Wolf Money(world market review 18-24 April 2022)

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Lim Tze Peng Singapore 1923

Ice Kachang/dessert stall circa 1980s-1990s

Gift of Mr & Mrs Koh Seow Chuan Collection

Collection of Singapore Art Museum 



Market Summary 18-24 April 2022

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- US 50 bps increase of key interest rates will be considered for May meeting 

- US Services PMI Business Activity Index at 54.7 in April at 3-mth low 

+ US jobless claims decreased by 2000 to 184,000, fewest since 1970

- US existing home sales fell 2.7% from Feb to seasonally adjusted rate of 5.77m as mortgage rates, home prices rise 

- US crude inventories decrease by 8m barrels to 413.7m in week ending 15 April 

- US to add another 17 Chinese firms to list that could face delisting 

- US imposed new sanctions on Russian bank, oligarchs, virtual currency mining company 

- Yellen: caution needed on complete energy ban on Russia

- ExxonMobil may completely withdraw from Russia this summer: Reuters 

- Meta meets issues with payment-to-merchant WhatsApp feature in Brazil due to disagreement with processing firms 

- American Airlines Q1 operating revenue up 122% to reach US$8.9bn, company recorded net loss of US$1.63bn 

- United Airlines operating revenue Q1 at US$7.5bn, below estimates, net loss stood at US$1.37bn  

+ American Express Q1 revenue annual rise 29% to reach US$11.73bn, net income down 6% on annual level to US$2.1bn 

+ Musk is willing to invest between US$10bn and US$15bn of his own money in attempt to take Twitter 

- Tesla Q1 revenue at US$18.8bn, surge by 81%, seven times more than year ago 

- Netflix stock plunged >30% after reported loses 200,000 subscribers in Q1, aims to curtail password sharing

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+ China’s GDP hit 4.8% growth in Q1, beats market expectations 

+ China on track for 2022 GDP target of around 5.5% as it has ample stimulus space: govt economists 

+ China’s industrial output up 6.5% in Q1: NBS

+ China will flexibly use variety of monetary policy tools to increase support for real economy 

- China’s fiscal revenue slowed in March vs first 2 mths

+ China’s state asset regulator vowed to ensure debt risks of centrally administered state firms are controllable 

+ China held it benchmark loan rates unchanged 

+ China’s non-financial outbound direct investment rose 6.3% in Q1 to 170.95bn yuan 

- China’s real estate service provider E-House defaulted on US$298m US dollar bond  

- Shanghai’s March industrial output fall 7.5% on Covid lockdowns 

- Shanghai reported 3.1% GDP growth in Q1, sharp decline from 17.6% last year 

+ China said will coordinate and solve solving difficulties encountered by foreign-funded firms amid Covid outbreak

+ China plans to increase its coal capacity by 300m tons this year to ensue energy supplies 

+ China’s 3 oil giants are now listed on domestic capital market after CNOOC began trading on A-share market 

+ China-Vietnam cross-border freights trains more than triples in Q1 

+ China-Laos railway set records in passenger and cargo transportation during Water Splash Festival in Laos 

+ Chinese 8 companies attended a major investment and trade show in In India, signal of warming relationship

+ HK reopened venues, extends dinning hours as Cvoid-19 cases fall 

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+ Japan’s inflation increases to 1.2% in March

- Japan reported bigger than-expected trade deficit of US$3.2bn in March 

+ Russia to spend US$32.3bn on supporting its economy under sanctions 

+ Russia considering further rate cuts at upcoming meetings after cutting 300 basis points to 17% 

+ Russia unveiled plans for digital ruble, domestic payment system, plans to launch by 2023

+ Russia to update its strategy in WTO amid sanctions: Putin 

- G7 finance ministers pledge >US$24bn to Ukraine 

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- Eurozone inflation could reach double digits if EU decides to impose full embargo on Russian natural gas exports 

- Eurozone inflation stood at 7.4% in March on annual basis vs 5.9% in Feb 

- Eurozone manufacturing output at 22-mth low in April 

+ EU has failed to reach consensus on full ban of Russian oil and gas imports 

- ECB: all large euro zone banks can withstand full write-off of their Russian exposure 

+ ECB should end its stimulus programme in July and could raise interest rates: ECB vice-president 

- European passenger car registrations down 20.5% in March: ACEA 

+ EU issues guidelines for gas payments in rubles

- EU firms face logistical issues in Shanghai post-lockdown: business group 

- German producer prices rose 30.9% in March at record high mainly due to rising energy prices 

- Germany’s Purchasing Managers’ Index Composite Output Index at 3-mth low in April 

- Germany will completely cuts its dependence on Russian gas and oil by end year: foreign minister 

+ BMW presented its first all-electric model of 7-series sedans 

- UK consumer confidence in April near record low: GFK

- BOE warned inflation would continue to increase due to global energy crisis 

- UK retail sales in March down 1.4% vs previous mth 

+ France’s €7bn recover has been approved by EU 

- France urging EU to ban Russian crude 

- Credit Suisse expects to report quarterly loss when it releases it results next wk 

- Ukraine asks IMF for US$5bn a mth to maintain economy 

+ Israel adds Chinese yuan to reserves, reducing dollar and euro exposure

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+ Australia’s first bitcoin ETF to be listed on April 27

+ India, UK hope to reach free trade deal this year 

+ Indian importers plan to increase purchases of Russian crude oil and coal at discounted prices: ET

+ Sri Lanka to receive up to US$600m from World Bank over next 4 mths to buy medicine, other essential goods 

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+ Indonesia recorded a budget surplus for 3rd mth in a row in March, imports, exports hit all-time high in March 

- Indonesia’s central bank cuts 2022 economic growth outlook, holds rates steady

- Indonesia announced 2023 budget plan would return the deficit to below 3% 

+ Indonesia plans giant solar power projects for Singapore 

+ Thailand drops on-arrival Covid-19 test for vaccinated visitors from May 1 to boost tourism 

+ Vietnam will implement plan to eliminate fossil-fuel vehicles, tighten emission control to become greener 

- Indonesia to ban palm oil exports to tackle domestic shortage 

+ Philippines has potential to install 21-gigawatt offshore wind power by 2040, cover 1/5 of power demand: world bank 

- Laos lost US$767m to corruption since 2016: state inspector 

+ Malaysia’s vehicles sales jimp nearly 12.8% YoY to over 73,000 units in March 

+ Genting Behard could be readying to launch a new cruise line registered the name “Resorts World Cruises” in Singapore  

+ Sg exports rose for 16th straight mth in March by 7.7%, helped by surged in gold: ESG

+ Sg to lift most pandemic curbs from Apr 26, no more tests for vaccinated travellers to Sg 

+ Sg prices of private residential properties rise by 0.7%, HDB rents dip 3.4% in Q1

- Sg some banks have suspended fixed-rate home loan packages as cost of funds rises 

+ Singaporeans looking for work in overseas grew by 72% in Feb

+ Sg businesses rush to hire returning Malaysians with land border now fully opened 

+ Sg to have world’s largest sustainable aviation fuel plant when Neste’ Tuas facility is completed in 2023 


Contribution by Derek@valueinvestments chat group. Thank you.

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Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.

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