of world’s largest tech firms and the need for new legislation 

+ India’s economy grew 8.4% in qtr ending Sept 

- India reported its highest single-day Covid-19 deaths since July 

+ South Korea’s exports grew at their fastest pace in 3 mths in Nov, exports in Nov soared 32% from a year earlier 

+ Saudi raise oil prices for Asia, US 

+ Iran, EU and Russian diplomats held their first talks in 5 mths to try to save their 2015 nuclear deal 

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+ Indonesia plans to allocate Rp414 trillion for Covid-19 stimulus in 2022, down by 44% from this year’s budget 

- Indonesia inflation rises to year high of 1.75% in Nov

+ Indonesia is poised for strong economic growth in Q4 on improved investor confidence and resurgent consumer spending 

+ Thailand’s expects 3.5 to 4.5% economic growth in 2022: MoF

- Thailand’s record high household debt put dampener on recovery

+ Vietnam’s carmaker VinFast plans US$3bn IPO in US in 2nd half 2022

+ Vietnam’s asset manager, VinaCapital is exploring Singapore SPAC IPO next year  

- Duterte’s preferred successor, Senator Christopher Bong announced dropping out of presidential race 

+ Myanmar resumed exporting rare earths to China after reopening border with China in late Nov

+ Laos opens a US$6bn Chinese-built 414km railway line, agricultural trade expects to double 

+ Malaysia generates >RM33.9bn potential returns on trade, investments at Expo 2020 Dubai: PM

+ KL-SG high speed rail project might be revived

- Malaysia needs to replenish >600,000 foreign workers by 2022 to over current acute manpower shortage: FMM

+ Petrons vowed to continue to ensure safe and reliable energy supply to China 

+ Sg central bank adds 26 tonnes to its gold reserves, first time in decades 

- Sg healthcare benefit costs to rise by 9% in 2022: Willis Towers Watson 

+ Sg CPF top-up hit new annual record of S$4bn as at Nov 2021 

+ Sg to be Huobi, China’s biggest crypto exchange’s Asia base  

+ Peace Centre / Peace Mansion goes for S$650m to Sg firms in private treaty deal 

+ Thomson View Condominium launches Sg biggest residential collective sale this year at S$950m 

- Grab shares sink >20% in biggest US listing of Southeast Asian company  

Contribution by Derek@valueinvestments chat group. Thank you.

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