Wolf Money(world market review 22-28 Aug 2022)
Market Summary 22-28 Aug 2022
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- Fed will raise rates as high as needed to restrict growth, would keep them there “for some time” to bring down inflation: Powell
+ US retail sales little changed in July amid fall in gas prices and auto sales
- US PMI Composite Output Index stood at 45 at 27-mth low in Aug: S&P
- Dow tumbled 1000 points on Friday after Powell warning on ‘pain’ to business and households
- US 2nd Qtr GDP declined by 0.6% less than previously thought, revised upward from advance estimate in July of 1.9%
- Biden singed executive order on US$52bn bills allow implementation of funding to boost production of chips
+ Biden administration to cancel at least US$10k in student loan debt
- US adds 7 Chinese aerospace and chip firms to export blacklist
- US to suspend 26 flights by Chinese airlines next mth in dispute over China’s strict policies over Covid-19
- US new home sales down by 12.6% in July vs previous mth, down 29.6% YoY
- US crude inventories down 3.3m barrels: EIA
- Moderna sued Pfizer/BinNTech for patent infringement, accused rival of copying mRNA technology before pandemic
- Citigroup to wind down operations in Russia as there is no buyers
+ California set to ban fossil fuel cars by 2035
- US congressional delegation arrives in Taiwan
+ Apple to manufacture iPhone 14 in India, seek alternative location to China
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+ China major industrial firms’ profits fell 1.1% YoY to ¥4.89 trillion (US$712bn) in first 7th mth: NBS
+ China issued 19 policy measures to stabilise economy
+ China >20 municipalities cut down payment requirements by 10-20% points for buyers of second homes
+ PBoC cuts lending rates for 2nd consecutive week for 1-year and 5-year loan prime rates, yuan fell to near 2-year low
- Chinese regulators warn against monopolies, hoarding in photovoltaic industry
+ China, US reached agreement on year-long audit dispute for listed firms to avert delisting
- China’s drought causes Yangtze to dry up, sparking shortage of hydropower
- China Southwest province extends factory power cuts amid scorching weather
+ Beijing to subsidise charging stations for hydrogen-powered cars push to develop clean energy source
+ Li Keqiang called for acceleration of 2nd-phase FTA talks between South Korea
- China Int’l Marine Containers and Maersk Container Industry ditched US$987m deal after US probe
+ CATL working on new materials technology would allow vehicle to travel 700km on single charge
+ SMIC to build US$7.5bn plant in Tianjin to ramp up capacity
+ Huawei must shift focus to profits and cash flow from revenue growth to gird for existential threats: Ren ZF
- China ordered Didi, Meituan and 9 others to step up business compliance and control risks
+ Baidu revealed its first quantum computer ‘ Qianshi’
+ Xiaomi in talks with BAIC to reach goal of making cars
+ Chinese EV maker Leapmotor approved for US$1.5bn HK IPO
- Taiwan proposed record military spending, up by 13.9% to US$19.41bn, 15% of total govt expenditure
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- Japan CPI rose 2.4% YoY at fastest rice in >7 years
+ Japan to ease pandemic-related border restrictions, scrapping pre-departure Covid-19 tests
- BOJ stresses need to maintain ultra-loose policy
- Japan’s Aug business activity down for the first time in 6 mths
- Tokyo core consumer prices jumped 2.6% in Aug YoY at fastest pace in 8 years
- BOJ will likely cut its economic forecasts at is next quarterly review in Oct on soft spending: ex-central bank executive
+ Panasonic in talks for US$4bn battery plant in US: WSJ
+ Russia says ready to extend spaceflight sharing deal with US
- Canada considers direct LNG export to Europe
+ Toronto-based New Performance Material, rare earths processor buys right to mine in Greenland
+ Mexico launched state-owned lithium miner in nationalisation push
+ EV batteries expected to reach US$240bn by 2030 globally, demand to exceeding 3.5 terawatt hrs: Chinese official
- Bitcoin dips below US$20,000
๐ช๐บ ๐ฉ๐ช ๐ฌ๐ง ๐ซ๐ท ๐ฌ๐ท ๐น๐ท
- Eurozone economy index drops to its lowest level in 18 mths
- ECB expected to increase key interest rates by 50 basis points: Nordea
- EU composite PMI fell from 49.9 to 49.2, survey hints at eurozone economy in contraction
- Euro area inflation likely to reach new record high of >10% in Q4: Bundesbank
- EU business activity declined for 2nd consecutive mth in Aug
+ EU allowed Russia to make payments for oil transit
- German recession increasingly likely and inflation will continue to accelerate, could peak at >10% this autumn: Bundesbank
+ Germany’s GDP adjusted for price, seasonal and calendar variations grew 0.1% in Q2
+ Germany won’t keep nuclear plants in function to save gas: Minister
+ Germany’s natural gas storage filled >80%, surpassing target of 75%
+ Germany and Canada signed hydrogen pact
- UK revised data 2020 showed its economy shrank 11%, largest drop in 300 years
- UK inflation set to peak at 18% in early 2023, 9 times BoE’s target: Citi forecasts
- UK announced 80% hike in electricity and gas bill
- UK workers at largest container port begun an 8-day strike, demand higher pay amid sky-high inflation
- France private sector contracts in Aug for the first time since pandemic related disruptions in early 2021: S&P
- France President: “effort and sacrifice” are needed for the country to get through the winter
+ Greece exits from EU enhanced surveillance framework
- Turkey’s consumer confidence strengthened further in Aug to reach its highest level in 5 mths
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- Air New Zealand posted 3rd straight loss due to sky-high fuel, labour costs
+ India’s central bank Governor asserted that country’s inflation has peaked and will slow down in coming mths
- South Korea central bank raises key interest rate by a quarter-percentage point to 2.5%
- South Korea’s trade deficit topped US$10bn in first 20 days of Aug due to faster growth in imports
+ South Korea wins US$2.5bn order to build Egypt’s first nuclear plant
+ Iran and Russia struck deal on natural gas swap and imports
+ Sri Lanka President to meet IMF to finalise bailout package of US$3bn
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+ Indonesia govt reiterated plan to create bullion bank to end dependence on ‘parking’ gold reserves in Singapore
- Bank Indonesia raised policy rate by 25bp to 3.75% ahead fuel price increase
- Indonesia inflation may exceed 4% next year: BI
- Indonesia 2nd phase MRT expansion increased by 15.5% to US$2.5bn
+ Garuda to double number of aircraft in operation by end 2022
+ Thailand’s Q2 jobless rate fell to 1.37%, lowest since pandemic in early 2020
- Thailand household debt surged to highest level in 16 years
+ Cambodia to issue first-ever sovereign bond worth US$300m in Sept
+ Malaysia hopes to revive KL-SG HSR project, transport minister in talks with Singaporean counterpart
+ Malaysia keen to learn from Thailand on use of medical cannabis products
- Maybank’s net profit down 5.4% in Q2 as credit loss doubles
+ Malaysia ranked world’s 3rd most competitive Global Business Services (GBS) location, behind India and China
- Malaysia’s ex-PM Najib has been sent to jail to begin serving 12-year sentence, after final appeal fails
- Najib ‘highly likely’ will get royal pardon: Mahathir
- Sg headline CPI increased for 3rd straight mth in July at 7%, core inflation rose further to 4.8% vs 4.4% in June
- Sg factory output growth slow to 0.6% in July as electronic output falls vs expectations of 5.3%
- CFP Investment Scheme fund performance down 14% last year
- MAS asks crypto firms to submit business data
+ Sg F1 race 2022 to see biggest turnout since 2008, tickets expected to sell out: Minister
+ Sg to lift requirement for travellers not fully vaccinated entering to undergo 7-day stay-home notice
+ PropertyGuru quarterly earnings back in black 1st time since US listing
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