Wolf Money(world market review 12-18 Dec 2022)

 

(Argentina 🇦🇷 World Cup Winner 2022)

Market Summary 12-18 Dec 2022

🇺🇸 🇺🇸 🇺🇸 🇺🇸 🇺🇸 

- Fed raised interest rates by 50bp to 4.25-4.5% to highest level in 15 years, projected rates rising to 5.1% in 2023

- Fed expects to raise interest rate to bring inflation to 2% over longer term   

- US inflation at 7.1% over 12 mths to end Nov, slowest increase in 15 mths

- US retails sales fell 0.6% in Nov, biggest drop in 11 mths 

+ US import prices fell for 5th straight mth in Nov due to declining costs for petroleum products and strong dollar

+ US mortgage rates drop for 5th straight week 

- US composite PMI Outlook Index on manufacturing n services sectors fell to 44.6 in Dec vs 46.4 in Nov, lowest in 2.5 yrs  

- US existing home sales will fall for 2nd year in 2023 to 11-year low in 2023: NAR 

- US added 3 dozen Chinese high-tech firms to trade blacklist bars from accessing US tech and components 

+ US gains full access to audits of Chinese frims in breakthrough, removes risk of 200 stocks being delist from US exchanges 

+ US extends tariffs exclusions on 352 Chinese goods for 9 mths 

- US Senate passes record-high US$858bn defence bill 

+ Biden announced new investments, trade deals in Africa, highlighting sustainable energy and infrastructure 

+ United Airlines will order 100 Boeing 787 Dreamliners with possibility extending to 100 more worth US$30bn  

+ Delta anticipates strong top-line, EPS growth for 2023 

- Goldman Sachs considering laying up to 4000 employees or 8% of its workforce early 2023 

- Blackstone real estate trusts limited redemptions prompts SEC queries, investor scrutiny 

- Elon Musk seeking new Twitter investors at same price he paid at US$54.20 per share 

- Tesla shares at lowest level in 2 years

- FTX founder will allegedly accept extradition to US 

🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳 

- China facing largest Covid surge of the pandemic, public health officials say possibly 800m ppl could be infected next few mths 

+ China to rollout >1 trillion-yuan (US$144bn) support package for semiconductor industry

+ China asked big tech firms play full role in leading economic growth, creating jobs and engaging int’l competition; strongest signal >2 years intense scrutiny gg to be over soon 

+ China’s central bank ramped up cash injections via medium-term loans, holds rates unchanged for 4th straight mth 

+ China will step up policy adjustments and strengthen policy coordination to support growth in 2023

+ China’s central bank issued draft rules on supervising and managing financial infrastructure

- China’s US Treasury holdings fell to 12-year low in Oct, below US$1 trillion 6th straight mth, hit 12-year low 

- China’s retail sales fell 5.9% YoY in Nov vs 0.5% YoY down in Oct 

+ China industrial output rose 2.2% in Nov YoY, slowest growth since May 

+ China-developed ARJ21 jetliner by COMAC delivered to first overseas client in Indonesia 

+ China passed new rules mandating important industrial data be stored within the country 

- China filed dispute with WTO over US restrictions on chip exports

+ China hinted further support for real estate sector, new measures being considered to improve financial condition

+ Longfor gets US$101m offshore loans from BoC, 1st developer to tap into measure to help cash-strapped property firms 

+ China willing to expand cooperation with EU in economy, trade, green and digital development, finance and tech

+ China approved 10 major projects with total investment of about 15 trillion yuan (US$214.9bn) by end Nov  

+ China >2700 projects financed by policy-based and development financial instruments had all started construction

+ China’s weekly new home sales in 16 cities rise on easing Covid curbs 

- China’s Nov urban jobless rate surges to 5.7%, highest since May 

+ Country Garden owner selling stake in a unit to raise about US$650bn as shares ramp up

- ByteDance reportedly moved key executives from China to US and Singapore, reduce ties to other units in China: WSJ 

+ Huawei inked patent licensing deal with smartphone rival Oppo 

+ HK drops Covid curbs for arrivals, scraps health app 

+ Macau 6 casino businesses to invest US$15bn after granted 10-year operating licences, to pledge bulk to non-gaming projects 

+ Taiwan-China sea travel may resume in time for Lunar New Year 

- Taiwan to fine Foxconn over China chip investment on Tsinghua Unigroup stake 

🇯🇵 🇷🇺 🌍 

+ Japan govt to revise accord with BOJ that states central bank will aim to achieve its 2% inflation target 

- Japan’s trade deficit surged to >2 trillion yen in Nov as higher costs for oil and weak yen to push imports higher 

- Japan’s manufacturing activity shrank at fastest pace in 26 mths in Dec on soft demand and persistent cost pressures  

- Japan wholesale price index hit highest level again in Nov on energy, weak yen, surging 9.3% YoY  

- Japan, Netherlands to join US chip sanctions on China  

+ Sony, NEC Tech executives warned latest US chip export controls unlikely to supress China progress in AI and Super computers 

- Russia’s economy shrank 3.7% YoY in Q3, improvement on previously reported 4%: revised data 

+ Russia will fight sanction with shift in trade and energy flows, expand trade cooperation with new partners: Putin

- Gazprom’s gas output down 19.6% YTD  

+ Coal use set to hit all-time high in 2022 amid energy crisis: IEA

🇪🇺 🇩🇪 🇬🇧 🇳🇱 🇨🇭 🇬🇷

- ECB raised interest rates 0.5% to 2% for 4th time in a row, warns more increases to come 

+ ECB would start reducing its €5 trillion worth of bond holdings from Mar to tighter policy battles decades high inflation 

- Europe needed urgent response to US inflation Reduction Act, should amount to 2% of its output: Macron 

- Europe got hit by roughly US$1 trillion from surging energy costs in fallout of Russia’s war in Ukraine 

- Eurozone business activity falls at slower pace in 4 mths in Dec; composite PMI rose to 4-mth high of 48.8 in Dec   

- EU adopts 9th round of anti-Russia sanctions, includes 168 entities to be targeted by sectoral measures

+ EU reached agreement for major reform to carbon market, to reduce emissions and invest in climate-friendly technologies 

- EU clears nationalisation of Germany energy giant Uniper

- EU to provide €18bn in financing to Ukraine in 2023, agrees more sanctions on Russia

+ EU pledges US$10bn investment in SEA during ASEAN summit 

- Germany inflation likely to be higher than earlier thought, economic growth weaker with recession forecasts: Bundesbaank    

- German economic activity eased for 2nd mth in Dec, composite PMI rose to 48.9 in Dec from 46.3 in Nov 

+ Volkswagen to build all-electric Tavascan car in China 

- BoE raised interest rates by 0.5% to 3.5% in 9th increase in a year to 14-year high 

- UK’s economy shrank 0.3% in 3 mths through Oct 

- UK retail sales slid unexpectedly in Nov despite soccer World Cup and Black Friday sales promotions 

- UK home asking prices are falling at sharpest pace in 4 years 

- UK adopts new anti-dumping tariffs on Chinese aluminium extrusions 

- Dutch crypto exchange has €280bn locked at US-based firm Digital Currency Gp (DCG), currently facing liquidity problems 

- Switzerland joined latest EU sanctions against Russia 

+ Greece repaid eurozone bailout loans of €2.7bn ahead of schedule for the first time

🇮🇳 🇰🇷 

- IMF: Housing markets in Asia-Pacific region slated for decline in many countries

+ Indian to remain biggest buyer of Russian oil 

+ South Korea Hanwha inked US$1.5bn deal to buy Daewoo Shipbuilding

🇮🇩 🇹🇭 🇵🇭 🇲🇾 🇸🇬

+ Indonesia recorded surplus of US$5.16bn in int’l trade in Nov, extends trade surplus run to 31 consecutive mths 

+ Indonesia foreign debt down 7.6% at US$390.2bn as of Oct

+ Indonesia to offer subsidies for locally made EV up to US$5000

+ Thailand economy to grow 3.6% in 2023, up from estimated 3.3% this year, driven largely by tourism revival: UTCC

+ Thailand 5bn-baht Silicon Tech Park set to start next yr in Eastern Economic Corridor (EEC) through public-private partnership 

- Thailand to keep electricity bills for household unchanged but to increase power tariffs on businesses by 20%  

+ Philippines moving closer to setting up sovereign wealth fund after House of Representatives’ approval  

+ Philippines extends tariff cuts on imported rice, other food items to fight inflation 

+ Malaysia’s 9-mth approved investment up 2.5% to RM194bn 

+ Malaysia manufacturing sales up 12.9% to RM158.9bn in Oct 

+ Malaysia PM instructed all govt departments to develop measures to implement targeted subsidies 

- Sg NODX contracted by 14.6% YoY in Nov, decreased 4th consecutive mth 

- Sg top 10 markets shrank overall in Nov; China down 31.2%, HK down 41%, Malaysia down 12.9% 

+ Sg GCB volumes in 2023 expected to be similar to 2022 levels at around >40 amid price gap: Realstar 

+ PSA Int’l considering selling 20% stake in CK Hutchison Holdings 

+ Changi Airport’s weekly passenger traffic hits 75% of pre-pandemic level 

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.