Wolf Money(8-14 Aug)
Market Summary 8-14 Aug 2022
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- US inflation eases slightly in July to an annual rate of 8.5% amid falling oil prices
+ US import prices posted first decline in 7 mths, due to strong USD and lower costs for fuel and nonfuel products
+ US consumer sentiment up more than expected to 55.1 in Aug from record low 50 in June
- Biden signed into law CHIPS and Science Act aims at crippling China’s semiconductor supply chains
+ S&P 500, Nasdaq close higher 4th straight week as signs inflation may have peaked in July
- US Congressional delegation arrives in Taiwan for 2-day visit
+ US house approved Biden’s US$430bn on climate change, drug prices
- US big Pharma failed to stop a bill allows govt to negotiate prices on select drugs
+ US PPI dropped by 0.5% in July on seasonally adjusted monthly basis
+ US wholesale inflation fell 0.5% in July
- US initial jobless claims increased by 14,000 from previous week to 262,000
+ FAA cleared Boeing to resume deliveries of 787 Dreamliner
+ US petrol prices fall below US$4 per gallon for first time since March
- FBI raided Trump’s residency in Palm Beach in search for nuclear docs, under investigation for possible violation espionage act
+ US gas inventories up by 44bn cubic feet to reach 2501 cubic feet
- Musk sold US$6.9bn worth of shares in Tesla to raise cash “in case he’s compelled to complete the US$44bn Twitter takeover”
- Pfizer will spend US$5.4bn to buy Global Blood Therapeutics to boost capabilities in rare hematology
+ Wal Disney edged past Netflix with total 221m streaming customers
- Audi, Kia and Porsche in US said EV buyers will lose access to federal tax credits up to US$7500 once Biden signs climate bill
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+ China’s CPI rises to 2-year high of 2.7% YoY in July, PPI rose 4.2%, down from 6.1% rise in June
+ China’s Jul exports rise, with trade surplus at record-high, up 18% to US$333bn YoY
+ China’s excavator sales jumped by 3.42% YoY in July, ending 14-mth decline
+ China said US Chip Act will seriously disrupt global companies’ normal trade and investment activities
+ PBoC vowed to ramp up implementation of prudent monetary policy, not to over-issue money, support real economy
- China state-owned giants PetroChina, China Life Insurance, China Petroleum & Chemical to delist from US stock exchange
- Chinese banks extended 679bn yuan in new yuan loans in July, less than a qtr of June’s amount
+ China’s bank and insurance regulator will guide bank to extend loans to meet reasonable financing demand by developers
- China’s refined oil exports halve in H1 even as demand spikes
+ Sinopec discovered an oil field containing 1.7bn tons of oil reserves
+ China’s machinery industry growth 5.44% in revenue in H1, operating revenue totalled US$1.9 trillion
+ Chinese private aerospace venture Galactic Energy Space successfully sent 3 satellites to solar synchronous orbit with 1 rocket
+ China 2 major chipmakers SMIC and Hua Hong recorded better-than-expected revenue in Q2 qtr
+ China telecom operators invested >400bn yuan (US$59.4bn) into 5G up to date, driving economic output 8.56bn yuan
+ China exports 49,000 NEVs in July, with Tesla China exporting 19,756 NEVs
+ China’s automakers shipped 290,000 vehicles to overseas in July, making new export record, up 67% YoY
+ China’s electricity consumption recorded growth of 3.4% YoY in first 7 mths
- China suspended beef imports from 2nd US firm after shipment found to contact ractopamine
+ Chinese telco industry leaders called for increased research on 6G with independent capabilities and industrial chains
+ China to use aid funds for China-Nepal railway feasibility study to boost connectivity
+ China’s construction of test track first maglev air train completed
+ CATL will invest €7.5bn to build a 100 GWh battery plant in Hungary to supply Mercedes, BMW
+ China to increase trading days of stock connect programs between mainland and HK
+ Chinese listed firms been turning to Switzerland capital market to rise funds
- China about 178,000 tourists reportedly stranded in Hainan Covid lockdown
+ China airlines restart direct flights to UK after 18-mth pandemic hiatus
+ China Tourism Gp Duty Free plans US$2.5bn HK biggest listing so fare this year
+ China-Made first Covid pill files for HK IPO
+ Xiaomi is running tests on 140 autonomous driving vehicles across China, aims to be leader in smart EV sector in 2024
+ Huawei reported revenue in H1 stood at 301.6bn yuan (US$44.8bn), H1 profit drops 52% as demand weakens
- Luckin Coffee reports loss US$17m for 2nd qtr, back into red as it double down on expansion with 615 new stores
+ China MOF issued 5bn yuan (US$742.28m) of treasury bonds in HK, 4.36 times oversubscribed
- HK Q2 GDP contracted 1.3% YoY; govt cuts 2022 forecast
- Cathay Pacific reported losses in H1 at US$637m, narrower than US$968m deficit same period last year
+ Taiwan’s economy expected to expand 3.76% in 2022 vs previous estimate of 3.91%
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+ Japan July core CPI seen rising 2.4% to near 8-year high
+ Japan’s H1 current surplus shrank 63.1% YoY to US$25.9bn, lowest in 8 years
- Japan >10,000 food items set to rise on weak yen in H2
+ Russia’s GDP in now about equal to its size in 2018
- Russia supplies of goods to the US have fallen to lowest level in 18 years: US Census Bureau
+ Russia and Turkey reached deal to ditch dollar in trade
- Russia steel giant Evraz selling US businesses
+ Russia resumed oil supply to EU after Ukraine received transit fees
+ Russia attracted record >3.12m ppl in Q2 to work due to strong ruble
+ Russia cold buy yuan, rupees, Turkish lira for rainy day fund: central bank
- Argentina hiked rate to 69.5% as inflation soared 71% in July YoY to 30-year high
+ IEA raised estimate for 2022 global demand growth by 380,000 bpd to 2.1m
- OPEC cuts global economic growth forecast to 3.1%, revises oil demand growth to 3.1m bpd
+ Bitcoin surpassed US$25,000 for the first time since mid-June
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+ Eurozone industrial production grew by 0.7% in June compared to May
- European politicians vow to press on with Taiwan visits
- EU, South Korea raised concerns about proposed US tax credits for purchases of EVs, saying may breach WTO rules
- German Economy Ministry revised down economic outlook for H2 over energy crisis
+ German set out €10bn of tax adjustments to ease taxpayer burden
+ Germany reaches 75% gas stocks target ahead of schedule
- German retailers are the 1st in eurozone to feel the pressure of shrinking sales volumes
- German regulator fines Bank of America €5.1m for delays in reporting
- UK GDP fall 0.1% in Q2, industrial production down 0.9% in June, considers support for energy-intensive industries
- UK trade deficit up to record, excluding precious metals, rose £2bn in Q3 at £27.9bn
- UK power supply under threat as electricity exports from Norway may be slashed due to hydropower shortage
- UK faces steepest real wages drop in a century
- HSBC largest shareholder Ping An insisted on call for bank to spin off its Asia operations
+ Spain-France new gas pipeline to wider EU could become operational in 8-9 mths: minister
+ Greece to exit EU’s enhanced surveillance framework, to have greater freedom in making economic policy
- Ukraine’s creditors agree 2-year freeze on US$20bn overseas debt
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- NZ house prices fell YoY for the first time in more than a decade
+ India 1st business charter flight carrying 107 businessmen from India arrived in China Zhejiang, to boost trade resumption
- India mulling a ban on Chinese smartphone makers’ sale of cheaper devices
- India pressure Sri Lanka to defer arrival of a Chinese research vessel, citing national security concerns
+ India turned to Chinese yuan and Emirati dirham in Russia trade: Reuters
- India cold see 100 firms downgraded on new credit rules: Moody’s ICRA
+ South Korea made first arrests in probe of US$3.4bn in major crypto-linked inquiry
+ Samsung vice chair Jay.Y Lee pardoned by President after serving 18 mths in prison; “to help the economy”
+ SK Hynix to break ground on new US chip packaging plant early next year
+ Saudi Aramco’s Q2 net income surges 90% YoY to US$48.4bn
+ Iran has paid first import order with crypto
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- Indonesia govt considering measures to control flow of fuel subsidy, fears it may cost more than has been allocated
+ Indonesia’s shipments of CPO and its derivative products begun to soar again following halting export ban in May
+ Indonesia strikes US$5bn deal with Tesla for nickel supply
+ Indonesia cited as potential coal suppliers for Germany
+ Thailand consumer mood at 5-mth high in July
+ Vietnam to spend >US$58bn for its planned north-south high-speed railway
- Vietnam will need investments of between US$8bn and US$14bn a year to 2030 in power investments
+ Philippine bourse expects record stock listings this year with value of at least US$2.69bn
- Laos inflation surged 25.6% YoY in July form 23.6% in June
+ Malaysia’s GDP grew 8.9% YoY in Q2 at its fastest annual pace in a year
+ Bank Negara maintaining GDP growth projection at 5.3% to 6.3% for 2022
+ Malaysia’s digital economy to grow RM156bn by 2025
+ Malaysia’s palm oil and palm-oil-based products exports grew by 55.2% in H1 to RM67.48bn
+ Bank Negara unlikely to take aggressive stance in adjusting Overnight Policy Rate: governor
+ Malaysia will not peg its currency to USD: minister
- Sg narrowed its economic growth forecast to 3%-4%, trimmed from 3%-5%: ministry
+ Sg raised its trade forecast as non-oil exports grow 9.1% in Q2, driven by oil and electronics trade, higher oil prices
+ Sg tax collections edge 22.4% higher to S$60.7bn in financial year 2021/22 on low year-ago base
+ Sg condo, HDB rents continued their ascent in July, growth slowed compared to mth before
Contribution by Derek@valueinvestments chat group. Thank you.
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