Wolf Money(world market review 5-12 June 2022)
Indian Worker circa 1958
Collection of National Gallery Singapore
Market Summary 5-12 June 2022
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- US inflation hit a new 41-year high in May of 8.6% on soaring gasoline, food prices
- US Fed will hike key interest rate by 50 bps in June n July, similar move in Sept: Reuter polls
- US weekly jobless near 5-mth high; unemployment rolls smallest since 1969
- US Treasury yields highest since late 2018 after data
- US luxury home sales fall 18%, lowest since start of pandemic
- U.S. gasoline average price tops $5 per gallon in historic first
- US consumer confidence decreased 14% on mthly basis to 50.2 points, at record low in June
- US bond funds witnessed massive outflows in 4 weeks
- Americans are deeply pessimistic about economy: Poll
- US household wealth declined for first time in 2 years in Q1
+ US SEC chief unveiled plans aimed at making the US$45 trillion US equities market more transparent
- US pushing energy giants to work with Venezuela: Russia
+ US may lift ban on Iranian oil: Vitol
+ Yellen: nothing to suggest US going into recession, but no drop in gasoline prices soon
+ US banks set for some earnings boost from pick-up in credit-card business
+ US will lift Covid-19 testing mandate for incoming int’l air travellers
+ US senators unveiled bill to regulate cryptocurrency
+ Biden to waive tariffs for 24 mths on solar panels hit by probe assembling in 4 Southeast Asian nations
- Texas LNG plant explosion has knocked out 20% of US LNG export capacity for at least 3 weeks
+ Citigroup plans to recruit 3000 new staff for its institutional business in Asia, bulk of recruits will be in HK n Singapore
+ Apple aims to embed more deeply into cars with it software
- Amazon closing its gig economy delivery service in Germany
- Tesla cars waiting time in China up to 24 weeks: report
- Musk may terminate his US$44bn buyout of Twitter over bot account data
- Exxon Mobil shares hit record high, fuelled by 60% surge in crude prices
- IBM to wind down all operations in Russia
- US seeks to bank Russian uranium, submitted for congressional approval
- US wants to seize Russian billionaires Roman Abramovich’s 2 planes worth US$400m
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+ China’s inflation at 2.1% in May
+ China’s PPI gained 6.4% YoY in May, dropping 7 mths in row as global commodity prices eased
- Shanghai and Beijing went back on fresh Covid-19 alert as parts of Shanghai resume lockdown
+ China’s exports surge 16.9% in May as Omicron wanes
+ China new bank loans nearly triple in May to 1.89 trillion yuan, much stronger than forecasts
+ China to conclude Didi Cybersecurity probe, lift ban on new users
+ China visa process for employees and family members of US firms will be simplified: American Chamber
+ China’s May new yuan loans seen rebounding on central bank support: Reuters
+ China’s exports to US continued to expand at faster speed in May, up by 12.9% YoY to US$226.2bn
+ China’s trade surplus with US reached US$153bn, up 19% YoY for first 5 mths
+ China’s imports of bulk commodities slump in first 5 mths but prices go up: customs
- China’s regulators fines 2 banks with multi-million-yuan over violations of wealth-management: SCMP
+ China car sales increase 57.6% in May
+ China successfully harvests first catch of Atlantic salmon from deep and far sea
- China 2 large investment banks reportedly planning to lay off nearly 1/3 of staff amid difficult environment for new listings
- China’s regulator denied reports by US media suggested regulators begun early-stage discussions about reviving Ant Gp’s IPO
+ China’s May imports from Russia up nearly 80%, while shipments to Russia fell for 3rd consecutive mth
+ China’s high-speed rail network hit 40,000-km mark in 2021, reaching out to 93% of domestic cities
- China’s imports from India fall 36.9% in Jan-May, exports to India surged over 28% YoY
+ China-Russia first highway bridge opens to traffic
+ HK developers: mainland buyers flock to luxury HK housing
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- World bank cuts forecast for global economic expansion in 2022 further to 2.9% from 4.1% in Jan
+ World’s richest families invest more into private equity than traditional asset like fixed income and stock in 2021: UBS
- Japan’s producer prices up 9.1% in May
- Japan’s govt and central bank said concerned by recent sharp falls in yen in rare joint statement
+ Japan business community seeking further relaxation of border controls
+ Russia cuts its key interest rate by 150 basis pts to its pre-crisis level of 9.5% and eased some capital controls
- Russian oil to EU rose by 14% between Jan and April from 750,000 to 857,000 bpd: Economist
+ Russia’s new McDonald’s set to reopen under new branding and ownership
- Russia Aeroflot plans to order 300 planes from state-owned firm after Airbus, Boeing halted supplies
+ Russia gas delivery to Europe via Nord Stream 1 pipeline across Baltic Sea and through Ukraine remained stable
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+ ECB ends bond buys, signalled series of rate hikes may be scaled up from Sept if inflation outlook fails to improve
+ ECB could hike rates by 50 bps in Sept
+ ECB keeps key interest rates unchanged
- EU production of wheat and other grains is expected to fall by 5% this year: WSJ
+ EU lawmakers back ban on new fossil-fuel cars from 2035
- Germany warned of further food price hikes
- UK new car registrations near 30-year low in May
- UK plans to probe Apple, Google’s mobile browser dominance
- BoE looks set to raise interest rates next week for 5th time since Dec as inflation heads for 10%
- UK banks no longer too big to fail: BoE
- Spanish national consumer prices rose 8.7% YoY in May, hitting its highest since 1995
+ Swiss National Bank to hike its key rate by 25 bps when it meets next week: Citibank
- Greece inflation surged 11.3% YoY in May from 10.2% recorded in April
- Ukraine to halt coal and gas exports
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- Reserve Bank of Australia raises rate by 50 p to 0.85%
- India raises rates for 2nd straight mth by 50 basis pts to tackle racing inflation
+ India’s economy to grow at 6.9% in FY23: OECD
+ India’s exports increase 24% to US$9.4bn during first week of June
- Bank of Korea hints at possibility new interest rate raise to response to ongoing rise in inflation
+ LG Energy launched nickel processing plants in Indonesia
+ Saudi Arabia economy sees fastest growth in decade on higher oil output
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+ Indonesia’s GDP to rebound to 5.1% this year: World Bank
- Indonesia tech giant GoTo posted US$609.8m net loss for Q1, more than triple YoY
- Garuda will have to pay creditors total US$8.3bn if wants to carry on with restructuring
+ Thailand officially legalise growing of marijuana and its consumption in food and drinks, first Asian country to do so
+ Vietnam all households and businesses will get digital addresses by 2025
+ Cambodia breaks ground on China-funded Ream Naval Base expansion
+ Malaysia agrees to end mandatory death penalty
+ Malaysia maintained its position as top travel destination for Muslims in the world
+ Sg GDP expected to grow by 3.8% in 2022: MAS, 0.2% pts lower from 4% previously estimated in March: MAS
+ Sg to relax Covid curbs further, including for nightspots, migrant workers
+ Lawrence Wong named as Singapore’s new deputy PM in cabinet reshuffle
+ Sg EVs account for >8% of all new car registrations for first 5 mths, double the rate for whole 2021
+ Sg tops Asia-Pacific in ranking for start-up, 7th in the world: Ecosystem Index 2022
+ Sg upgrades 2022 export forecasts on better Q1 showing
+ Temasek launched GenZero platform for investments to speed up decarbonization globally, committed initial US$5bn
+ Sg based private securities platform become the first financial firm to recognise crypto assets of accredited investors
- Ant Gp soft launches SEM-focused ANEXT digital bank in Singapore, particularly cross-border operations
+ Asia’s largest artificial meat factory by US firm Eat Just to be built in Singapore
+ Changi Airport’s Termina 4 and T2’s departure hall to reopen in Sept
Contribution by Derek@valueinvestments chat group. Thank you.
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