Wolf Money(world market review 30 May-5 June 2022)
Market Summary 30 May – 5 June 2022
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+ US consumer spending increased 0.9% in April; rise in inflation slows
- US consumer confidence dropped in May to 106.4 in May from 108.6 in April
- US economy lost further momentum in May due to weaker demand, persisting supply-chain bottlenecks and high costs: S&P
+ US is “actively considering” what to do with tariffs on Chinese goods imposed by Trump: Treasury
- US productivity tumbles in Q1, steepest pace since 1947, labour costs surge, nonfarm productivity tumbled 7.3% annualised
- JPMorgan chairman Dimon says there’s a “hurricane” coming for the economy and “you better brace yourself”
+ Biden wants Asia to trade with US as an “alternative to China”
- Yellen: “I was wrong about the path inflation would take”
+ US corporate bonds post first positive monthly return this year in May
+ US factory orders for manufactured goods up 0.3% monthly at US$533.2bn in April
+ US house prices up 20.6% in March compared to same mth in 2021: S&P/Case-Shiller
+ US construction spending up by 0.2% in April to US$1.74 trillion
+ US weighs oil profits tax to fund consumer rebate
- US may never build new refinery even with surging gas prices as policymakers move away from fossil fuels: Chevron CEO
+ US private sector payrolls rose by 128,000 in May: ADP
- US fears consequences of seizing Russian assets: NYT
- Biden pleads for stricter gun control including banning assault weapon sales
+ Biden to visit Saudi Arabia in push to lower oil prices
- US crude inventories down by 5.1m barrels: EIA
- US tech sector sees highest job cuts in May since Dec 2020
- US ready to implement ban on Xinjiang goods on Jun 21
- US official: Global chip shortage likely to last through 2023
+ Apple is moving some iPad production from China to Vietnam
- Microsoft reduced profit n revenue forecast for the final quarter 2021 over strong dollar
- Ford CEO expects cost of building EVs to fall, automakers will be battling each other for sales priced around US$25,000
- Ford EV sales rose to 6251 in May, up 222% over last year, to invest US$2bn, open 3200 new jobs in Michigan
- Tesla must cut staff by around 10% and pause hiring, nothing he had “super bad feelings” about the economy: Elon Musk
- Sheryl Sandberg stepping down as Meta’s COO after 14-year run
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+ China rolls out 33 detailed measures to boost growth; major rebound expected in Q3
- China Caixin General Manufacturing PMI at 48.1 in May, 2.1 pts higher than previous reading
+ China central bank will strengthen implementation of its prudent monetary policy to support economy
+ China banks appeal for relaxation of documentation rules to ease funds flow
+ China to take necessary measures to protect domestic firms from US blacklist: ministry
+ China says 1/3 of electricity will come from renewables by 2025
+ China local govts issued 2.03 trillion yuan in special bonds in Jan-May
+ China’s Jan to Apr non-financial outbound direct investment rises 4.5% YoY
+ China centrally-owned SOEs net profit up 5.6% in Jan to April
+ China announced halve purchase tax for vehicles to further support domestic auto purchases
+ Chinese economy shows resilience, long-term growth potential: HSBC chief
+ China issued tax guidelines to support foreign trade and foreign investment
+ China launched a spacecraft carrying 3 astronauts to the Chinese space station
+ China-Kyrgyzstan-Uzbekistan railway to start construction in 2023
+ China expands foreign debt program for smaller high-tech firms
+ Shanghai rolling out total 50 stimulus measures to support local economy as it eyes full recovery from Covid-19
+ Shanghai businesses prepare for restart of economic after 2-mth lockdown
- Shanghai’s community infections return a day after formal lockdown exit
- China starts importing corn from Brazil may affect corn trade structure with US: report
+ Xiaomi just delivered first batch of made-in-Vietnam smartphones
+ HK raised US$82.8bn in IPO after national security law, increase of >30% from same period before the law
- HK retail sales jumped 11.7% in April YoY after 2 mths of decline
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+ BoJ must keep ‘easy policy for wages to rise: Kuroda
- Japan’s industrial production down by 4.8% in April
+Japan retail sales rise by 2.9% in April on an annual basis
+ Japan’s service PMI rose form 50.7 in April to 52.6 in May
+ Japan’s April jobless rate falls for 3rd straight mth to 2.5%
+ Japan automakers to see record profits on price hike, cost cut: JPMorgan
+ Japan will draw up 5-year plan to support startups for innovation, aim investments for promotion by 10 times
- Japan >10,000 food items to be hiked: survey
- Toyota’s April global sales fall 11% to 763,708 units on chip crunch, Covid lockdown in Shanghai
+ Russia to offer debt payments to investors bypassing western infrastructure sanctions
- Russia’s biggest bank Sberbank blocked from SWIFT
+ Russia-China trade to hit US$200bn this year
+ Ruble-Yuan trade soars over 1000%- Gazprom cuts off gas to Denmark’s largest energy company and Shell in Germany, halts gas supplies to Netherlands
- Bank of Canada hikes interest rate by 50bps to 1.5% to tackle inflation
+ OPEC+ including Russia will raise production by 50% or 648,000 bpd in July n August
- UN called on G20 to abandon coal
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- Eurozone inflation hit record 8.1% in May, surpass market estimates
- Eurozone’s manufacturing PMI 54.6 at 18-mth low
- Eurozone seasonally adjusted unemployment rate at 6.8% in April, unchanged compared to March
- EU new anti-Russia sanctions, agrees partial Russian oil embargo
+ Eurozone producer prices rise 1.2% in April
+ EU grants exemptions from Russian oil bank, allow some continue purchases
+ EU set to reach deal on single mobile charging port on June
+ EU state still importing Russian gas after cut-off: media
- EU to cut Russia Sberbank from SWIFT with new sanctions
+ ECB to make 50 bps rate hike in Q3: Deutsche Bank
- Euro area retail sales down 1.3% in April, service sector activity at 2-mth low in May
+ EU approved Oracle’s US$28.3bn acquisition of healthcare company Cerner Corp
- German inflation hit another all-time high in May of 8.7% from a year ago
+ Germany’s seasonally adjusted foreign trade surplus at €3.5bn in April vs March’s €3.2bn
+ Germany plans to foster the startup with batch of measures including injecting of €30bn in new startp strategy
- UK manufacturing growth hits 16-mth low in May: PMI
- UK credit card borrowing rose at fastest annual rate in early 2 decades: BoE
+ HSBC plans US$448m investment in Chinese business
- UK 60 companies to trial 4-day workweek
- France economy contracted by 0.2% in Q1, consumer prices increased by 5.2% in May YoY
- France should get out of peak of inflation at end 2023: Finance Minister
- Dutch energy firm Gas Terra lost supplies after refusal to pay in rubles
+ Norwegian reached deal to buy 50 Boeing 737 Max jets with option to buy an additional 30 in the future
- Turkish inflation hits 24-year high of 73.5% on annual basis in May
- Ukraine hikes key interest rate to 25% to tame double-digit inflation
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+ Australia’s trade surplus at A$10.49bn in April on LNG exports
- India’s GDP growth slowed to the lowest in Q1
+ India’s factory activity expanded at better-than-expected pace in May
- South Korea inflation hits 5.4% in May at near 14 years high, June-July inflation to be above 5%: central bank
+ South Korea passed US$49.5bn extra budget ahead of local elections
+ South Korea to lift quarantine requirement for non-vaccinated foreign arrivals
+ South Korean companies to build US$1bn green hydrogen plant in UAE
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+ Indonesia raises 81bn yen (S$855m) from Samurai bond sale of 3-10 years matures
- Indonesia's anti-monopoly agency called for control of palm plantation size
+ Indonesia foreign arrivals for April up nearly 500% YoY
+ Thailand passes US$93bn budget bill at first reading
+ Thailand to meet revenue collection target in 2022 and 2023: FM
- Vietnam Airlines exits Cambodia market after having pressured by losses arising from Covid-19
- Brunei economy suffered its biggest contraction in 5 years, dropping 1.6% , hit from weak hydrocarbon sector
+ Malaysia 2023 budget to focus on strengthening recovery, facilitate reforms
- Malaysia govt increased revenue from rising commodity prices was insufficient to offset expected spike in subsidy spending
- Malaysia extends price ceiling policy for chicken and eggs until end June: Minister
+ Malaysia’s chicken supply shortage is expected to be resolved in a month: Minister
- Malaysia palm oil exports hit 5-mth high, inventories end May set to fall for 6-mth out of 7 on declining production
+ Malaysia received >1m tourists since border reopening on Apr 1, more than half of govt target of having 2m int'l tourists
- Sg to face next Covid-19 wave as early as July or August: Ong Ye Kung
+ MAS to pilot industry project to explore tokenisation of financial assets n develop finance infrastructure
+ MAS and ABS announce additional measure to safeguard customers from scams, including ‘kill switch’ for all banks
+ Sg retail sales up 12.1% in April on return tourists
- Sg pump prices hit new highs, with costliest grade above S$4 a litre
+ Sg first digital-only bank Green Link Digital bank (GLDB) has officially commenced banking business, targets micro, SMEs
+ Sg MICE industry expected to have strong recovery: STB
Contribution by Derek@valueinvestments chat group. Thank you.
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