Wolf Money(world market review 3-9 Oct 2022)
Orchestra in Equator Art Society circa 1968
Collection of National Gallery Singapore
Market Summary 3-9 Oct 2022
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- US starts fiscal year with record US$31 trillion in debt
- Fed looks almost certain to deliver 4th straight 75 basis pt interest rate hike next mth as job market fails to cool
+ US non-manufacturing PMI at 56.7 in Sept from 56.9 in Aug, accounts for >2/3 economic activity
- US imposed new rules restricting exports of semiconductors on China’s access to advanced chip technology
- US widens investment ban to China’s BGI Genomics, drone maker DJI
- US added China’s top memory chipmaker YMTC and 30 others firms to unverified trade list
- US mortgage rates rise for 7th week to highest in 16 years of 6.75%
+ US jobless rate dropped to 3.5% from 3.7%, nonfarm payrolls added 263,000 jobs in Sept
+ US private employers stepped up hiring in Sept, rose by 208,000 jobs: ADP
- US construction spending recorded US$1,781.3bn in Aug, down by 0.7% compared to previous mth’s revised figure
- US job openings at 10.1m in Aug, down by 10%, layoffs rose slightly
- US biggest banks expected to report weaker Q3 profits on economic risks, deal slump
+ US trade deficit shrank for fifth mth in Aug to US$67.4bn, smallest in more than a year
- Biden says he is evaluating alternatives after disappointing OPEC+ decision
- US sold 10.15m barrel batch of oil form Strategic Petroleum Reserve to 8 companies
- Biden set to pardon >6500 of Americans found guilty of simple cannabis possession
+ US preparing to ease sanctions on Venezuela to allow Chevron to resume pumping oil there: WSJ
- Democratic lawmakers press for tougher checks on semiconductor firms not to use govt subsidies to conduct stock buy back
- Moderna refused China’s request for vaccine formula, leading to collapse in negotiations on its sales in the country : FT
+ Micron to invest US$100bn to build new chip factory in NY
+ STMicroelectronics to establish €730m facility in Italy chip plant, to ease global shortage
+ Apple discussing possibility of raising production in India with its suppliers
+ Google unveiling Pixel 7, Pixel watch and Pixel 7 Pro phones with new camera tech
- Musk attempted to renegotiate agreement to buy Twitter to as low as US$31bn, 30% below original: NY Times
- Musk has until Oct 28 to close the deal to buy Twitter: Judge ruled
+ Meta unveiling new way to advertise on both Instagram and WhatsApp
+ Ford’s US EV sales surge 197% in Sept at 4691 units
- Binance-linked blockchain hit by USS$570m crypto hack
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- China’s Caixin services PMI drop to 49.3 in Sept, contracted 1st time in 4 mths
-China’s foreign exchange reserves totalled US$3.02 trillion by end Sept, down 25.9bn from end Aug
+ Chinese yuan become most traded foreign currency on Moscow Exchange
+ China’s RMB settlements with B&R countries 2021 up 19.6% YoY to US$763.4bn, accounted 14.8% cross-border use of RMB
+ China’s automobile manufacturing sector posted positive revenue growth in first 8th mth of 5.7 trillion yuan, up 3.3%
+ China’s real estate sector expected set for more stability in coming mths due to supportive policy measures
+ China exploring more solar products to Europe as businesses and families flock to install rooftop solar panels
+ China’s largest onshore oilfield Daqing Oilfield has produced >2.4bn tonnes of crude oil since discovered in 1959
+ China releases 1st batch of 2023 crude oil import quotas, about 20m tonnes mainly to independent refiners
+ China successfully launched 2 satellites over the sea via Long March 11 carrier rocket
+ China’s software sector reported 9.8% YoY increase in business revenue in Jan-Aug
+ Beijing marathon returns after 2-year hiatus, 30,000 runners will compete on Nov 6
- China holiday tourists trips fall 18% YoY on board Covid curbs
- ByteDance’s operating losses more than tripled last year to over US$7bn as it pushed for growth
+ BYD’s EV sales surpass Tesla by nearly 200,000 in Q3, remains world’s top-selling EV manufacturer
+ CALB officially listed on HKEX, the first new energy EV battery enterprise in HK
- HK property sales expected to fall to 27-year low: Centaline
+ HK an 11.15-carat pink diamond sold for US$49.9m setting world record for highest price per carat at Sotheby’s HK
- Taiwan signals its chip firms will follow new US rules on China
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+ Japan will take unprecedented measures to curb rising electricity bills for households and businesses: PM
+ Japan 45% of firms interested in hiring foreign nationals: survey
- Nissan is pressing partner Renault to cut its stake in their >20 years alliance: WSJ
- Putin orders seizure of Exxon-led Sakhalin 1 oil and gas project
- Nord Stream stated unable to examine damaged parts as it has not been given necessary permits to conduct
+ Russia launched to space from US, alongside NASA and Japanese astronauts, first time in 20 years
+ Gazprom’s natural gas transit through Austria has resumed
- Russia tycoon Abramovich completed sale of Premier League Club Chelsea to US-based consortium
- Brazil deforestation in Amazon hits Sept record as fires spike
- World currency reserves shrink by US$1 trillion or 7.8% in record drawdown to US$12 trillion
- WTO: merchandise trade growth expected to fall to 1% in 2023 from previous forecast of 3.4%
+ World Bank spent US$14.8bn into fossil fuel projects globally since Paris deal
- World Bank: goal of ending extreme poverty by 2030 unlikely to be met
- OPEC+ agreed to cut collective output limit by 2m bpd, to keep oil above US$90
- Oil at 3-week high on cuts to OPEC+ output targets
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- Eurorzone industrial producer prices jumped 5% on monthly basis in Aug
- EU to explore ways to raise funding to accelerate plans to cut off from Russian gas
- EU could be heading towards gas price cap ahead of key summit
+ EU takes step to ease proposed curbs on foreign banks
- EU added Anguilla, Bahamas and Turks and Caicos islands to EU list of tax havens to total 12 countries
+ EU passed new law requiring USB-C to be single charger standard for all new smartphones, tablets and cameras
- Germany import prices for energy up 162%, natural gas up 306% YoY in Aug
- Germany industrial output down 0.8% MoM, sharpest fall since Mar
- Germany retail food sales down 1.7% MoM, down 3.1% YoY, lowest in > 5 years
- German factory orders fall by 2.4% in Aug MoM
- Germany services PMI business activity index at 45 in Sept, lowest since May 2020
+ Germany’s trade surplus at €1.2bn in Aug, down from €3.4bn in July
+ Germany’s foreign trade beat expectations in Aug, imports rose 3.4% to €132 bn mostly from China
- Germany more firms plan to raise their prices: Ifo
- UK dropped plans to cut income tax for top earners that sparked turmoil on financial markets, sent pound to record lows
- UK businesses activity suffered sharpest contraction in Sept by most since early 2021, services sector activity stagnates
- UK’s credit outlook cut to negative by Fitch on fiscal risk
- UK some property funds defer investor withdrawals
- Virgin Atlantic pulls out of HK, closes offices
+ France to use power company windfalls to help struggling firms
+ France TotalEnergies to continue shipping Russians gas as there are not European sanctions on the fuel: CEO
+ Renault chief in Japan for crunch talks over Nissan alliance
- French govt in favour of raising taxes for private jets in 2023 by aligning taxation of aviation fuels
- Italy main business lobby cuts 2023 economy growth forecast to zero on energy concerns
- Credit Suisse decided to sell landmark Savoy Hotel in Zurich amid rumours the bank could collapse
- Credit Suisse to buy back up to 3bn Swiss francs of debt to calm investors
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- NZ central bank delivered its 8th consecutive interest rate hike, borrowing costs at 7-year high of 3.5%
- Asia-Pacific region M&A plunged >40% from last year to about US$156bn in Q3, worst since 2014
- India’s economic growth forecast downgraded by World Bank to 6.5% for FY23
- India’s fuel demand slips to 10-mth low in Sept, the lowest since Nov 2021
+ India’s Reserve Bank to soon commence pilot project of digital rupee
- Samsung operating earnings fell 32% to US$7.7bn as memory chip downturn worsens
- South Korea set to stirp crypto fugitive Do Kwon’s passport
+ Saudi’s wealth fund received >US$17.5bn in demand for debut green bond sale
+ Saudi Arabia chosen to host 2029 Asian Winter Games at an under-construction US$500bn desert mega city
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+ Jokowi, Xi to test Indonesia’s China-made high-speed train after Bali G20 meet
+ Indonesia in talks with several African countries to export its homemade Covid shot
+ Thailand economy expected to grow 3% to 3.5% this year, weak baht is helping exports: finance minister
+ Malaysia unveiled 2nd-largest ever budget in history of RM372.3bn for 2023
+ Malaysia’s cabinet agreed to ratify CPTPP trade pact
+ Malaysia 4 telco firms agreed to take stakes in govt owned 5G agency Digital Nasional Berhad
+ Sg retail sales up 13% YoY in Aug
- Sg local banks raise fixed home loan rates further to 3.5% or higher
+ Sg fixed deposit rates rise further, rates for 12-mth deposits at highest in early 24 years
+ Sg private home prices rise 3.4% in Q3 from Q2
+ Sg Aug jobless rates fall to 6-year low
+ Chinese are the biggest foreign buyers of Singapore’s private apartments, purchased 932 units in first 8-mth
+ Sg total 45 units of HDB flats sold for S$1m or more in Sept, hit record high
+ SGX will look beyond equities to stay relevant: chairman
+ Best World gets regulator’s approval for share trading resumption
Contribution by Derek@valueinvestments chat group. Thank you.
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