Wolf Money(25-30 April 2022)

 

Chua Mia Tee Singapore 1931

Bird Singing Contest circa 1979

Gift of Times Publishing Limited 

Collection of Singapore Heritage Board

Market Summary 25-30 April 2022

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- US economy fell 1.4% annual pace in Q1, poorest quarterly performance since recession triggered by pandemic

- US dollar index fell from 20-year highs, Wall street slides to deepest daily losses since 2020 

+ Powell likely to slow pace of interest-rate increases after front-loading policy with half-point hike next wk  n June: Bloomberg

+ US consumers spending rose 1.1% in March, more than expected amid strong demand for services 

+ US Consumer Sentiment Index up 9.8% on mthly basis to 65.2 in April 

- US trade deficit in goods widened to record high in March amid broad surge in imports 

- Americans’ unfavourable views of China hit new high: Pew Research

- Biden seeks powers to use Russian oligarchs’ assets for Ukraine 

- Chevron posted highest quarterly profit in 10 years, vowed more natural gas investment

+ Exxon Mobil reported US$5.48bn in profits in Q1 despite US$3.4bn hit from Russia exit

- Intel CEO: chip shortage to extend to 2024

- Apple will face new antitrust charges in Brussels for blocking financial groups 

+ Apple sales top estimates on strong iPhone and services demand, up 19% in US and single-digit in Europe and China  

- Amazon shares sank 14% in its biggest one-day drop since July 2006 after disastrous report 

+ Musk sold US$8.5bn in Tesla stock as he readies to buy Twitter 

- Ford Motor reported lost of US$3.1bn in Q1, hit by investment and chip shortage 

- Berkshire Hathaway’s Q1 net earnings at US$5.46bn, down 53% YoY 

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- China’s factory activity contracted at steeper pace in April, manufacturing PMI at 47.4 , services PMI at 41.9, Caixin PMI at 45 as lockdowns bite

+ China govt meets banks to discuss US sanctions, to protect domestic assets if West decides to impose sanction 

+ Xi urged further guidance and regulatory measures against “disorderly expansion of capital”, calls for a “fair competition”

+ China will deepen capital market reform, accelerate positive role of capital as an important factor for production: Xi

+ China signalled easing of crackdown on tech squeeze in bid to lift economy

+ China to approve aid for Covid-affected industries 

+ China’s Xi made bold commitment for all-out infrastructure construction to boost economic growth 

+ China pledges to meet economic targets and signals it may step up stimulus 

+ Beijing further tests driverless ride-hailing services on open roads, allowing removal of safety operator from driver’s seat 

+ China to scrap tariffs on coal imports between May 1 and March 31, 2023 to ensure energy supply 

+ China’s tech-heavy ChiNex board in SZ recorded its biggest single-day rally in nearly 6 years 

+ China to axe transfer fees for mainland stock trading amid market weakness, first such cuts in nearly 7 years  

- China Q1 consumption of gold jewellery dropped 8% YoY to 177.5 tonnes: WGC data  

- China’s passenger volume expected to fall 62% during the May Day holidays due to recent outbreaks of Covid cases 

+ Shanghai says >80% of firms on the ‘white list’ have resumed work

+ China successfully launched 2 new satellites into orbit 

+ Baiyun Int’l Airport cancelled 90% flights after detected an abnormal result for nucleic acid test 

+ Huawei’s revenue dropped 13.9% to US$19.9bn in Q1

- HK Monetary Authority calling for public feedback on policy and design issues surrounding retail digital currency

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- Japanese yen weakened to >130 to the dollar for the first time since April 2002

+ Japan’s job availability improves for 1st time in 3 years in FY2021

- BOJ ready to ease monetary policy further: Kurdoa 

- Yen’s rapid slide may hamper Japan’s post-pandemic recovery: IMF

- Toyota domestic output in fiscal 2021 fell 5.4% from previous year to 2,760,843 vehicles, lowest level in 45 years 

- Sumitomo Metal to discontinue long-running feasibility study on Indonesian nickel processing plant project 

+ Russia made number of overdue interest payments in dollars on it overseas bonds to avoid default 

- Russia will cut gas flows to Poland and Bulgaria, threatened to turn off pipelines if Europe didn’t pay for ga in rubles 

- Russia expects GDP to contract by 12.4% under a more conservative scenario 

- Russia suggested it could seize Russian-based assets of ‘hostile’ countries 

+ Russian expects trade with China to reach US$200bn by 2024

+ Ruble hit 2-year high against euro, central bank to cut rate 2nd time from 17% to 14% from next week

+ Russian central bank reveals new financial pyramids with investments and NFT

+ Gazprom: Poland still buying Russian gas through Germany 

+ Russia currently in discussions to pet ruble to gold: Kremlin 

+ Canada recorded second surplus of fiscal 2021/2022 in Feb as budget deficit for first 11 mths 

+ Brazil to cut taxes on industrial products by 35% 

+ Brazil senate approved a cryptocurrency law project 

+ Panama approved bill to regulate use and commercialisation of crypto assets 

+ Global gold demand climbed 34% in Q1 

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- Eurozone economy grew 0.2% in Q1, inflation hit record high for 6th consecutive mth to 7.5% in April 

+ EU-China trade rose 12.2% in Q1 to US$205.87bn 

- NATO says read to back Ukraine for years in war against Russia 

- German inflation at 7.4% in April YoY 

- German import prices at 31.2% in March, highest in 48 years 

- Deutsche Bank offices raided by officials from Frankfurt public prosecutor’s office 

- EU likely to approve a phased embargo on Russian oil as early as next week 

+ Germany economy grew by 0.2% in Q1 from -0.3% QoQ in Q4 21

- German consumer confidence set to worsen in May, falling to historical 

- BMW and Audi suspend shipments by train to China, citing worries about insurance and Russian confiscation 

+ UK annual house price growth at 12.1% YoY in April 

- UK more firms plan to raise prices: Lloyds 

- HSBS largest shareholder, Ping An, called for break-up of London-based bank

- France April inflation higher than expected at record 5.4% 

- Spain CPI rose 8.4% in April vs 9.8% in March 

- Swiss National Bank opposed to holding bitcoin as a reserve currency 

- Turkey’s inflation forecast for year-end up to 42.8%

- Central African Republic become 2nd country in the world to adopt bitcoin as legal tender

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- Australia’s producer price index rose above expectations to reach 4.9% on annual basis 

+ Qantas to order up to 158 aircraft made by Airbus jets worth US$24.8bn 

+ India Modi vows to build semiconductor production hub 

+ Indian to launch open e-commerce network to take on Amazon, Walmart 

- India seizes US$725m in Xiaomi assets over illegal remittances 

+ South Korea planning to send part of its LNG supplies to Europe 

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+ SEA economies set to pull more FDI in near term, as investors more wary about China’s lock-down market 

+ Indonesia to exclude crude palm oil from planned palm oil export bank, embargo only on “raw materials of cooking oils”

+ Indonesia approved plan to help national airline Garuda with US$518m cash injection 

- Thailand workers’ debt at 14-yar high amid price rises

- Vietnam warned of power shortages in coming weeks due to lack of coal with several plants already in reduced capacity 

+ Malaysia awarded digital banking licenses to 5 companies out of total 29 applied for them 

+ Malaysia plantation sector could benefit from Indonesia’s palm oil exports bans

- Malaysia’s new minimum wage of RM1500 starts on May 1 with trade unions, businesses divided 

- Sg core inflation could peak at 4% in Q3 before easing in late 2022: MAS 

- Sg inflation hits decade highs in March at 5.4%, all cost of food, services, private transport accommodation all rose

+ Sg employment grows by 41,100 in Q1 22 as construction workers return 

+ Sg DBS, UOB, OCBC Q1 net profit all fell around 10%  

+ Grab-Singtel and Sea Gp among winners of Malaysia’s digital banking licenses 

- Sg industrial occupancy falls to 89.9% in Q1, rental index still rose by 1%: JTC 

Contribution by Derek@valueinvestments chat group. Thank you.

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