Wolf Money(world market review 31 Oct-6 Nov 2022)

Tan Swie Hian Singapore 1943

Longevity Tree Circa 1980s

Gift of DBS Bank Ltd

Collection of National Gallery Singapore 

Market Summary 31 Oct – 6 Nov 2022

🇺🇸 🇺🇸 🇺🇸 🇺🇸 🇺🇸 

- Fed raised interest rate by 0.75% at 14-year high, hints could slow pace of rate hikes in Dec 

+ US Nonfarm payrolls went up by 261,000 in Oct vs 200,000 forecast, jobless rate rises to 3.7% from 3.5% in Sept 

- US 2-year Treasury yield hits new 15-year high 

- US job openings in Sept at 10.7m, up by 437,000 

- US trace deficit at US$73.3bn in Sept, up by US$7.6bn from revised figure US$65.7bn in Aug 

+ US factory orders up 0.3% in Sept after up 0.2% in Aug 

- US number of job cuts 13% higher than previous mth, highest since Feb 2021 

- Trump expected to announce 2024 Presidential bid soon after midterms 

- Biden’s student loan forgiveness program remains on hold pending legal challenge brought by 6 Republican-led states  

- US officials discussing with European allies’ possibility of tightening export restrictions in trade with China: Bloomberg 

- US and Netherlands expected to hold new talks on “restricting China’s access to advanced chip technologies”

+ US crude oil exports to Asia poised to hit record high 

+ US becomes EU’s 2nd largest gas supplier due to increased LNG deliveries amid drop in supply form Russia 

- Morgan Stanley to start layoffs in coming weeks as dealmaking slows: sources 

- Wells Fargo faces US demand for record fine exceeding US$1bn 

+ Boeing projects free cash flow between US$3bn and US$5bn in 2023 and US$10bn by middle of decade 

- American Airlines pilots’ union rejects new contract proposal 

+ Pfizer, BioNTech to develop single-dose vaccine candidate for influenza and Covid-19 

- Berkshire Hathaway posted Q3 quarterly net loss of US$2.69bn as stock holdings fall 

+ Apple is now worth as much as Amazon, Google and Meta combined 

- Amazon, Lyft, Stripe, Twitter and other Tech firms in US announced job cuts and hiring freezes 

+ Meta will allow creator to make, sell NFT on Instagram 

+ Tesla aims to start mass production of its Cybertruck end 2023 

- Twitter temporarily closes offices as layoffs begin 

+ Starbucks reports record Q4 revenue of US$8.41bn despite China declines 

🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳 

+ China large banks to maintain broadly stable performance in 2023 despite rising risks: Fitch Ratings 

- China Caixin service PMI fell to 48.4 in Oct, lowest since May, from 49.3 in Sept  

- China Caixin manufacturing PMI at 49.2 in Oct, remaining in contraction territory

- Yuan hovered at near 15-year low 

- China will not waver in its ‘dynamic-clearing’ Covid-19 strategy: healthy commission 

+ China to make substantial Covid-19 policy changes soon: former disease control official 

- PBOC chief hopes for soft landing for China’s housing market 

+ China’s listed firms’ profit up 2.46% in first 3 qtrs, hitting US$659bn 

+ China issued white paper on country’s BeiDou Navigation Satellite System (BDS)

+ Shenzhen urged to explore innovative fiscal, taxation policies to drive high-quality economic development, technological breakthroughs 

+ China to establish another 29 demonstration zones to promote imports

+ China unveiled plan on VR development, aims to ship 25m devices, industrial scale of US$48bn by 2026

+ China announced agreement signed with Airbus to buy 140 aircrafts worth US$17bn 

+ China to export 160kh/h high-speed train technology for first time to Pakistan 

+ China’s electric carmakers eye Thailand in next sales push: Bloomberg 

+ BYD posted 350% jumped in Q3 net profit YoY to US$788.75bn, sales of EV cars >doubled in Oct, topping 100,000 the 1st time 

+ China’s automakers accelerated presence and expansion in Latin American 

- Fosun Pharmaceutical terminated US$158m acquisition of Singapore cancer clinic OncoCare Medical 

- Evergrande chairman’s HK mansion seized by bank: media 

+ China’s winter-product exports double as European demand increases

+ HK set to gain early admission to RCEP: Chief Executive 

🇯🇵 🇷🇺 🇨🇦 🇧🇷 🌍 

- Japan govt spent ¥6.35 trillion to bolster yen in Oct 

+ Japan to earmark US$450m for next-gen 6G research fund 

- Japan govt warned new US EV tax credits could deter further investment by Japanese and hit employment there 

- Tokyo inflation hit 40-year high in Oct to 3.4%, on energy, feeble yen 

- Toyota profit tumbles 25%, cut output target amid chip crunched 

- Japan Airlines logged ¥2.11bn in net loss for 6-mth ended in Sept 

+ Russia returns to grain deal after receiving guarantees from Ukraine 

- Putin still undecided on attending G-20 summit: Jokowi 

- Canada orders 3 Chinese firms to exit critical minerals deals 

+ Brazil Lula narrowly beat Bolsonaro to become winner of Brazil’s Presidential election  

- G7 coalition agreed to set fixed price for Russian oil 

- UN General Assembly condemning US embargo on Cuba passes 185-2, marking 30th times UN has rebuked US policy 

🇪🇺 🇩🇪 🇬🇧 🇫🇷 🇮🇹 🇵🇱 🇹🇷 🇮🇱 

- ECB set for further rate hikes; inflation is too high across euro area and risks spreading throughout the economy: Lagarde 

- Eurozone unemployment down to 6.6% in Sept 

- EU gas crisis may worsen next year: IEA 

+ Germany’s Chancellor Scholz arrived in Beijing with top CEOs to boost economic ties   

+ Schulz said BioNTech’s Covid-19 vaccines to be allowed for use on foreigners in China

- Germany’s largest gas importer Uniper reported €40bn net loss through Sept, citing cut-off of Russian supplies 

+ Germany to cap power prices; news outlet reports citing a draft regulation 

+ BMW posts revenue of €37.2bn in Q3, up by 35.3% YoY 

- BoE raised rates by most in 33 years by 0.75% to 3% 

- UK household will have to pay twice as much for energy in coming mths: operator warned 

- UK plans to extend windfall oil, gas taxes

+ Renault to target US$10bn valuation for EV business  

- Italy PM raised next year’s public deficit forecast 

- Poland’s first nuclear power station would cost about U$20bn: PM

- Turkey’s inflation hits 24-year high of 85.5% after rate cuts

+ Israel Netanyahu secured majority in election 

🇮🇳 🇸🇦 

- IMF cuts forecasts for Asia to 4% this year and 4.3% next year vs 4.9% and 4.8%, warns region will be worst-hit 

+ India eyes more energy projects with Russia 

+ Saudi wealth fund sets up EV joint venture with Foxconn, launched first Saudi EV brand  

🇮🇩 🇹🇭 🇻🇳 🇵🇭 🇲🇾 🇸🇬 

+ Indonesia central bank sees 2022 headline inflation below 6.3%

+ Jakarta-Surabaya high-speed train is a long-term plan: Minister 

- Indonesia to raise excise tax rates for tobacco products by average 10% in 2023 

+ Indonesia targets to produce 2m electric motorcycles by 2024

+ Indonesia targets sugar self-sufficiency in 5-year, eyes ethanol production 

+ Indonesia commits to 70% reduction in marine debris by 2025 

+ Thailand mulls land and building tax cuts over next 2 years 

+ Thailand consumer spending during Loy Krathong festival projected to be highest in 5 years

+ Vietnam posted estimated foreign trade value of US$616.24bn between Jan and Oct, up 14.1% YoY 

+ Vietnam, China singed 13 deals, and 1 stands to reshape economic relations 

- Philippines inflation surged to 7.7% in Oct at 14-year high 

- Malaysia increased benchmark interest rate for 4th straight time by 25 basis pts to 2.75% 

+ Malaysia 945 candidates from various parties submitted nomination papers to contests 222 seats, highest in election history 

+ Malaysia 5 mobile operators agreed to use govt’s state-owned 5G network 

+ Proton’s Jan-Oct sales hit 115,366 units, exceeding 2021

+ Sg saw record S$448bn inflow of new money in 2021: MAS data

+ Sg retails sales up 11.2% in Sept, extending revised 13.3% rise in Aug 

- Sg manufacturing PMI down to 49.7 in Oct from 49.9 previous mth 

+ Singapore Savings Bond is offering all-time high 1st and 10-year average return 3.26% and 3.47% respectively 

+ Sg will reach net-zero greenhouse gas emissions by 2050: DPM 

+ Sg launches global trial using wholesale digital currency 

+ HDB resale prices up 0.5% in Oct with fewer units sold 

- HDB resales plunged 24.1% in Oct, biggest monthly decline since April 2020, early signs of cooling on property curbs 

+ DBS Q3 profit surges 32% to S$2.24bn, OCBC Q3 profit up 31% to record S$1.6bn  

+ SIA capacity reached 68% of pre-pandemic levels, to reach 76% by end of current FY, declares 1st dividends in 3 years 

~~ will be out of town until end mth - no summary ~~

Contribution by Derek@valueinvestments chat group. Thank you.

Please follow us on telegram for the latest update on Lone Wolf investor by clicking on the link below 

https://t.me/joinchat/oCgkD3sQFRMzMWM1

Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.