Wolf Money(world market review 19-25 sept 2022)
Market Summary 19-25 Sept 2022
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- Fed raises interest rates by 0.75% to hit 14-year high, Powell signals more pain to come
- US Conference Board said its Leading Economic Index fell 0.3% in Aug after decreasing 0.5% in July
+ US PMI composite output index in Sept at 49.3, reaching 3-mth high
- US most Democrats say ditch Biden as 2024 nominee: Poll
- Dow at lowest level since Nov 2020
- US initial jobless claims up 5000 to 213,000
- US existing homes sales declined 7th consecutive mth in Aug standing at 4.8m or 0.4% decrease vs July
- US fined Boeing US$200m for misleading assurances about the safety of 737 MAX
- US luxury home market posts its biggest decline in a decade
- US condemns World Bank President after he declined to say whether he accepts scientific consensus on global warming
+ Microsoft plans to expand recruitment and upgrade its campuses in China
- Meta planning to cut expenses by at least 10% in coming mths, part through staff reductions
+ Ford to restructure global supply chain after US$1bn in unexpected supplier costs for the 3rd quarter
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+ PBoC to leave key interest rates unchanged in Sept
+ PBoC said will steadily and prudently push forward yuan internationalisation
+ China’s trends of real estate bubbles and financialization have been reserved materially: officials
+ China to lower highway, port charges to support logistics
+ PBoC injects 21bn yuan into market through reverse reops to ensure stable liquidity
+ China will impose tougher penalties for financial crimes
- China suspended taking subscription or capped inflows of bond funds amid signs money is gushing into fixed income products
+ China spent record amount of US$8.3bn on Russian energy in Aug
+ China imports of Russian coal hit 5-year high
+ China, Kyrgyzstan, Uzbekistan signed document of cooperation on joint railway project: NDRC
+ China’s refiners set to release huge stocks of diesel onto the world market just in time to meet winter demand: sources
- China stepped up spending on coal as energy crunch bites
+ Chinese firms form JV to explore rate-earth resources in Laos
+ China has 10.99m NEVs running on streets, accounting for half of world’s total running NEVs: NDRC
- China says US EV subsidy rules suspected of violating WTO rules
+ China EV maker Leapmotor set to raise US$800m in HK IPO
+ China about to finish process for re-introducing Boeing 737 MAX after >3 yrs suspension: media reports
+ China Southern Airlines places order for 40 Airbus jets
+ China Vanke unit set to raise HK$5.75bn in HK IPO: sources
+ Evergrande restarts 668 housing projects, contracted home sales hitting 18.2bn yuan in 8 mths
- Country Garden’s rating downgraded to BB by S&P due to ‘narrowing liquidity buffer’
+ CALB, EV battery maker, set to raise HK$11.56bn in HK IPO for construction of battery production lines
+ HK ends 3-day hotel quarantine for arrivals, with only a 3-day self-monitoring period at home
- HK Finance Chief warned of gull-blown recession amid Covid-19 measures and rising interest rates
- HK Monetary Authority hikes interest rate by 75 bps to 3.5% to 14-year high
- HK has lost aviation hub status due to China’s pandemic policy: IATA
+ Taiwan to drop quarantine for arrivals by mid-Oct
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+ Japan intervenes in FX market to stem yen’s slide for the first time since 1998
+ Japan will keep close eye on currency market moves and act decisively against excessive fluctuations: PM
- Japan’s core consumer prices surged 2.8% to nearly 8-year high in Aug
+ Japan’s average residential land price as of July rose 0.1% YoY, rises for 1st time in 31 years
+ BOJ’s monetary tightening policy will not include interest rate hikes for the time being: Kuroda
+ Japan to lift Covid-19 restrictions on foreign tourists’ arrivals from Oct
- Honda to cut car by up to 40% in Japan on supply problems
- Russia to call up total 300,000 reservists to fight in Ukraine conflict
+ Russia sees GDP growing by 2.6% in 2024-25: economy minister
- Russia’s banks have lost estimated US$25.5bn from Ukraine conflict: central bank
+ Russia firms must fill void left by Western businesses: Putin
+ Russia exported 8.54m tonnes coal to China in August hitting 5-year high
- Russian payment system Mir cards have been banned by more countries after US sanctions threat
+ Russia offering China, India oil at ‘enormous discounts’: Yellen
+ Gazprom to launch another gas field in Dec, located in Eastern Siberia
+ Canada recorded C$56.33bn budget surplus in first 4th mths of 2022/23 fiscal year
+ Brazil govt estimated to post primary surplus of US$2.6bn in 2022, first in 9 years
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- EU consumer confidence tumbled to lowest levels on record in Sept, down by 3.8 pts to -28.8
- Eurozone PMI composite output index at 20-mth low in Sept
- ECB: there are clear signs of continued slowdown in economic activity in euro area
- ECB to hike interest rates further in upcoming meetings: Lagarde
- EU racing to clinch political agreement within weeks to impose price cap on Russian oil
+ European demand for Chinese solar panels soars in first 7th mth, 26% more than whole last year
+ European FDI into China is showing resilience, with larger firms doubling down on investment
- European Union Chamber says firms increasingly view China as “less predictable, reliable and efficient”
+ German utilities RWE and Uniper close to striking long-term deals to buy LNG from Qatar
- Germany’s producer prices hit all-time high, prices were up 7.9% in Aug, up 45.8% from a year earlier
+ German 10-year federal bond yield surged 12.8 bps to 2.111% at highest point since 2011
- Germany has enough of fuel to meet demand for >3 mths: economy minister
- Germany to lose €160bn to replace Russian energy: economy minister
- Germany nationalise gas giant Uniper, acquired 98.5% stake and plans to inject about €8bn via capital boost
- Bank of England lifts interest rates by 0.5% points to 2.25%, says UK may already be in recession
- UK consumer confidence falls to it lowest level since records started in mid-1970s
+ UK to cut household taxes and energy bills, the most significant tax cut budget since 1972
+ UK said would halve energy bills for businesses in response to deepening energy crisis
+ UK PM Truss to ease immigration rules to boost economy
- Italy to cut its growth estimate for 2023 to just above 0.5%
+ Credit Suisse weighs splitting investment bank into three
+ Switzerland ramped up purchases of Russian gold to the highest amount in >2 years in Aug
- Swiss National Bank raises rates by 0.75% points
+ Hungary and Russia discussed economic, energy cooperation
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+ Australia’s PMI composite output index, recording 2-mth high at 50.8: S&P
+ India unlikely to join other leading economies in plunging into recession: S&P
+ South Korea President first visits to US, expects to raise concerns over US subsidies rules with Biden
+ South Korea would prepare more measures to stabilise the foreign exchange market: finance minister
+ Saudi Arabia to invest US$10.6bn in developing local infrastructure projects in 11 cities
+ Saudi Arabia launched astronaut programme
+ UAE agrees to supply Germany with gas, diesel
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+ SEA internet economy forecast to double to US$363bn by 2025 from end 2021 estimate US$174bn in gross merchandise volume
- Indonesia hikes rates for 2nd straight mth to stem inflation
- Thai govt plans to borrow 2.23 trillion baht (US$60bn) in the fiscal year starting Oct 1, 3% less than its target
+ Thailand domestic car sales surged 61.72% in Aug YoY to 68,208 units
- Thai Oil Plc planning to allocate US$5bn in capital spending in fast-growing businesses
- Vietnam central bank to raise policy rates by 100 bps
- Vietnam is not in a deal with Thailand to jointly raise rice prices: minister
- Malaysia will not impose capital controls or peg ringgit to USD, currency at near 24-year low
- Sg inflation near 14-year high of 5.1% in Aug or 7.5% YoY on more costly food, services
+ Sg overtakes HK as Asia’s top financial centre and 3rd in the world after moving up 3 places
- DBS and UOB ceasing fixed mortgage home loans for now, interest rates under review
- GIC buys into majority stake in Mediterranean luxury beach resort Sani/Ikos Gp (SIG), valuing firm at €2.3bn
- Shopee cuts jobs in China, Indonesia and Singapore
Contribution by Derek@valueinvestments chat group. Thank you.
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