Wolf Money(world market review 24-30 Oct 2022)
Market Summary 24-30 Oct 2022
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+ US GDP grew 2.6% in Q3 YoY: advanced estimate from Bureau of Economic Analysis
- US spread between yields on 3-mth Treasury bill and benchmark 10-year note started going negative this week: WSJ
+ US personal consumption expenditures (PCE) surged by US$113bn or 0.6% in Sept, PCE price index rose 0.3% MoM
+ US consumer spending rose 0.6% n Sept, data for Aug revised higher to 0.6% instead of 0.4% previously reported
+ US Consumer Sentiment Index at 59.9 pts in Oct, up 2.2% MoM
- US consumer confidence index falls to 102.5 in Oct from 107.8 in Sept: Conference Board
- US trade deficit in goods widen to US$92.2bn as exports stumble
- US key 30-year mortgage rate jumped to 7.08%, top 7% for 1st time over 2 decades
- US new home sales fell 10.9% in Sept from Aug, down 17.6% YoY, pending home sales fall 10.2%
- Biden slammed Shell for making large profit in Q3 but not lowering gasoline prices, urged all big energy firms to bring down cost of gasoline
+ US delays decision on Russian oil price cap, to avoid market volatility ahead of midterm elections: WSJ
- Boeing Q3 loss widens to US$3.308bn, revenue misses by almost US$2bn
+ Boeing forecast released said China’s commercial fleet will double by 2041, fuelled by robust demand
+ ExxonMobil’s Q3 EPS almost triple to US$4.68 after surging 198% YoY, Chevron earnings nearly double to US$11.23bn in Q3
- Apple expects annual revenue performance in Q4 to be lower than Q3: CFO
- Amazon slips below US$1 trillion in value
- Microsoft posted slowest quarterly revenue growth in 5 years, an increase of 11% YoY to US$50.12
- Intel’s Q3 revenue down 20% YoY to US$15.3bn, net income plunged 85% on yearly level at US$1bn
+ Mastercard’s net revenue at US$5.8bn in Q3, jumping 15%
- Tesla cuts prices in China to boost demand
- Elon Musk completes US$44.4bn Twitter deal, fires CEO and other top executives
- Zuckerberg’s net worth down US$100bn this year: Bloomberg
+ Binance confirmed was an equity investor in Musk’s acquisition of Twitter
- Ford reports net loss, to take US$2.7bn charge as Argo AI shuts down
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- China’s industrial profits down 2.3% YoY in first 9th mths
+ Yuan becomes 5th most traded currency in global FX market with market share of 7%: BIS
+ China new catalogue of industries to encourage foreign investment, path toward modernization benefits global businesses
- China faces growing risks of slowing external demand in 4th qtr: commerce ministry
+ China steps up financial support for real economy
+ China’s auto exports jump 51% in first 3 qtrs
+ China’s agricultural sector up 4.2% in first 9 mths to 5.48 trillion yuan (US$755bn)
+ China in talks with CPTPP members about inclusion: ministry
+ China Eastern Airline expected to receive first C919 in Dec
- China Southern Airlines cancelled plans for 2 Boeing 737 MAX flights that would have represented the model’s return flying
+ China likely to see doubling int’l flights as new winter / spring season approaches
+ Yangzijiang Shipbuilding signed contract with European customer for two 175,000 cubic meter LNG carriers
+ Sinopec completes huge shale gas drilling facility in Southwest China
+ PetrolChina, CNOOC fist 9 mths profit exceed whole of 2021
+ Huawei generated 445.8bn yuan (US$61.61bn) in revenue in first 9 mths, slightly lower from 2021 levels
+ Huawei sues Amazon and Compal Electronics over alleged infringement of patent rights for invention
+ China’s winter leggings export to Europe skyrocket ahead of cold weather
+ China creates >10m urban jobs in first 9th mths
+ China’s exports to Russia rose 21.2% YoY in dollar terms
+ China’s overall purchases of energy products from Russian topped US$51bn in the 7th mths since start of Ukraine war
- Wuhan is back in partial lockdown to stem latest outbreak of Covid cases
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+ Japan unveiled US$200bn (¥29.6 trillion) package to fight surging inflation
- Japanese Yen, inflation at levels unseen in decades not likely to sway: BOJ
+ BoJ keeps its key interest rates unchanged, with short-term interest rate target at negative 0.1%
+ BoJ to continue purchase bonds so that 10-year yields remain at around 0%
- Russia’s GDP to hit lowest pt in summer 2023: Bank of Russia
- Russia says UK navy blew up Nord Stream
+ Russia ships half of its Oct 1-20 seaborne Urals oil exports to Asia ahead of EU embargo
+ Russian suggests North-South corridor, alternative to Suz Canal, could cut transportation costs by up to 50%
- Russia pulls out of Ukraine grain deal after accusing UK and Ukraine attacking ships responsible for security trade corridor
- Russia extends trade ban with ‘unfriendly’ countries
+ Russia exported record amount of LNG and steelmaking cola to China in Sept: Chinese customs data
+ Russia invites friendly countries to join Arctic oil mega-project
+ Russia’s Gazprom to pay record dividend
+ Canada to invest almost US$1bn in first nuclear energy
- IEA: the world still needs Russian oil to meet growing demand; warns of first truly global energy crisis
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- EU not powerful enough to dictate Russian oil price: World Bank
+ EU gas storage facilities are close to full, gas futures dropped >70% since hitting record high in late Aug
+ ECB raised its 3 key interest rates by 75 bps, confirming more policy tightening until inflation closes 2% target
- EU business groups oppose sanctions on Russian aluminium Reuters
+ Airbus’s Q3 revenue at €13.3bn, up by 27% YoY. net income up 65% to €667m, EPS gaining 67% at €0.85
+ EU bans new gas-fuelled cars starting 2035 in effort to hit net-zero emissions
- EU froze €17bn in Russian assets since Feb
+ Germany GDP increased by 0.3% MoM in seasonally adjusted terms
- Germany inflation up to 10.4% in Oct
- Germany top companies borrowing and arrears ballooned to €533bn in 1 year: Handelsblatt
+ German govt approved China’s Cosco to acquire 24.9% stake in Hamburg port: media
+ Volkswagen’s revenue up 24% to €70.7bn YoY in Q3, vehicle sales up 24% to 2.2m units
- Mercedes-Benz to withdraw from Russia, assets to be transferred to a local investor
+ German Chancellor Scholz will pay an official visit to China on Nov 4
+ Germany to legalise cannabis use for recreational purposes
+ UK Rishi Sunak to be new PM, first British Asian PM and youngest leader in >200 years
- UK will halt shipments of LNG from Russia as early as Jan
- UK oil major BP continues to hold stake in Russia’s Rosneft despite announced to divest itself: Rosneft CEO
+ UK, France agreed to bolster nuclear energy cooperation
- France annual inflation rose by record 6..2% in Oct
- Italy inflation rose to record 11.9% on annual basis in Oct
- Spanish Airbus staff declared to go on an indefinite strike from Oct 31, citing low salaries
- Credit Suisse plans to raise capital worth US$4bn, reduce workforce by 9000, revamp its investment bank
+ Turkey will distribute Russia gas to Europe: Erdogan
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- Australia’s inflation jumped 7.3% annually, highest since 1990 and almost 3 times pace of wage growth
- Australia won’t rule out possibility of introducing caps on energy prices: energy minister
- India, world largest sugar producer extended ban on exports until Oct 2023
- Asia will be more severely hit by a woeld divided into trading blocs: IMF
+ India looking to process and resell Russian wheat to boost its own exports
+ Samsung names 3rd generation of founding family Jay Y Lee as executive chairman
- Saudi energy minister criticised nations for tapping emergency oil stockpiles to manipulate prices
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+ Indonesia could offer value-added tax exemptions, longer land permits up to 110 years, and swifter licensing for investors in the new capital project
+ Indonesia to offer “2nd Home” visas for 5 years and 10 years to those with at least 2bn rupiah in their bank accounts
+ Indonesia extends gas exports to Singapore by 5 years from initial expiry date of 2023
- Thai finance ministry trims 2022 GDP growth outlook to 3.4%
+ Thailand’s internet economy expected to rise 17% YoY to US$35bn in gross merchandise value in 2022
+ Thai govt plasn to inject 10bn baht into Thai Airways Int’l to recapitalise the carrier and keep state shareholding above 40%
- Vietnam central bank said would be difficult to cut interest rates at this time as inflation remains elevated
- Bank Negara expects to raise Overnight Policy Rate by at least another 25bps next week
- Sg economy to slow further in 2023 amid global challenges: MAS
+ Sg yield on 6-mth Treasury bill at decades-high of 4.19%
+ Sg total employment excluding migrant domestic workers, rose 85,600 in Q3
+ Sg prices, rent of industrial space continue to rise in Q3: JTC
+ HDB resale prices up 2.6% in Q3
+ Changi Airport’s passenger traffic reaches 58.1% of pre-Covid levels in Q3
+ UOB’s Q3 profit up 34% to S$1.4bn on record net interest income
Contribution by Derek@valueinvestments chat group. Thank you.
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