Wolf Money(World Market Review 6-12 Dec 2021)
Market Summary 06-12 Dec 2021
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- US inflation surged 6.8% in Nov, fastest rate since 1982
- Goldman Sachs downgraded US economic growth forecast for 2022 from 4.2% to 3.8%
+ US weekly jobless claims fall to 184,000, lowest in >52 years
- US labour productivity declined 5.2% from previous 3-mth period, biggest quarterly decline since 1960
+ US household wealth rose to record US$144.7 trillion at end Q3, smallest increase of pandemic era: Fed
- Biden halts US funding for new fossil fuel projects overseas
+ US pending home sales jumped 7.5% in Oct
- US powerful tornadoes killed >80 in 5 US states
- NY ordered hospitals to halt elective surgeries as hospitalisations surged
- Silicon Valley’s share of US VC funding falls to lowest level in more than a decade: TechCrunch
- US considers banning key exports to Chinese chipmaker SMIC: WSJ
- US, EU weighing sanctions targeting Russia’s biggest banks, its ability to convert rubles to other currencies should Putin invade Ukraine
+ US trade deficit with Japan shrinks 23.2% in Oct from previous mth to US$3.53bn
+ Florida governor pitched plan to allow businesses in the state to pay taxes in cryptocurrency
- JPMorgan preparing to pay US$200m to settle US regulatory investigations over staff communications lapse
+ US, Australia and Japan will jointly fund construction of undersea cable to boost internet access in 3 tiny Pacific countries
+ Apple’s market value about to top world’s 5th largest economy
+ Microsoft set to secure unconditional EU antitrust approval for its US$16bn bid for AI and speech tech firm Nuance
+ Intel plans to list shares of its Mobileye self-driving car business by mid next year
+ NY city looking to buy 300 Teslas for its fleet, would create 275 fast chargers, 11 solar charging carports
+ Jeff Bezos’ Blue Origin launches and returns first six passenger spaceflight
+ Tesla sold >50,000 cars in China for 3rd consecutive mth in Nov, exported 21,127 EVs from China
+ GM considering investing >US$4bn in 2 Michigan plants to boost its EV production capacity
- US regulator probed Tesla over complaint failed to properly notify clients of fire risk over defective home solar panels
- Starbucks workers voted to unionize in Buffalo NY, first in 50-year
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+ China injecting US$188bn into economy to support business, household lending by cutting reserve requirement ratio
+ China’s CPI rises 2.3% in Nov due to growing production cost, growth rate is slowing
+ China rapid rises in process of raw material and bulk commodities have been effectively curbed in Nov: NBS
+ China will focus on stabilising the economy and keep growth in reasonable range in 2022
+ PBOC sets relending rates lower by 25 basis pts to support smaller enterprises
+ China’s yuan hits 3-year high amid bets monetary stimulus will sustain nation’s growth
+ China’s imports and exports surged 22% YoY in first 11 mths to US$5.55 trillion
+ China-US trade set to hit new record in 2021 after solid Jan-Nov data at US$682.3bn: Chinese customs data
+ Chinese automotive industry gp CPCA declared worst of global car chip shortage is over
+ China’s regulator says it’s making progress with US on talks over company audits
+ China approved first neutralising antibody therapy for Covid-19 after showing 80% reduction in hospitalisation and death
+ China to build 2 undersea bases in East n South China seas to bolster its digital infrastructure
+ China’s EV sales hit 378,000 in Nov, up by 122% YoY, 20% of previous mth: CPCA
+ China's coal imports hit their highest level of 2021 in Nov
+ China to create new state-owned logistics giant by consolidate state assets, China Railway Materials Gp and 4 other units
+ China has approved US-China travel-track program and to start in early 2022
+ China supports debt issuance by developers to fund acquisitions: Sec Times
+ China esports industry market size to grow 130% to US$27bn this year and to further expand in coming years
- China sales of top 100 developers down by 37.6% in Nov, fall for 5th straight mth, unsold housing stock hits 5-year high
- Evergrande Gp has been declared in default on its dollar debt by Fitch Ratings after missed deadline to repay US$82.5m
+ Evergrande plans to restructure, wrapping in all offshore obligations, set up risk committee
- China developer Sunshine 100 had missed deadline to make US$179m in principal and interest payments on 10.5% bond
- Didi plans to hire Goldman for US delisting and HK listing: sources
- China AI Startup Sense Time considers delaying its IPO in HK after US blacklisting
+ Nio installed 700th battery swap station in China
+ CATL to build US$5bn new production base to produce, recycle hundreds of thousands of tons of battery materials annually
+ Oppo to unveil first self-developed chip next week
- Chinese video streaming iQiyi laying off hundreds of workers as losses balloon
+ HK to spend about HK$240bn for green initiatives in next 15-20 years
+ HK and Enterprises in Beijing signed 11 investment deals worth US$8.8bn
+ TSMC in early-stage contact with Germany about potential plant
+ Foxconn to drive further into chipmaking with Stellantis partnership
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+ Japan will review taxes on investments next year, aimed at encouraging pay increases to boost and distribute wealth
- Japan’s economy contracted 3.6% annual rate in Q3 on weaker spending
- Toyota, Honda sued by US patent holding company alleging dozen patent infringement
+ Toyota to build US$1.3bn battery plant in North Carolina
- Kirin filed for arbitration in Singapore against Myanma Economic Holdings over unwinding JV brewery in Myanmar
+ Putin reportedly ordered to outline detailed proposals for Rosneft to supply up to 10bn cubic meters of pipelined natural gas exports to Europe
+ Russia prepares for post-fossil fuel future in Arctic
+ Russia agriculture on course to lead global food market starting in 2025
- Canada threatens to impose tariffs on US goods over EV tax credit plan unless matter was resolved
+ Nicaragua and China announced resumption of diplomatic relations
+ Oil prices posted biggest weekly gain since late Aug
- BitMart crypto exchange pledged to compensate users who lost money after hackers stole US$196m worth of cryptocurrency
+ Bitcoin could surge to >US$500,000 as institutional investors begin to allocate to relatively new crypto space: Cathie Wood
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- European gas futures soar as Russia’s major energy supplier faces threats of US sanctions
- European carbon futures climbed to a record as cold weather resorting to burning more gas, coal and oil
- EU’s shift to EVs could cost half a million jobs by 2040
- European only 14% workers want to return to office 9-5, >50% say they have become more productive WFH: survey
- German inflation climbs to 5.2% in Nov, highest in nearly 30 years
+ German exports shoot up 4.1% in Oct
- Daimler agreed to settle diesel emission claims in Canada for US$197m
+ UK average property prices hit record high of £272,992, quarterly house price inflation at is strongest level since 2006
+ UK total Nov sales in stores and online were 4.1% higher YoY
- France threatens legal action after deadline with UK fishing row passes without agreement
- Italy regulator fined Amazon €1.13bn for abuse of market dominance, biggest-ever fine for US company in Europe
+ Royal Dutch Shell shareholders back plan to end company’s dual share structure and move its HQ to London from Hague
- Poland to ask Germany’s new Chancellor to oppose the launch of Nord Stream 2 natural gas pipeline
+ South African doctors see signs Omicron is milder than delta
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+ India’s industrial production grows 3.2% in Oct
+ Aramco agrees on US$15.5bn gas pipeline deal with BlackRock-led consortium
+ UAE will switch its weekend to Sat and Sun to be more in line with the rest of the world
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+ Indonesia retail sales index hit 199.7 in Nov, highest level since May
+ Indonesia carved out 6 targets to turn the country into a developed nation by 2045
+ Indonesia cancelled year-end Covid-19 curbs as vaccination coverage and testing capacity has improved
+ Thailand plans to introduce new stimulus packages early next year, to boost spending
+ Thailand consumer confidence rose for 3rd straight mth in Nov, hitting 7-mth high
+ Thailand considering legalising casino operations in the country
+ Vietnam pushing ahead with gradual plans to reopen tourism-reliant economy over next few mths
+ Malaysia wants SGX-Bursa trading link back on the table: FM
+ Malaysia on track for 6% GDP growth in 2022: Maybank IB
+ Malaysia cabinet reconsiders plan for single 5G network
+ KL crowned world’s best city to live in for expats
+ MY-SG >5000 travelled via land VTL between the 2 countries in first 5 days
+ Sg to grow 6.9% in 2021 and 4% in 2022: MAS quarterly survey
- MAS warns Sg households on rising mortgage debt ahead of potential interest rate hikes
+ Sg is already reviewing the carbon tax to update the 2022 budget: Minister
- Sg big ticket industrial property sales nearly double to S$4bn year to date
+ HDB resale volume for 2021 could hit 29,000 vs 24,748 in 2020: Ohmyhome
+ SG-UK near to conclude for digital economy deal on trade, tech, data
+ Sg approves Cvoid-19 vaccine for children aged 5-11
+ Sg 279 luxury home >S$10m changed hands in Jan to Sept, higher than full year peaks of 275 units in 2007 and 267 in 2010
+ Sg named world’s best country for crypto investors in latest Global Crypto Ranking by Irish fintech startup Coincub
+ Sg is top investor in Vietnam for 2nd year running
Contribution by Derek@valueinvestments chat group. Thank you.
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