Wolf Money(world market review 17-24 July 2022)
Market Summary 17-24 July 2022
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- US business activity contracts in July for first time in 2 years: survey
- Yellen called on US allies to strengthen trade relationships to shore up global supply chains
- Yellen said had productive meetings proposed price cap on Russian oil with host of countries on the sidelines of G 20
- US blockade of major California seaport stretches into day three
- US weekly jobless claims hit fresh 8-mth high, rose 7000 to seasonally adjusted 251,000
+ US gas inventories up by 32 bn cubic feet compared to previous week to reach 2401 bn cubic feet: EIA
- US crude oil inventories declined by 0.4m to 426.6m barrels
- US existing home sales down 5.4% in June compared to previous mth and 14.2% annually
- Goldman warned may slow hiring, cut expenses as deals slump, reporting 4.8% down in quarterly profit
+ Boeing plans to boost 787 productions after regulatory bodies give green light to resume
- US probes into Huawei “over potential capture of American military information”
+ Amazon makes deeper health push with US$3.49bn One Medical deal
- Tesla sold a significant chunk of its stake in Bitcoin after turbulent crypto foray
+ Tesla’s Shanghai Gigafactory estimated to produce 750,000 vehicles annually, firms’ revenue up 42% YoY in Q2, called for more investment in globale lithium
+ Ford Motor intends to reach its targeted annual run rate of 600,000 EVs by late 2023 , >2m by end 2026
+ United Airlines Q2 revenue at US$12.1bn, highest in history, American Airlines’ Q2 revenue at US$13.24bn in Q2, up by 79.45%
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- China’s US treasury holdings dip below US$1 trillion for the first time hitting 12-year low
+ China's major reason for change in foreign reserves due to the dollar index has risen significantly, leading to decrease in amount after conversion into dollars: SAFE
+ China keeps landing benchmark loan prime rate (LDR) unchanged in July as money rates stay low
+ China debuts US$3bn state-owned iron ore giant to have bigger say in pricing, consolidate massive mining investments
+ China’s value-added industrial output rose 3.4% in H1, added value of manufacturing sector ticked up 2.8%
+ China central bank propels yuan settlements in cross-border e-commerce and other new trading scenarios
+ China central bank keeps medium-term policy rate unchanged for 6 straight mths
+ China’s retail sales continued to see upward trend after gaining 3.1% in June
- China’s biggest chip investment fund under investigation for suspected server violations of discipline and law
+ China Banking n Insurance Regulatory Commission urging healthy financial institutions to merge with small n medium banks
+ China’s home-grown C919 jet nears certification as test planes complete tasks
+ China swindled depositors in Henan, Anhui rural banks scandal started receiving compensation from financial regulator
+ China multiple real estate projects resumed construction after homebuyers halting mortgage repayments
- China faces shortfall of US$6.5 bn in green financing over next 4 decades to reach emissions goal
+ China 1st hydropower plant generating capacity of 1m kWh in Xizang Autonomous Region entered operations
+ China railway linking Dali-Bashan started operation, breakthrough in construction of China-Myanmar Int’l railway corridor
- Didi fined US$1.2bn for 16 legal breaches; national security and data violations, signalled an end to year-long probe
+ China to allow homeowners temporarily halt mortgage and urging banks to increase lending to developers
- China several cities in Henan Province plans to set up working groups to address unfinished or stalled housing projects
- China some suppliers to Chinese real estate developers are refusing to repay bank loans because of unpaid bills owed to them
- Hainan Airlines’ operator seeks US$3bn emergency loan: sources
+ Huawei to launch an updated version of self-developed OS HarmonyOS 3.0, to shake off US export ban
+ Tencent speeding up efforts to turn WeChat channels into earnings driver
+ Hong Kong Monetary Authority makes 2nd intervention in 24 hrs to defend local currency peg, total 16 times this year
- Macau Sands China widened it loss by 1.5 times in H2 YoY todf US$422m
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- Japan regulators approved release of Fukushima water into sea which still contain traces of tritium after treatment
- Japan’s trade deficit at ¥1,38 trillion in June
+ Japan’s inflation stays above central bank target for 3rd mth
- BOJ reaffirmed intention to ease its monetary policy further if needed
- Japan to cut this fiscal year’s economic growth forecast: Nikkei
+ Russia’s central bank will allow banks from “unfriendly countries” to trade between foreign currencies on its forex markets
+ Russia central bank lower interest to 8%
+ Russia-Ukraine singed Black Sea initiative on grain transportation
+ Russia exports of oil to China soared by 60% in H1
- Russian does not plan to sell its oil to the global markets should the price cap be introduced: Deputy PM
+ Russian started sending gas through Nord Stream to Europe after a 10-day maintenance period
+ Russian titanium producer dropped from sanctions list by EU: report
- Russia’s daily natural gas exports to Europe of 400-500m cubic meters at lowest in last 4 years
- Canada inflation rose 8.1% in June, highest in decades
- IMF will cut global economic growth outlook “substantially” in its next update
- Gold drops to 15-mth low after ECB raised rates more than expected
- Cryptocurrency exchange Zipmex that operates in Singapore and Thailand halted withdrawals
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- ECB raised key interest rate by 50 basis points to 0%, ending negative rates era, 1st increase in 11 years and biggest since 2000
- Eurozone debt to GDP ratio at 95.6%, highest posted by Greece, Italy, Portugal
- Eurozone consumer confidence fell by 3.2 pts in July from June to lowest level on record
- Euro zone banks to keep tightening access to credit: ECB survey
+ Euro area will not face a recession in 2022 and 2023: Lagarde
- EU set to impose 7th round of sanctions on Russia, including gold embargo, freeze on Sberbank assets
+ EU-China trade exchanges valued at US$1.95bn daily
+ EU planning to amend sanctions on Moscow to facilitate in food and fertilizers: Reuters
- EU says full cut-off of Russian gas supplies to Europe, combined with cold winter could reduce average EU GDP by up to 1.5%
- Germany’s manufacturing activity hit 25-mth low at 49.2 in July: S&P Global
- Germany to bail out energy giant Uniper, to take 30% of stake for US$15bn after Russian gas hit
- UK business activity in July posts weakest rise in 17 mths
- UK consumer prices rose 9.4% in June at 40-year high, inflation set to hit 11% in Oct as food and energy cost rise
- UK bank seeks investors for stalled Chinese-backed London development with initially estimated investment of £1.7bn
- UK to stop importing Russian oil in Dec
+ HSBC to speed up exit from non-core markets and deploy additional capital in Asia, bid to push back against breakup proposal
- France to nationalise country’s biggest power provider EDF amid worsening energy crisis
+ France President set to discuss oil and diesel supplies with UAE
- Spain rejected EU to cut gas use by 15%
- Ukraine devalued its national currency by 25% against USD to improve competitiveness of producers
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- Australia’s central bank says interest rate still too low after hikes as unemployment dips to lowest in nearly 50 years
- New Zealand inflation hits 32-year high, due to rising fuel, food and housing costs
+ Indian economy expected to expand 7% in fiscal 2022/23, lower than 7.4% previous estimate
+ South Korea said would not take any decision in hurry to join proposed US-led chip alliance
- South Korea prosecutors raided 15 local cryptocurrency exchanges and offices amid Luna probe
+ Samsung SDI to spend US$1.3bn on new battery factory in Malaysia
- Saudi Arabia approaching maximum oil production capacity and could theoretically raise output by 1.5m barrels a day
+ UAE economy set for strongest expansion in 11 years after 8.2% first-quarter growth
+ Qatar Airways finalised deal over purchase of 25 of 737 MAX airplanes
- Qatar telecom firm Ooredoo in talks to sell its Myanmar unit
+ Egypt begins its construction of US$30bn first nuclear power plant to be built by Russia
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+ Indonesia FDI accelerated to new record high in Q2 to Rp163.2 trillion, up by 40% in rupia terms YoY
+ Indonesia growth projection upgraded to 5.2% by ADB
+ Indonesia considering removing domestic sales requirement for palm oil exports
+ Indonesia plans to get 6 million units of electric motorcycles on the road nationwide by 2025
- Indonesia seeks to crack down on unhealthy peer-to-peer lenders
+ Thailand industrial sentiment picked up first time in 3 mths in June
- Thailand tourism revenue this year may total 1.2 trillion baht, below govt’s target of 1.5 trillion
+ Thailand’s cannabis market expected to grow about 15% between 2023 and 2025 with market value forecast 43bn baht
+ Philippines President Marcos Jr wants to renegotiate loan agreement struck by his predecessor with China
- Malaysia inflation rate rises to 3.4% in June, driven by surging food prices, vs 2.8% in May
+ Malaysia’s total trade reached record high of RM270.39bn in June
+ Malaysia to be manufacturing hub for Ericsson’s 5G equipment in APAC
- Malaysia’s air travel industry recovering slower than expected: CIMB
+ Sg non-oil exports rose 9% in June YoY, expanding for 19th straight mth
- MAS recorded net loss of S$7.4bn in FY2021/22, first time in 9 years
- Sg economy expected to experience slower growth, in lower half of 3%-5% forecast range
+ Sg private home prices up 3.5% in Q2 as market rebounds on record launch prices, increase volume
+ Sg luxury condo sales up 46.2% QoQ in Q2, transactions nearly S$900m
- HDB resales prices rise 2.8% in Q2, transactions fall amid rising interest rates
- Sg has lowest hospital population ratio among 33 developed countries, ratio of 1 hospital for >220,000 Singaporeans
+ SGX, NYSE to collaborate on dual listing of companies, include exploration of ETF products
- IMF lower forecast for Singapore economy to 3.7% growth this year
Contribution by Derek@valueinvestments chat group. Thank you.
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