Wolf Money(world market review 12-18 Sept 2022)
Market Summary 12-18 Sept 2022
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- US inflation in Aug rises faster than expected at 8.3%
- Biden singed executive order urging scrutiny of deals involving critical technologies
+ US consumer confidence grows slightly in Sept at 59.5 pts in Sept, up by 2.2 MoM
+ US retail sales up 0.3% to US$683.3bn in Aug
+ US business inventories increase 0.6% in July vs previous mth
- US industrial production down 0.2% in Aug vs July
- Wall St drops to 2-mth lows due to recession fears
- US IPOs represent only 14% of US$153bn this year fetched globally so far this year
- US 30-year fixed-rate mortgage rates rise over 6% for the 1st time since 2008
- US banks deposits dropped to US$19.562 trillion as of June 30, plunged by record US$370bn, 1st decline since 2018: WSJ
- US plans to broaden curbs shipments to China semiconductors used for AI and chip-making tools next mth: source
+ SEC draft rules to boost central clearing in Treasures could help to shore up resiliency in US$24 trillion market
+ US import prices fell for 2nd straight mth in Aug due to lower cost for petroleum products and strong USD
+ US gas inventories stood at 2771bn cubic feet, up by 77B cubic feet, crude oil inventories went up by 2.4m barrels to 429.6m
- US Treasury Dept announced ready to impose sanctions on any institution using Russian payment system
- US Senate panel approved US$6.5bn to fund weapons for Taiwan
- US consumer gp says drugmakers abuse US patent system to keep prices high
- Boeing plans to remarket some 737 MAX jets earmarked for Chinese airlines
- Boeing’s China orders to be affected with home-grown C919 set for green light to be certified
+ US aims to deploy 15 GW of new floating offshore wind platform by 2035
+ Starbucks to make China its biggest market surpassing US, to reach 9000 stores by 2025
+ Tesla pausing plans to make battery cells in Germany as it seeks at qualifying for US EV and tax credits
- Google was sued for €25bn over its anti-competitive practices in digital advertising in UK, EU courts
+ Moderna is open and has the capacity to supply Covid vaccines to China: CEO
+ GM to invest US$491m on metal stamping facility to help EV production
+ J&J announced share repurchase program to buy back share up to US$5bn common stock
+ US audit inspectors to arrive in HK this week to start auditing US-listed Chinese firms
- Bridgewater’s Ray Dallo expects stocks to fall 20% if rates rise to 4.5%
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+ Xi began official visit to Kazakhstan, which BRI was first proposed back in 2013, n Uzbekistan to attend SCO summit
- China’s yuan traded in offshore market breached critical threshold of 7 per USD at 2-year low
+ China’s central bank keeps medium-term policy rate steady at 2.75%
+ China’s 7 largest banks cut saving rate for the first time since 2015, to boost consumption, investment
+ China’s industrial output up 4.2% YoY, retail sales up 5.4% reaching 3625.8bn yuan in August
+ China moves to lower institutional transaction costs, expand market access for businesses
+ China to continue tax deferral for smaller manufacturers to revive economic activity
+ China’s developers will deliver homes gradually; financing will improve as more incentive measures are carried out: Ministry
- China new home prices fall fastest pace MoM since Nov 2021, on-year since Aug 2015, property sales fall tor 13th mth in a row
+ Chinese Cities ramping up efforts to finish stalled real estate projects and ensure housing delivery to home buyers: ministry
+ China >25 cities allowed residents to buy homes with parents’ housing provident funds
+ China will use its B&R initiative to expand green-energy infrastructure in Kazakhstan
+ China-Kyrgyzstan-Uzbekistan (CKU) railway construction project could reportedly be singed at SCO summit
+ China gives green light to 2 new nuclear power plants projects
+ Xinjiang sees foreign trade surged 49.6% in Jan-Aug to US$21bn: customs data
+ China’s C919 narrow-body passenger jet cold be certified as early as next Monday
- China as many as 3470 firms, including word for ’chip’ in brands operations had deregistered between Jan-Aug
+ China’s 7 of 10 vehicles to be smart by 2025, power battery output surges 121% in Aug
+ China’s power consumption up 4.4% in Jan-Aug
+ Shanghai emerged as centre for China’s most competitive chip players, including SMIC and SMEE
+ Shanghai confirms 14-nm chips are begin mass produced in the city
+ China state-owned Baowu Steel Gp announced JV with Australia’s Rio Tinto to develop US$2bn iron ore project
- Evergrande HK HQ building seized by creditor Citic Bank over unpaid loan of almost US$1bn
- China’s smartphone shipments plunge 31% in July
+ BYD inked a deal to build its first overseas passenger car factory in Thailand
- China domestic tourism spending fell 22.8% from last year’s Mid-Autumn festival to US$4.2bn
- China plans sanctions on CEOs of Boeing Defence, Raytheon over Taiwan arm sales
+ Chinese mobile firms may set up plants in other countris due to India crackdown
+ Tencent Music opts for HK listing by introduction, to debut next week
+ ByteDance to spend up to US$3bn to repurchase shares from investors
+ HK planning roadmap for development of innovation and technology next 5-10 years, may announce within 6 mths
+ HKEX may add new listing chapter to cater to large tech firms at early stage of product commercialization
+ HKEX may lower the revenue requirements for hard-tech companies to go public
- HK home prices set to hit 5-year low as rates hike deter buyers
+ HK may announce end of hotel quarantine soon
- HK facing wave of restaurant closures as landlords chasing about 8000 businesses over unpaid rent
- HK millionaire population slipped 4th places to 12th in a list compiled by consultancy Henley, number down by 14% to 125,100
+ Macau 7 firms bid for new casino licenses with new contracts set to start beginning 2023
- Taiwan-US to discuss new chips law in Oct
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- Japan declared that FX intervention is among the options to combat yen’s fall
- Japan’s producer prices rise by 9% in Aug
- Japan posted its biggest single-month trade deficit on record in Aug, imports jumped 49.9% to US$19.71bn in trade deficit
- Japan’s govt must take steps as needed against excessive, one-sided yen moves: official
- Japan to consider financial income tax hike to pay for defense spending
+ Japan significantly increased purchased of LNG from Russia in Aug, up by 211% in quantity YoY
- Japan Aug core inflation seen hitting near 8-year high: Reuters poll
+ Japan aims to remove its cap on daily arrivals by end Oct, consider removing other remaining barriers to foreign tourism
- Toyota unit in Thailand must pay US$272m in import duties: Thai top court
+ Bank of Russia cuts interest rate by 50 bps to 7.5%
+ Putin tells Modi Moscow is willing to end Ukraine war ‘as soon as possible’
+ Putin tells Europe; if you want gas, then open Nord Stream 2
+ Russia top oil producer Rosneft posted 13% rise in H1 net profit to US$7.22bn
+ Russia to replace Nord Stream 2 with pipeline to China: Energy Minister
+ Russia unveiled new gas pipeline to China through Mongolia
+ Russia expected to deliver 50bn cubic meters of natural gas annually to China
+ Putin predicts new record trade with China, annual trade turnover to increase to US$200bn or more
- Air Canada to buy 30 electric planes for the first time from Heart Aerospace
- Gold plunged to its lowest since April 2020, lost nearly US$400 since its March peak
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- Eurozone trade deficit in goods rose in July to €34bn vs surplus of €20.7bn in July 2021
- European gas plummeted 14% after Russia reveals export drop
- Eurozone industrial output down 2.3% in July
- ECB likely increase its key interest rates multiple times upcoming mths, 75bps unlikely: Scicluna
- Europe 5G rollout to be delayed due to rising energy bill
+ EU car registrations rise 4.4% in Aug, marking first monthly increase in 13 mths
- EU natural gas prices continued to rise, up by 12% this week
- Eurozone inflation confirmed at record 9.1% in August as energy, food prices surge
- European Court of Justice recommends €4.1bn in Google antitrust case
- EU plans comprehensive reform of electricity market, include cap on producers’ profit that would raise €140bn
+ Airbus anticipates A321 assembly at Tianjin facility later this year
- Germany economic outlook for H2 dramatically worsened: Ministry
- Germany economic minister hypes cutting reliance on China, said ministry is working on a new trade policy related to China
- Germany seizes control of Russian oil refineries Rosneft under trusteeship
- UK CPI stood at 9.9% in Aug, vs July when annual inflation at record 10.1%
- British pound sank to its weakest level against USD since 1985 or 37 years low
- UK producer prices up by 16.1% in 12 mths ending Aug
- UK retail sales volumes decline 1.6% in Aug MoM
+ UK unemployment at 3.6% in qtr to July, lowest since 1974
+ HSBC likely to resume share buybacks in H2: CFO
- France govt to spend €16bn to limit energy price increase to 15%: minister
- Ukraine reconstruction estimate to cost US$349bn: report
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- Australia’s central bank hints at 2.5%-3.5% range, closer to normalising rates
+ Asia stock listings have raised US$104bn so far this year, accounting for record 68% global volume
- South Korea issued arrest warrant for founder of crypto’s Terra
+ SK Gp to invest US$52bn by 2023 to boost its national production facilities for chips
- South Korea fines Google, Meta combined US$71.9m for unauthorised data collection
+ Samsung aims to achieve carbon neutrality by 2050
+ Iran signed MOU on joining the Shanghai Cooperation Organisation (SCO)
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+ Indonesia’s imports and exports reached all-time highs in Aug
- Indonesia to stop issuing license for new coal-fired power plants to boost development of new n renewable energy
+ Indonesia open to buying cheap oil from anywhere: minister
- Thai Baht falls below 37 to USD, its lowest since Dec 2006
+ Philippines awarded US$11bn airport project to a consortium backed by Samsung and European companies
- Laos inflation surged to 30.1% YoY in Aug from
+ Malaysia’s economic performance increases 33.1% between Jan- Aug period to total trade value RM1.87 trillion
+ Malaysia-China trade expected to hit new record high this year with implementation of RCEP: minister
+ Malaysia likely to meet annual GDP of 7.7%: JP Morgan
+ Malaysia car sales on pace to exceed 2022 forecast
+ Malaysia had 62% of foreign airlines resumed operation from 5 main airports
+ Sg NODX growth accelerates to 11.4% in Aug from 7% in July
+ SGX plans changes to corporate disclosure rules, including asking firms to reveal exactly how much chief executives are paid
+ SGX securities turnover value climbs 35% MoM to S$24.3bn in Aug from 25.6% in July
+ Sg employment in Q2 recovers to near pre-pandemic levels: MOM
+ Changi Airport to increase fees and levies for departing passengers
+ Sg seeks to create 3000 financial sector jobs a year under financial services industry transformation map 2025
Contribution by Derek@valueinvestments chat group. Thank you.
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