Wolf Money(world market review 28 Mar- 3 April 2022)
Market Summary 28 Mar – 03 April 2022
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+ US personal spending expanded 0.2% or US$34.9bn in Feb, personal income up by 0.5% to US$105.5bn, disposable personal income up 0.4% or US$76.1bn
- Fed’s Evans repeated his view that US likely to make 7 rate hikes this years
- US to release 1m barrels of oil per day from reserves to help cut gas prices, says 30 countries joining US releasing oil reserves
- US 2-year treasury yield climbs above 10-year again
+ US unemployment rate down to 3.6% in March vs 3.8% in Feb
- US initial jobless claims up 14,000 to 202,000 for wk ending Mar 26
+ US companies added 455,000 jobs in March: ADP
+ NY Fed says could begin trimming balance sheet as soon as May
- US trade deficit at US$106.6bn in Feb, 0.9% drop vs Jan
+ US private payrolls grew by 455,000 in March: ADP
- US manufacturing sector activity slowed in March to 18-mth low, fell to 57.1 in March vs 58.6 in Feb
+ US construction spending amounted to US$1704.4bn in Feb, up 0.5% compared to previous mth’s revised figure
+ US house prices rise by 19.2% in Jan: S&P CoreLogic Case-Shiller
- US mortgage refinance demand plunged 60% as rates hit highest level since 2018
- US personal consumption expenditures (PCE) up by 6.4% in Q4 2021
- US targets Russia’s technology sector in fresh sanctions
+ US eased sanction on Russian agricultural products, including fertilizers to protect farmers from shortage of chemical products
+ US introduced new tailpipe pollution standards to increase fuel efficiency; cars n light trucks to travel longer distances
- US crude inventories down 3.4m barrels to 409.9m in week ending March 25: EIA
- US firms to account for holding user crypto assets: SEC
- Microsoft’s cloud business being targeted by EU antitrust regulators
+ Tesla delivers 1.06m electric cars from April 2021 to March 2022, sold 310,000 vehicles in Q1 despite logistic issues
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- China’s factory activity contracts at sharpest rate in 2 years, PMI fell to 48.1 in March from 50.1 in Feb: Caixin PMI
- China’s National Bureau of Statistic PMI for manufacturing landed in contractionary territory in March to 49.5%: CFLP
- China’s factory PMI came in at 48.1% in contractionary territory in March: IHS Markit
+ Chinese yuan used in global forex reserves reached 5-year high in last quarter of 2021: IMF data
+ China plans to promote renewal energy projects, raise share of non-fossil energy to 17.3% in 2022
- China reported 13,146 local Covid-19 cases on Sunday with Shanghai most affected
+ China makes draft revision to cross-border regulation for overseas listings amid audit talks with US
+ Beijing passed detailed regulation lays out city’s policy priority and development plan for its Pilot FTZ
+ China to promote green energy, finance, transport and technology under BRI
- China suffered world’s 2nd worst losses from flood-related events in 2021 stood at US$25bn
+ Chinese buyers given flexibility to pay in yuan for Russian oil
+ Evergrande has resumed 95% of construction projects: units says
+ Country Garden acquired property assets from partners amid market turmoil
- Shanghai service fees for transporting goods to the city up >50% on average as Covid curbs upend trucking market
+ Chinese firm struck deal with Guinea’s govt to resume development of world’s largest known untapped iron ore reserve
+ CNOOC won approval from regulator for a US$5.5bn domestic share sales as firm also reported record profit
- China Vanke reported 45.7% plunge in net profit, due to lower gross profit margin and falling returns from some investments
+ Huawei’s 2021 net profit soared 76% even as revenue plummeted, to appoint CFO Meng as rotating chairwoman
+ Huawei HarmonyOS expected to exceed to 560m units
- Nio’s delivered 25,768 vehicles in Q1, posting annual increase of 28.5% to new record high
+ Chinese fast fashion start-up SHEIN weighing a funding round at valuation of about US$100bn
- HKEX halted trading of 32 Chinese firms after failing to meet earnings report deadline, including numbers of Chinese real estate firms
- HK Feb home prices dropped to 13-mth low hit by new Covid-19 wave
- Macau Golden Gp became the latest junket operator to shut down
+ Taiwan says recent rise in domestic Covid-19 cases will not affect plans to gradually reopen
- TSMC plans to continue cooperation with Russia on joint projects
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- Japan PM ordered an emergency monetary package
+ Japanese Kibun Bank Flash Manufacturing PMI Index sees stronger expansion at 54.1 in March
- Japan retail sales down by 0.8% in Feb at ¥11.53bn
- BOJ has no plans to issue own digital currency yet: Kuroda
+ Japan may expand fuel subsidy to curb energy costs
+ Japan has no intention of withdrawing from its oil and natural gas project in Russia’s Far East: minister
+ Panasonic to invest US$4.9bn in growth areas, technology pillars
- Putin signed order in new ruble payment mechanism to come into force in April 1
+ Russian currency is trading near pre-crisis levels
- Russia sanctions may lead to global energy crisis: IEA
+ Russian central bank lifts ban on stock short-selling of company shares
+ Russia softening restrictions on foreign fund transfers for individuals for 6-mth period
- Gazprom sent official notifications to European clients detailing new paying deal
- Russia-Ukraine insurance losses could reach US$35bn
+ Russian ramps up gas supply to China through Power of Siberia mega-pipeline are rising
+ Russia offers SWIFT alternative for dollarless trade with India: report
- Oil fall most in 2 years by around 13% in biggest weekly falls after oil stockpile release
+ OPEC+ to increase output by 432,000 bpd in May
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- Eurozone inflation surged to 7.5% in March, higher than expected
- Euro area unemployment at 6.8% in Feb, down from 6.9% in Jan: Eurostat
- European Commission expects EU to remain dependent on energy imports from Russia for at least until 2027
- Eurozone manufacturing activity at 14-mth low in March at 56.5: Markit Economics
- EU plans to impose new round of sanctions on Russian banks
- European fundraising suffers worst quarter since dotcom crash
- German Council of Economic Experts (GCEE) changed forecast for GDP growth from 4.6% to 1.8%
- German inflation at 7.3% in March, highest in 40 years
- Germany Manufacturing PMI at 56.9 in March vs 58.4 in Feb, marking 18-mth low
+ Germany retail sales rose by 7% in real term in Feb YoY
+ German jobless rate at 5.1% in March, unemployed German residents down by 18.000 from previous mth
- Germany mulls nationalising Gazprom, Rosneft branches: reports
- UK manufacturing activity hit 13-mth low in March at 55.2: IHS Markit
+ UK annual price growth up to 14.3% in March: Nationwide House Price Index
- London exchange suspends Russian metals; aluminium, copper and lead are subject to suspension
+ Italy PM said Putin assured him current “contracts remain in place” and European firms will continue to pay in euros n dollars
- Spain CPI rose 9.8% on yearly level in March, highest level since May 1985
- Belgium’s annual inflation rate climbed to 8.3% in March, highest in nearly 40 years
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- Australia to impose additional 35% tariff on all imports from Russia and Belarus on top of taxes already applied
+ India, Australia inked interim trade deal
+ Iran already pumping oil at pre-sanctions level to 3.8m barrels a day: minister
+ Bangladesh’s largest sewage China-funded plant in South Asia begins operations
+ Afghanistan to have Chinese industrial park to be build in Kabul New City
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- Indonesia inflation climbed to 22-mth high in March, risen to 2.64% YoY
- Indonesia plans VAT, income tax on crypto transactions
- Thailand residential property developers stuck with US$30bn oversupply
+ Thailand looks to abandoning Test&Go scheme for tourists from June 1
+ Vietnam VinFast signed deal to set up EV factory in US
+ Malaysia’s central bank projected country’s economy will grow between 5.3% and 6.3%
+ Malaysia, Indonesia agreed global prices of palm oil should be determined by the 2 biggest producers n should not compete
- Malaysia manpower shortage may derail automotive sector recovery: vendors
+ Sg will not need to tighten pandemic measures even if Covid-19 cases rise: minister
- Sg developers may defer less urgent projects due to soaring raw material prices
+ Sg private property index up by 0.4% in Q1
- Sg electricity tariff to rise by average of 9.9% in Q2
+ Sg and US to collaborate on AI, advanced manufacturing and cybersecurity
- Sg is world’s 3rd priciest flexible office location: Workthere
+ Sg air transport sector ramping up recruitment, staffing levels now above 2/3 pre-pandemic
Contribution by Derek@valueinvestments chat group. Thank you.
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