Wolf Money(world market review 10-16 Jul 2022)
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Market Summary 10 - 16 Jul 2022
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- US inflation hits new 4-decade high of 9.1% in June
- Fed senior governor Waller open to 1% rate rise if incoming data warrants move
- Fed 2 most hawkish policymakers said favoured another 75-basis-pt interest rate increase in July
- US manufacturing output fell 0.5% in June, down for 2nd straight mth
+ US retail sales shot up 1% in June amid ongoing surge in prices, poses challenge for US central bank
- US recession risk up in next 2 years but returns set to improve: Vanguard
- US weekly jobless claims hit 8-mth high, labour market still tight
- US factory output declined 0.5% in June for 2nd mth on consumer goods
+ US business inventories increased strongly in May, rose 1.4% after up 1.3% in April
+ US import prices increased less than expected in June likely due to strong dollar
- US oil and gas dealmaking fell to US$12bn in Q2, nearly 1/3 of US$34.8bn same period a year ago
+ Boeing delivered 51 passenger and cargo planes in June, best mth for deliveries >3 years
+ US to resume int’l space station flights with Russia
+ Biden started his 4-day visit to the Middle East
- Blackrock reported bigger fall in quarterly profit than expected to adjusted profit of US$1.12bn
- Morgan Stanley Q2 profit slumped 30% as deal stall
- JPMorgan reported worse-than-expected 28% fall in quarterly profit, suspended share buybacks, warns on global economy
- US Department of Justice expected to file antitrust lawsuit against Google in weeks
- US securities regulator steps up scrutiny over Musk comments on US$44bn Twitter deal
- Twitter officially sues Elon Musk after he abandoned the US$44bn deal
+ Amazon’s Prime Day shopping event jumped 8.5% YoY to nearly US$12bn
+ Netflix partners with Microsoft to offer cheaper plan with ads
- Starbucks closing 16 US stores for safety issues
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+ China’s monetary policy has ample and sufficient tools, including further cutting banks’ reserve requirements: state media
- China’s GDP grew by mere 0.4% Q2 YoY, weakest performance since Covid-19 outbreak, shrank 2.6% on quarterly basis
+ China’s CPI grows 2.5% in June, rose by its fastest annual pace in a year
+ China’s potential economic growth rate estimated to stand between 5% and 6%, within global medium-to-high range: official
- China’s regulators vowed to help local govts to deliver property projects on time after homebuyers threatened to stop mortgage payments on unfinished apartments
+ China’s new yuan loans came in at 2.81 trillion yuan (US$418.89bn) in June
+ China total imports and exports expanded 9.4% in H1, above expectation
+ China’s retail sales continue to see upward trend after gaining 3.1% in June
- China’s output in real estate industry contracted 7% in Q2 YoY
+ China-US trade expanded 11.7% in H1 to US$367bn
+ China’s agricultural exports up 21.7% in H1 to US$45.06bn
- China 15 banks disclose exposure to mortgage defaults, cites risks ‘controllable’
+ China to further communicate with more countries to increase int’l flights in H2
+ China’s auto production and sales both surged >20% in June YoY, led by 130% growth in sales of NEV
+ Global investors will increase their holdings of Chinese assets in H2: Standard Chartered
+ China to build 461,000km of highways by 2035, to become world-class highway network by 2050
+ China granted 393,000 invention patents in H1
+ Shanghai’s first nucleic acid industrial park will start construction to boost biomedicine industry
+ China aviation market on strong recovery with daily flights hitting 12,000, recovering to 65.4% of pre-covid levels
+ China’s shipbuilding industry retains global lead in H1 with 45.2% share of global market
- China to ban construction of skyscrapers >500m high, and strictly limit construction of building >250m high
+ China Ganfeng Lithium to buy 2 Argentinian mines, plans to spend up to US$962m on assets
- China 247 steelmakers’ surveyed producers reported Q2 margins of 15.2% on average, down from 83.6% QoQ
- Beijing-Shanghai high-speed railway to post first quarterly loss since IPO
- China’s anti-monopoly watchdog fines Alibaba, Tencnet for failing to report transactions
- Oppo being accused by India of evading US$551m of taxes
- Hang Seng Composite Index dumps 6 Chinese property firms
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- Yen fell to fresh 24-year low in the 139 level against USD
+ Japan’s core consumer inflation seen above BOJ’s target for 3rd mth
+ Japan PM called for up to 9 nuclear reactors to be brought online this winter to help avert power crunch
+ Japanese govt called on Mitsubishi and Mitsui to keep shares in Sakhalin-2 Liquefied Natural Gas project in Russia
+ Japan’s ruling coalition wins big after Abe’s assassination
- Japan wholesale prices jump 9.2% in June YoY after import prices surged at fastest pace on record due to lower yen
+ Russian eyes final document soon on Ukraine grain exports
+ Russian to have largest drone fleet by end 2022: report
+ WTO, IMF, World Bank called for trade restrictions to be lifted
+ RCEP expected to boost global trade by nearly 3%, with 1.5% global growth effect in 5 years: Chinese FM
- OPEC’s first 2023 outlook shows no relief for oil market squeeze
- Copper tumbled to lowest level in 20 mths
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- Euro fallen below dollar for the first time in 20 years
- EU cuts its forecasts for economic growth in eurozone for this year and next, revised up inflation outlook
- EU forced to tap gas reserves, Nord Stream 1 pipeline has stopped pumping gas due to service maintenance
- EU auto sales slumped by 14% in H1 due to supply shortages
+ EU and China to hold high-level trade talks
- EU to target Russian gold in next sanctions package
+ EU approved €5.4bn hydrogen tech project
- Germany inflation will force govt to spend additional €14bn to service govt loans in 2023, public debt spending set to double
+ Germany’s Lufthansa returned to profitability in Q2, revenue >doubled vs previous year to €8.5bn
- Germany earmarks additional US$3.4bn for Ukraine refugee relief this year
- Germany won’t survive winter without Russian gas: official
- Germany will required to wear face mask indoors again as part of new measures
- UK approved windfall tax on oil and gas industry
- France inflation in June hit record high of 6.5%; preliminary figures
- France called on the nation to brace for Russia gas cut off by saving energy
- Italy’s President rejected PM Darghi’s resignation
- Netherlands and US are holding discussions on blocking ASML from selling to China technology used in making large chips
+ Turkey discovered 694m mt of rate earth element reserves, with infrastructure construction starting this year
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+ Australia’s total lithium concentrate exports jump 15% in first 5 mths, China accounting for 96% of the total
+ India to allow trade settlements between and other countries in rupees
- India further tightened rules for telecom licenses, mandating operators only purchase devices from “trusted sources”
- India projected to surpass China as world’s most populous country next year: PTI
+ South Korea, US to further cooperation on chips
+ Saudi Arabia to open airspace to all airlines, including from Israel
+ Saudi crown prince said more investment needed in fossil fuel and clean energy tech to meet global demand
+ Kazakhstan offered firms leaving Russia the chance to relocate to the country
- Sri Lankan declared state of emergency, President has fled the country
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+ Indonesia waived palm oil export levy to cut bloated stockpiles
+ Indonesia to begin exporting chicken products to Singapore
+ Thailand will allow foreigners to fully own land for residential use, to own up to 0.16 hectares, to nvest 40m baht
+ Thailand planning to build US$37bn smart city in industrial hub in Eastern Economic Corridor
+ Vietnam VinFast signed agreements with banks to raise at least US$4bn globally to fund its US plant
- Myanmar Central Bank bans businesses, residents from repaying foreign loans
- Malaysia raises interest rate to 2.25% amid ‘positive growth prospects’ for economy
- Malaysia rejected fugitive Jho Low’s attempt with RM1.5bn settlement to settle charges against him
+ Malaysia govt plans to recoup 5% from prudent spending
+ Sg GDP grew 4.8% YoY in Q2, picking up form 4% in previous qtr, slower than expected
+ MAS tightens monetary policy in off-cycle move to slow inflation
+ MAS renewed bilateral currency swap arrangement with China for 5 more years
+ Sg Condo and HDB rental prices continued upward path in June, up by 2.1% and 2.3% from previous mth
- Sg core inflation forecast at 3-4%
+ SGD bond issues back regional trend in H1 to hit S$11.6bn
+ Sg grade A core CBD rents mark fastest pace of increase since 2021 to 3.2% QoQ in Q2
+ Sg int’l visitor arrivals see 12-flod boost in H1 with 1.5m visitors
+ Temasek Holdings reports record net portfolio value crossed S$400bn in last financial year
+ Sg plans to launch flying taxi by 2024, Seletar Airport planning to become regional hub for flying taxi
Contribution by Derek@valueinvestments chat group. Thank you.
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