Wolf Money(world market review 5-12 June 2022)

Koh Sia Yong Singapore 1938

Indian Worker circa 1958

Collection of National Gallery Singapore  

Market Summary 5-12 June 2022

🇺🇸 🇺🇸 🇺🇸 🇺🇸 🇺🇸

- 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 

🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳 

+ 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 

🌍 🇯🇵 🇷🇺 

- 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 

🇪🇺 🇩🇪 🇬🇧 🇪🇸 🇨🇭 🇬🇷 🇺🇦 

+ 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 

🇦🇺 🇮🇳 🇰🇷 🇸🇦 

- 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 

🇮🇩 🇹🇭 🇻🇳 🇰🇭 🇲🇾 🇸🇬 

+ 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.

Please follow us on telegram for the latest update on Lone Wolf investor by clicking on the link below 

https://t.me/joinchat/oCgkD3sQFRMzMWM1

Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.