Wolf Money(world market review 3-9 Jan 2022) Anniversary post

 

Wee Beng Chong Singapore 1938

Conflict circa 1978

Gift of the Artist 

Collection of National Gallery Singapore

Market Summary 03-09 Jan 2022

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+ US added 199,000 nonfarm jobs in Dec, jobless rate dropped to 3.9%, however job growth misses’ expectations

+ US private sector job growth surges in Dec, added 807,000 jobs to their payroll: ADP

- US trade deficit jumped 19.4% to US$80.2bn in Nov on record high goods imports 

+ US factory orders increase 1.6% in Nov, orders increased 12.9% YoY 

- US inflation rate is probably going to spike again: Eco Week 

- S&P 500 posts worst start to a year since 2016: Markets Wrap

- US record 4.5m ppl quit their jobs in Nov 21

- US set new global daily record of over 1 million Covid infections 

+ US to offer US$1bn to aiding independent meat and poultry producers, to combat food prices hikes 

- Fauci warns of danger of hospitalisation surge in US due to large number of Covi-19 cases 

+ Wall Street banks set to report record profits for 2021, boosted by higher investment fee and lower loan losses: FT 

+ US low-cost carrier Allegiant Air said will buy 50 new Boeing 737 MAX jets 

- Citigroup to fire unvaccinated staff in US this mth 

- AT&T and Verizon agreed to hold off their 5G rollout amid concerns of problems for aircraft 

+ Apple become 1st company to reach US$3 trillion market cap 

+ Tesla said delivered 936,000 cars globally in 2021, almost double YoY

+ PayPal explores launch of own stablecoin as part of cryptocurrency push 

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- China’s central bank injected ¥10bn worth of 7-day reverse reops, vs ¥110bn of such loans expiring same day 

+ China’s foreign exchange reserves reached US$3.25 trillion end Dec 21, hitting 6-year high 

+ China’s official economic growth target expected to set above 5% in 2022

+ China’s Caixin Services PMI rebounded in Dec stands at 53.1, maintaining expansion 

- China tighter rules on offshore listing, requiring companies with data >1m users to undergo security review 

- Tianjing began testing its population of 14m after at lease 2 local Omicron cases detected 

+ Heilongjiang Province to ramp up planting area of soybeans to 666,667 hectares in 2022

+ China’s property sector could see partial rebound in H2: Global Times 

- Evergrande founder reportedly seeking to offload luxury properties in Guangzhou 

- Evergrande ordered to remove its mega resort project in Hainan, citing unlawful means of obtaining project certificate 

+ China’s Bohai Sea oil field reached >30m tons in 2021, largest in the nation 

+ China has sufficient reserve of essential goods ahead of spring festival: officials 

+ China pilot reform set to boost innovation and expand use of digital yuan in more scenarios 

+ Chinese lab announced major achievement related to 6G with transmission rate 10-20 times higher than 5G networks 

+ China surpassed South Korea to become world’s No. 1 shipbuilder in 2021 

+ China-Europe freight train trips made hit record 15,000 in 2021, up 22% from previous year 

+ China’s first privately-owned 266km Hangtai high-speed railway links Hangzhou and Taizhou starts operations 

+ China to build 3300-km long new rail tracks in 2022

+ China-Laos railway has transported 670,000 passengers and 170,000 tons of good in the first mth 

+ Chinese firms showcase autonomous driving technology at Consumer Electronics Show (CES) in Las Vegas 

- Tencent’s US$3bn stake sales in Singapore Sea Ltd had nothing to do with regulatory risk: sources 

- Kuaishou starts off mass layoffs as losses double

- HK tightens restrictions on travel and social activity in response to Omicron outbreak 

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+ Kishida called for aggressive wage hikes in push for wealth redistribution 

- Japan’s household spending posted annual drop for 4th straight mth in Nov 

- Japan’s Nov real wages fall for 3rd mth as inflation outstripped stagnant normal wages

+ Toyota overtakes GM to lead US auto sales for 2021, first time since 1931

+ Japan motorcycle sales appear to have hit 23-year high in 2021 

- Crude oil rally continues amid Kazakhstan turmoil  

- Uranium prices surge on Kazakhstan unrest as the country produces >40% of world’s metal  

- Global Covid-19 cases surpass 300m: John Hopkins University

- Bitcoin dives after world’s 2nd largest mining hub Kazakhstan shut down internet as anti-govt protests continues 

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- Eurozone inflation marking another record high hitting 5%

+ Eurozone Nov retail sales growth surges past expectations 

- ECB warns green energy push will drive inflation higher 

- European air carrier makes thousands of ‘ghost’ flights this winter to avoid losing take-off and landing rights 

+ Airbus exceeds target of 600 jet deliveries in 2021: sources 

- Germany annual inflation hit highest rate since 1993 at 3.1% in 2021 

- German antitrust regulator say ready to tackle Google 

+ Chrysler plans go all electricity by 2028 

- UK consumer spending falls sharply in Christmas week 

- France trade deficit hits record high in Nov as energy prices drove value of imports higher 

- France my see 40% electricity price surge by Feb 

- Cyprus reportedly discovered a Covid variant combines Omicron and Delta 

+ Israel to start reopening to foreigners, reviews quarantines, tests as Omicron surges 

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+ Australia to push ahead with reopening amid record Covid-19 cases 

- India’s high import tariffs negating PLI, impacting competition: ICEA

- India ordered Xiaomi to pay US$87.8m of import taxes

+ Samsung Electronic forecasts 52.5% jump in Q4 profits on record sales  

- Qatar Airways seeks >US$600m in Airbus A350 dispute 

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+ Indonesia Exchange had 53 IPOs raising total US$4.3bn in 2021, its best-ever showing 

- Indonesia revoked thousands of mining, coal and forestry permits as govt battles to rein in vast resources sectors 

+ Indonesia approved merger local telecom units of Qatar’s Ooredoo and HK CK Hutchison Indosat valued at US$6bn 

- Thailand suspends quarantine waiver scheme indefinitely, expands Sandbox programme 

+ Vietnam could be region’s brightest star in 2022; growth likely led by banks, retail, energy: Maybank 

+ Vietnam seeking 347 trillion dong in stimulus for Covid-battered economy 

- Vietnam’s inflation likely accelerate by 1.4% pts to 3.45% in 2022

+ VinFast delivers first EV (SUV) to customers in Vietnam

- Myanmar’s economy at risk from a likely prolonged civil conflict: Fitch 

+ Malaysia’s investment approvals projected RM200bn in 2022: UOB 

- Maybank group CEO to step down, leadership search under way   

+ Malaysia new domestic airline SKS Airways has been awarded a full Air Service License 

+ Sg economy grew 7.2% in 2021 on stronger than expected note

+ Sg unemployment rates continued to decline in Nov

+ Sg retail sales up 1.9% in Nov, lower than previous mth’s 7.5% 

+ Sg private home prices jumped 10.6% in 2021: URA 

+ HDB resale prices rose 12.5% in 2021, highest annual growth since 2010

+ Vertex, Tikehau blank-cheque vehicles lodge preliminary prospectus for S$200m SPAC to list on SGX 

+ NTUC Income co-op to become corporate entity amid intensifying headwinds in insurance sector 

+ Carousell said in US$1.5bn SPAC deal talks with L Catterton 

Contribution by Derek@valueinvestments chat group. Thank you.

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