Wolf Money(world market review 17-23 Oct 2022)

 

Lim Kwong Ling Singapore 1932

Untitled circa 1970s

Collection of National Gallery Singapore 

Market Summary 17-23 Oct 2022

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- US fiscal 2022 budget deficit plunged by half YoY to US$1.375 trillion, due to fading Covid-19 relief spending, record revenues 

- US 10-year Treasury yield climbs to highest level since 2007 to 4.29%

- US to sell 15m barrels of oil from SPR: Biden 

- US mortgage applications hit the lowest level since 1997

- US builder confidence declined for 10th consecutive mth in Oct 

- US privately-owned housing starts drop 8.1% in Sept MoM

- US existing home sales down 1.5% in Sept for an 8th straight mth  

+ US industrial production grows 0.4% in Sept on monthly basis 

- US eyes expanding Chinese tech ban to quantum computing and AI

- US appeals court temporarily blocked Biden’s plan to cancel billions of dollars in college student debt 

- Nasdaq halts IPO preparations of at least 4 small Chinese firms as it probes short-lived stock rallies by such firms after debuts

- Boeing offering 737 MAX jets once destined for Chinese customers to Air India amid US-China trade tensions 

+ US business travel revenue back at pre-pandemic levels: IHG

- US may end aid to Ukraine after midterms: Axios 

+ Tesla total revenues in Q3 of fiscal 2022 soared 56% YoY to US$21.45bn 

+ Tesla seeking to further expand its presence in Chinese market, lauds focus on opening-up innovation 

+ Lockheed Martin Q3 net profit at US$1.8bn, up by 190% YoY 

- Blackstone Q3 revenue earnings plunges 83% to US$1.06bn 

+ Musk told prospective investors he plans to cut 75% of Twitter’s workforce if he takes over company 

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+ Xi secured historic 3rd term, introduces new Politburo Standing Committee

+ China keeps it 1-year loan prime rate at 3.65%, 5-year at 4.3% unchanged for 2nd straight mth 

- China banks have been selling USD in onshore markets to boost RMB: FT 

+ China 6 major banks issued combined 9.53 trillion yuan (US$1.32 trillion) in loans to support manufacturing sector 

- China 23 out of 14 first-time defaulters in Q3 were property firms 

+ Chinese airlines to add int’l routes in wake of eased Covid rules 

+ China’s industrial robot firms see more orders from EV-makers 

- China delays key economic data releases amid communist party congress

+ China Securities Regulatory Commission mulls short-term trading systems for foreign investment in A-share market  

+ China’s shipbuilders working around the clock; orders for LNG ships surge as demand rise from energy-starved Europe 

+ China gearing up to secure adequate supplies of natural gas and coal to meet rising market demand during winter 

+ CNOOC discovered first large deep-water gas field with proven reserves exceeding 50bn cubic meters of fuel 

+ China world’s largest coal chemical project kicked starts in Shaanxi 

+ China pledged to ram up efforts to ensure domestic energy security to support economic and social development 

+ China will focus on tacking major issues faced by foreign businesses, in unswerving opening-up drive 

+ China total 6 securities traders and assets management companies buy own products

+ China Amber Int’l Gp, electronic and new material firm replacing Huawei to lead Guangdong’s top 100 private enterprises 

+ China’s biggest annual shopping festival double 11 kicked off presales 

+ HK Chief Executive announced ‘largest-ever’ policy package to attract world talents 

+ HK to enhance competitiveness of financial services and promote offshore yuan business: chief executive 

- HK consumer inflation climbed 4.4% YoY in Sept to 7-year high 

- HK stocks hit 13-year low as Chinese growth slows 

- TSMC considers growing production in Japan: WSJ

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- Japanese yen hit its weakest exchange rate against USD since 1990, dropping to 150 yen to greenback 

+ Japan’s stimulus plan must exceed US$100bn: ruling party executive 

- Japan inflation hits 3% for the first time since 1991 excluding tax hike impacts 

- Japan imports surge on weaker yen, resulting US$13.34bn trade deficit and extending shortfalls to 14 mths 

+ Japan’s industrial output rose by 5.8% in Aug YoY

- Japan’s trade deficit widened in Sept, surpasses 2014 high 

- Russia drawing down 1 trillion roubles (US$16.25bn) from National Wealth Fund to help govt deficit this year 

+ Russia’s grain harvests this year already set new record with 147.5m tons bunker weight harvested 

- Investment in could-computing companies in US, Europe, Israel plunged 42% in Q3 

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- Eurozone’s current account deficit widened in Aug on soaring energy bill 

- EU failed to agree on cap on gas prices after 11-hr summit 

- EU inflation rises to 10.9% in Sept 

+ EU car registrations up 9.6% in Sept 

- European Commission unveiled number of proposals aimed at mitigating ongoing energy crisis in EU 

- EU sanctions Iran over Ukraine drone strikes 

- EU braced for more refugees as Russia targets Ukraine power grid 

- Germany to cap electricity bills by taxing producers: Reuters 

+ BMW to invest another US$1.4bn to expand battery production centre in NE China 

+ BMW plans to invest US$1.7bn in US to produce EVs 

- UK PM Truss announced her resignation after 44 days in office 

- UK inflation at 10.1% on annual level in Sept at 40-year high as food costs soar  

- UK producer prices up 15.9% in Sept 

- BoE will be selling govt bonds in 8th auctions this year 

- BoE dismissed media report about delaying quantitative tightening 

- UK energy firm warned about potential winter blackouts 

- Marcon lashes out at US over double standard energy policies 

- France govt to increase subsidies to lower-income households for purchasing EVs to €7000 from €6000

- France reportedly furious with Germany for launching domestic energy aid without consulting its neighbour 

+ ASML said expects the direct impact from US chip curbs on China to be limited 

+ Turkiye President says he has accepted Putin’s proposal on Russian gas hub plan 

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+ India may overtake Germany and Japan to become 3rd biggest economy in the world in next 5 years: IMF

- Indian regulator fines Google US$162m for anti-competitive practice 

+ South Korea govt expand corporate bond-buying program amid credit crunch concern 

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+ Indonesia posts 60.9 trillion-rupiah budget in Jan-Sept 

+ Indonesia to offer tax holiday to firms investing in new capital 

- Indonesia tells tin industry to be prepared for an export ban 

+ Thailand Central Bankruptcy Court approved revised business reorganisation plan of Thai Airways Int’l 

-Thailand Consumer Council and opposition party will ask Court to block True-DTAC merger  

+ Vietnam confident growth will exceed expectations to be fastest growth in SEA for 2 years 

- Vietnam’s central bank to place Saigon Commercial Bank under “special scrutiny” after customers rushed to pull out deposits

+ Malaysia election to be held on Nov 19

+ Malaysia’s trade surplus grew 20.9% YoY in Sept to reach record RM31.7bn 

+ Malaysia inflation eases to 4.5% in Sept vs 4.7% in Aug

- Sg semiconductor sector may be hit by US export controls to China: MTI 

+ Sg NODX in Sept grew 3.1% YoY, down from 11.4% expansion in previous mth 

+ Sg container port operating at 85% of maximum capacity: minister

- Sg inflation expectations at 11-year high amid global economic uncertainty: poll 

+ STB expects 4 to 6 million int’l visitor arrivals for 2022

- Sg launched BNPL code, outstanding payments limited to S$2000 without credit assessment 

- Sg 1 in 3 private home mortgages under a floating rate: MAS 

Contribution by Derek@valueinvestments chat group. Thank you.

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