Wolf Money(world market review 1-7 Aug 2022)
Market Summary 1-7 Aug 2022
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+ US added 528,000 jobs in July, above expectations in sign of strength for job markets
- US trade deficit narrowed sharply in June as exports surged to record high, down by 6.2% to US$79.6bn
- US Fed faces renew pressure to deliver another 75 basis pts rate hike as fresh data showed unusually large job number
+ US companies are reporting mostly upbeat news this earnings season, S&P 500 firms estimated to have increased 8.1% YoY
- Nancy Pelosi arrived in Taiwan; China warned ‘sever impact’ on ties with US
+ Biden to sign bill to boost chipmakers, compete with China: White House
+ US jobs market grew much faster than expected in July, lifting employment back to pre-covid levels
- US jobless claims on the rise near highest since Nov, signalling slowing labour market
+ USD rallied across the board after stronger-than-expected July payrolls report
- US home price gain are cooling at record pace in June, as demand wanes and supply builds
- US declared monkeypox public health emergency, to take response to the next level
- US issued fresh sanctions on Iran, targeting Chinese, UAE firms
+ Tesla shareholders approved 3 for 1 stock split; Musk to add factories
+ Amazon to acquire maker of robot vacuum cleaner iRobot in all-cash deal for US$1.7bn, to expand in smart home devices
- Berkshire Hathaway posts US$43.8bn loss as stock holdings tumble
+ Airbnb reported soaring revenue as travel rebounds
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+ China's trade surplus rose to record to US$101bn as exports grew faster than expected
+ China’s private Caixin PMI at 50.4 in July, in expansion range but lower than 51.7 in June
+ China’s Caixin services PMI rose to 55.5 in July at fastest pace in 15 mths: PMI
+ China boosting domestic demand and stabilising property sector will be key priorities to keep economy recovery well
+ China’s foreign trade will likely grow by double digits in H2 on strong economic resilience and speedier recovery
+ China’s consumer spending sees sharp rebounding, with retail sales expected to grow 3-6% in H2
+ Chinese firms accounted 31% of total revenues of 2022 Fortune Global 500 giants, surpassing US firms’ 30% for the 1st time
- China to sanction on US house speaker Pelosi and her family members over trip to Taiwan
- China restricts trade with Taiwan amid over tensions over Pelosi’s visit; suspends imports citrus fruits, some frozen fish
- China to halt cooperation with US in number of areas including military, climate talks with US over Pelosi trip
- China is ignoring phone calls from Pentagon: Politico
+ China’s infrastructure investment up 15% in July amid package of support policies
+ China’s C919 completed all test flights needed to obtain airworthiness certificate from CAAC
- China imposes Covid-19 lockdown and shut its public transport system on tourist spot Sanya during its peak tourist season
+ China’s outbound int’l passenger flights likely to grow by >200% MoM in August as it continued to relax travel restrictions
+ China’s container throughput of 8 costal hub ports up 27% YoY in last 10 days of July
+ China >30 cities offer favourable policies to support home purchases by families with 2 or 3 children
- CATL will delay decision on building multibillion-dollar factory in US due to Pelosi Taiwan’s visit
+ China Iron and Steel Association plans to set up a committee to push for resources stability
+ China’s new revised Anti-Monopoly Law aims to build and create fair market competition ecosystem takes effect next week
+ China-Kyrgyzstan-Uzbekistan railway project feasibility study kicks off: NDRC
- Alibaba adjusted net profit down 30.4% to 30.25bn yuan for its first fiscal quarter ending June amid flat growth
- Offshore investors dumped US$3.1bn worth of Chinese stocks in July, turning net sellers for the first time since March
- Evergrande surrendering land-use rights in GZ, ending plan to build a football stadium larger than Nou in Barcelona
- HK economy shrinks 1.4% in Q2, after previous qtr 3.9% decline
+ Macau to reopen after Covid sinks gaming revenue to record low, to resume ferry services with SZ
- Taiwan military confirmed Chinese missiles flew over the island
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+ Japan’s households spending jumped 3.5% in June first time in 4 mths
- Toyota’s profits fell nearly 18% in Q2 YoY as chips shortage keeps customers waiting
+ ANA sees profit in Q2 for 1st time in 3 years on demand pickup
+ Japanese govt panel expected to propose raising average minimum wage for fiscal 2022 by record >¥30 from ¥930 an hr
- Russian bans Western investors from selling banking, key energy stakes
+ Moscow Exchange started to trade first bonds of 2 of Rusal’s yuan-denominated papers maturing in 2027 worth 2bn yuan
+ Russian soft drinks producer Chernogolovka targets 50% of market to fill gap left by Coke, Pepsi
- Putin, Macron no longer in regular contact: Kremlin
+ Putin, Erdogan may discuss possibility of Turkey joining BRICS: Kremlin
+ Russia displaces Saudi Arabian oil in India
+ Argentina’s new economic promises to stop printing money; inflation expected to reach 90% by year end
+ OPEC+ would add only 100,000 barrels a day of oil in Sept, one of smallest oil hikes in its history
- Oil prices hit lowest since Russia-Ukraine war began; Brent hit US$92.23/bbl
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- Europe’s aerospace industry would be in danger if sanctions disrupt supply of Russian titanium; citing Airbus top management
+ EU looks to diversify as >90% of advanced chips from Taiwan, Intel and Italy close to deal to build an advanced factory for the production of semiconductors initially worth US$5bn
- ECB expects inflation to average 6.8% in 2022 befalling to 3.5% in 2023 and 2.1% in 2024
+ Europe-China cargo trains grew 11% YoY in July, number of containers delivered increased 12%
+ EU sanctions on Russia will not limit Nord Stream turbine transfer: EU Commission chief
- European Council gave final approval to a plan would see EU countries reduce gas consumption by 15% over coming mths
+ Germany wants EU rules on member states’ debt to be enforced more rigorously in spending
+ Germany considers making tax exemptions for gas purchases to reduce living costs
+ Germany’s industrial output advanced by 0.4% in June, beating market predictions
- German urged to cut gas consumption by 20%
- BoE hikes key interest rate to 1.75%, highest level in 27 years, warms of recession ahead
- UK largest container port set for 8-day strike end Aug in dispute over pay after peace talks
- UK house prices decline in July vs previous mth, first time in over a year
+ UK now require foreign firms holding property to identify true owners in an official register
- France govt warned companies might have to reduce energy consumption during coming winter
+ Italy allocated additional financial package worth €17bn to fight inflation
- Credit Suisse mulls cutting thousands of jobs globally: report
- UBS investor optimism drops on inflation and geopolitical concerns; survey >2800 investors and 1100 business owners across 14 markets
+ Greece and China to further deepen mutually beneficial cooperation and jointly work toward better bilateral relations
- Turkey’s inflation jumped to 24-year high of nearly 80% in July
+ Ukraine to use about 100 ships to export grain, food from its territory
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- Australia’s central bank raises benchmark rate for 4th mth to 1.85%
- India’s trade deficit hits record US$31bn in July, prompting concerns ability to fund current account deficit, outlook of rupee
- Indian govt is looking into cases of alleged tax evasion by Oppo, Vivo and Xiaomi: Finance Minister
- India aims to tighten rules on M&A antitrust scrutiny that could particularly affect global tech firms have lot of business there
- India freezes assets of Binance-linked WazirX
- South Korea’s inflation hits 6.3% in July, highest rate since Nov 1998
- South Korea seen trade deficit with China for 3 consecutive mths
+ South Korea supercraft launched to the moon, first step in lunar exploration
+ Saudi Arabia registered budget surplus of around US$21bn in Q1
- Bangladesh turns to ADB, World Bank for funds, seeking US$1bn from each lender, garment sector experiencing slowdown
- Sri Lanka facing great danger, to restart IMF talks: President
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+ Indonesia’s economy expanded 5.44% in Q2 boosted by esports, easing Covid-19 curbs, up from 5.01% in Q1
- Indonesia inflation at 7-year high, surpassed already-revised estimates by BI and govt
+ Thailand to start testing its digital currency later this year for 6 mths, around 10,000 retail users to take part
+ VinFast hiring 8000 additional employees for its EV plant in Vietnam to boost production
+ Malaysia on track to achieve GDP growth of 5.3% to 6.3%: FM
+ Bank Negara Malaysia’s int’l reserve expanded to US$109.2bn as of July 29
+ Malaysia’s new vehicle sales for 2022 should exceed 630,000 units projected by MAA
- Malaysia says no decision yet on lifting chicken export ban despite minister’s earlier comments to end on 31 Aug
+ AirAsia, AirAsia X to hit 100% capacity by March 2023: Tony Fernandes
+ Sg retail sales grow 14.8% in June from low base in 2021 but at slower pace
- Sg firms blame lack of budget , talent for sustainability struggles: report
+ Changi Airport weekly passenger traffic at 55% of pre-covid levels in July
+ Sg seen influx of hundreds of ultra-rich Chinese eyeing move to here, generating US$2.4bn inflows: consultant
+ Sg selling prices for private properties grow by around 3%-5% in Q2
+ Sg rental prices for private properties rose by around 8% to 15% in Q2 as expatriates return
+ Sg price, demand for HDB rental assets decline first time in 3 years
Contribution by Derek@valueinvestments chat group. Thank you.
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