Wolf Money(world market review 23-29 May 2022)

 

Siti Adiyati Indonesia 1951

Jejak(footstep) circa 1976,remade 2015

Collection of Artist 

Market Summary 23-29 May 2022

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+ US consumer spending increased 0.9% in April; rise in inflation slows 

- US economy lost further momentum in May due to weaker demand, persisting supply-chain bottlenecks and high costs: S&P

+ Fed cold pause its monetary policy tightening in Sept if there is economic deterioration and inflation subsides: BofA

- US must be strategic on China tariffs: trade chief

- SEC warned significant issues in reaching a deal with China on auditing compliance of China-based firms listed on US 

+ US consumers and businesses kept spending at solid pace despite economy shrank by 1.5% in Q1: govt data 

- Goldman Sachs expects more China real estate defaults

- JPMorgan issued US ‘wealth shock’ warning; households could see US$9 trillion in total losses this year 

- US banks and individuals will be barred from accepting bond payments from Moscow 

- US says dozen Indo-Pacific countries will join economic initiative designed to counter China 

+ US EV makers asked govt to fund charging infrastructure

+ SpaceX looks to raise US$1.7bn in new funding 

- Apple at least one new class flagship iPhones have been affected by ongoing China’s Covid-19 restrictive measures  

+ Broadcom in talks to buy cold-computing firm VMware software firm for US$61.8bn  

- Google delayed launch of its first foldable smartphone for 2nd time 

- District of Columbia Attorney to sue Mark Zuckerberg for his role in Cambridge Analytical 

- Musk said Bill Gates has multibillion dollar Tesla short position now need between US$1.5bn and US$2bn to close out 

- Starbucks will exit Russia completely after 15 years, closing 130 cafes, account for <1% annual revenue 

- Airbnb shuts down its business in China, removing 150,000 listings, to focus on outbound Asia travel 

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+ China to roll out additional tax cuts and postpone social security payments for firms to support growth 

+ China pledged to increase credit issuance and enhance financial support for key businesses and fields 

+ China will strive for economic growth in 2nd qtr and stem rising unemployment: Li Keqiang 

- China’s industrial profit shrank 8.5% in April as lockdown squeeze margins and disrupt factory activity 

+ China issued 3rd round of financing worth US$60bn to support local tax rebated, key social spending 

+ China rolled out broad package of measure to support businesses and stimulate demand to offset damage for lockdown

- China to miss its economic growth target by large margin first time ever, median forecast dropped to 4.5%: Bloomberg survey

+ China’s central n local govts started roll out subsidies to stimulate economy

+ China to advance efforts in joining CPTPP, DEPA trade pacts 

+ China more cities start to ease restrictions on vehicles purchase to inspire consumption 

+ China to give cash subsidies to airlines for 2 mths 

+ China first project to provide industrial steam via nuclear power begins construction 

- China more developers asking for more time to pay back bonds

+ China’s first residential REITs to be launched soon 

+ China welcome more partners to join BRICS as Argentina and Saudi Arabia showing interest 

+ China prepares to launch Shenzhou XIV crewed spaceship

+ China added 581km of new railway lines into service in first 4 mths of the year: Xinhua 

- Chinese firms nearly 200 could be delisted from US if accounting watchdog cannot complete its audit 

Investigations 

+ Air China to increase Beijing to NY route in June amid more int’l routes expected 

+ China tech investment firm Lotcap Gp plans to acquire ARM China 51% stake from Chinese shareholders 

+ Ant signalled its global business expansion is back on track 

- Tencent continued to terminate staff from its gaming and fintech departments as massive layoff started in March 

+ Xiaomi said semi-conductor supplies will soon return to normal and may even exceed demand in H2

- Didi notified NYSE of its decision to delist its shares 

- Chinese logistics firms 39% of key companies lost money, up from 36% in Q1

+ China triple investment amount of US$4.35bn in solar power projects in first 4 mths 

+ Zhejiang lays out plans for 100 new renewable energy projects 

+ Luckin coffee turns first ever operating profit of US$3m net  

- HK ends mutual accounting recognition accord with US 

+ HK to relax flight ban on June 1

+ HK home prices reverse 3-mth drop to climb 0.5% in April 

Japan Russia 

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- Japan factory output likely fell in April for the first time in 3 mths 

+ Japan’s PM pledges to restart idled nuclear power plants 

+ Japan begin reopening to tourists from Jun 10, starting with some guided package deals 

- Toyota Motor further cut June output due to parts shortages caused by Covid-19 lockdown in Shanghai 

- Russia prepares to seize western firms planning to leave 

+ Russian cuts key interest rate from 14% to 11%, citing inflation subsiding 

- Russia to pay foreign debt in rubles after US blocked payments to American bondholders 

+ Russia made coupon payments on 2 outstanding Eurobonds in foreign currency on Friday: NSD

+ Russia is not leaving global economy: Putin 

+ Russian oil shipments hit record high 

- Russia has become number one wheat supplier to the global market: Putin 

- Global food insecurity has reached levels not seen since GFC of 2008: Gro Intelligence 

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+ ECB likely to exit negative monetary policy end of 3rd qtr: Lagarde 

+ EU considers building a 700km offshore link between Italy and Spain that could help reduce energy dependence on Russia  

- European warmed of ‘permanently high’ energy costs 

- EU frozen roughly US$24.5bn worth of assets of Russia Central Bank, much smaller than reported US$300bn 

- Euro zone’ overpriced housing market may sag in rates rise faster than inflation: ECB 

+ German economy grew in Q1 by 0.2% QoQ in line with expectations 

+ Germany may allow federal govt to bring back coal-powered and oil-fired facilities in case of gas shortages 

- Germany to ban sales of Ford cars over licensing fees 

+ UK unveiled US$18bn aid package for household to pay soaring energy bills 

- UK rolled out 25% windfall tax on energy profits 

- Air France-KLM to raise €2.26bn by issuing new shares, airline has about €7.7bn debt currently 

- Turkish lira plunges the most since 2021 meltdown 

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- NZ raises interest rates to 2% in 5th consecutive hike amid inflation concerns 

+ Asia outpaces Europe as top Russian oil buyer: Bloomberg

+ India unveiled US$26bn plan to combat inflation 

- India raised export tariffs on new iron ores and concentrates to 50% from 30%  

+ India to restrict sale of sugar at 10m tonnes on int’l markets, days after it banned wheat exports 

+ Indian’s exports to Latin America up by 48% to record US$18.9bn in 2021-22 (Apr-Mar) 

+ Samsung plans to invest US$60bn next 5 years to expand businesses from chips to medicines, to create 80,000 new jobs 

- Samsung Biologics has shut down JV with AstraZeneca

+ Hyundai to invest US$5bn in US for development of robotics, autonomous driving software 

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+ Indonesia recorded trade surplus for 24 consecutive mths with US$7.56bn in April 

+ Indonesia reported 45.6% rise in state revenue in first 4 mths

+ Indonesia to allocate 1m tones of palm oil for export

+ Indonesia is optimistic to land Tesla’s deal: Investment Minister 

+ HSBC to consider an IPO of its Indonesian business to tap buoyant investor demand 

- Thailand April export miss forecast over Ukraine war, China lockdown 

+ Tesla sets up company in Thailand with primary purpose to sell battery-powered cars 

+ Philippines new President Mrcos emphasised to adopt nuclear power plant in the country 

- Philippines considering taxes on digital transactions 

- Malaysia to stop exporting 3.6m chickens a mth until production and prices stabilise: PM 

- Malaysia Ringgit weaken past 3.2 against Singapore dollar for the first time

+ Malaysia aims to regain palm oil market share in EU amid global shortage 

+ AirAsia to launch ride hailing service in Indonesia and Philippines 

+ Sg maintains 2022 growth forecast at 3-5%

+ Sg Q1 GDP up 3.7% but external demand outlook is weaker now: MTL

+ Sg factory output expands 6.2% in April, led by transport engineering sector: EDB 

- Sg more developers looking to hike condo launch price : pol 

- Sg core inflation hits 3.3% in April on increases in food and other goods, electricity and gas prices, fastest >10 years  

-MAS imposed additional capital requirement of S$300m on OCBC over SMS phishing scam response 

+ Woodlands Checkpoint to be expanded, 9 housing board blocs to be acquired for the expansion 

Contribution by Derek@valueinvestments chat group. Thank you.

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