Wolf Money(world market review 28 Nov-4 Dec)
Market Summary 28 Nov – 4 Dec 2022
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+ US consumer spending increased solidly in Oct, personal spending rose 0.8% as inflation eased
+ Powell signals ready to slow rate rise by half percentage pt at next meeting
+ US revised up last quarter’s economy to 2.9% up from 2.6%, led by solid gains in exports, consumer spending
+ US nonfarm payrolls up by 263,000 in Nov, unemployment rate unchanged from Oct at 3.7%
- US ISM manufacturing PMI drops to 49 in Nov vs 49.8 expected
- US ISM manufacturing new orders index at 47.2, below expectations of 48 in Nov
+ US consumers are increasing spending even after adjusting for inflation: Wells Fargo
- US house prices to fall 12% peak to trough: Reuters poll
+ Biden signed rail bill allowing labour agreement to be in force, preventing strike
- US to impose new duties on imports from some major Chinese solar panel makers after probe finds Chinese evasion
- US govt has no plans to go back to Congress to push for changes to the inflation Reduction Act: White House
- US inflation Reduction Act ‘super aggressive’: Macron addressed US lawmakers
- US inflation reduction law suspected of breaching WTO rules: MOFCOM
- US and EU will seek tackle EU concerns about new US green energy subsidy package in a constructive way
- US LNG exports remain flat as domestic market braces for arrival of cold season
+ US soaring grain and livestock prices expected to push US farm incomes to historic high this year
+ US CFTC urged lawmakers to act fast on crypto regulation
+ US judge dismissed an indictment against Huawei CFO, formally ending criminal sanctions case
- JPMorgan, BoA and Citigroup weighting plans to cut bonus pools for their investment bankers by up to 30%: Bloomberg
- Well Fargo cuts hundreds of jobs in mortgage business across the country
- Microsoft ready to fight for its US$69bn Activision deal if Federal Trade Commission seeking to block
+ Tesla unveiled first group of Semi trucks to be delivered to PepsiCo Inc, without update on output, pricing
+ Musk said expects to receive approval for testing its devices on human in about 6 mths
+ SpaceX gets US approval to deploy up to 7500 satellites
+ Ford’s EV sales jumped by 103% or 6255 YoY, to invest another £125m in UK
+ United Airlines close to reaching deal with Boeing for major 787 Dreamliner order
+ Delta Air offered 34% cumulative pay increase to its pilots over 3 years in new contract
- Blackstone’s US$69bn real estate fund for wealthy individuals to limit redemption requests
- New Jersey-based crypto lender BlockFi filed for bankruptcy protection
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+ China eases Covid-19 quarantine rules, scraps flight bans
+ China to pursue border opening-up policy on a larger scale and in deeper manner: Foreign Ministry
- China’s factory activity slows down in Nov as official PMI at 48
- Caixin China Manufacturing PMI still on contraction at 49.4 in Nov from 49.2 in Oct
+ China’s photovoltaic (PV) exports hitting record high at US$44.03bn amid surging demand overseas, up 90% YoY
+ China-Germany stock link technically ready, toward enhancing China-Europe capital market connectivity
+ China’s 5th national economic census will take place in 2023
+ Chinese stocks to rise 9-10% by end-2023: JPMorgan
+ Shenzhen ended mandatory Covid testing to enter public venues
+ China to allow home quarantine for some infected with Covid
+ China’s top 4 state-owned banks to issue offshore loans to help developers repay overseas debt: sources
+ Chinese local govts issued 439.9bn yuan in special-purpose bonds in Oct to lift growth
+ IMF strategy chief heads to China for high level meetings, for faster progress on debt restructurings for countries in need
+ China accelerates infrastructure construction
+ Chinese firms accelerating research and production of sodium-ion products as lithium, alternative for EVs
+ China launches 3 astronauts to newly completed Tiangong space station
+ China’s C919 received production certificate from CAAC, milestone for mass production
- Evergrande’s EV unit suspends mass production due to lack of new orders
+ Evergrande expects to hit 2022 property delivery target
+ Sunac China received 12bn yuan (US$1.69bn) in loans from Chinese banks, asset management and trust firms
+ China-Europe freight trains on eastern passages reached 20,000
+ China-Laos railway transports 8.5m passengers and 11.3m tons cargos on its first anniversary
+ Baidu plans to build world’s largest autonomous ride-hailing service area in 2023
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+ Japan parliament enacted ¥28.92 trillion (US$214bn) extra budget for current fiscal year to help struggling households
+ Japan proposed plan to set up LNG reserve, supporting local firms to buy excess supply for energy security
- BoJ to incur US$212bn valuation loss if yields rise 1% across curve: deputy gov
+ BoJ to start trials on digital yen next year
+ Russia and China developing a system of settlements allow cross-border transactions without SWIFT: DPM
- Gazprom’s gas output down almost 20% in 2022
+ Brazil posted record trade surplus of US$6.7bn for Nov boosted by sales to China
+ Venezuela signed contracts with US oil firm Chevron to revive nation’s oil output and expand operations
- World Bank: poorest countries owe US$62bn on bilateral debt
+ OPEC and its Russia-led allies (OPEC+) to keep their output targets unchanged
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- EU inflation has not peaked and likely to surge even higher than currently expected: Christine Lagarde
- EU banks face tougher rules on using cloud computing giants such as Amazon, Microsoft, Google and IBM
+ EU willing to be a reliable and predictable partner for cooperation with China: European Council Michel
- EU lawmakers looking legal ways to confiscate frozen Russian assets to rebuild Ukraine
- EU, G7 agreed Russian oil ceiling at US$60 per barrel
+ Airbus to pay €15.9m to close corruption probe into aircraft deals in Libya and Kazakhstan
- German exports fell 0.6% in Oct as demand cools in Europe, US, twice as much as analysts predicted
- Germany’s unemployment rate rose to 5.6%, topped 2.5m in Nov from 5.5% in Oct
- Germany still has no way completely replacing Russian natural gas even after new LNG contract with Qatar: MP
+ Germany will not follow US in generally banning products made by China telecoms equipment makers such as Huawei
- UK govt would spend £700m to buy out Chinese firm’s stake in Sizewell C nuclear power plant
- HSBC cutting up to 15% of its 2000 senior operations managers worldwide
- France inflation jumped 7.1% YoY at historic high
- France may face rolling blackouts this winter if electrical comes under sever stress due to cold weather: energy regulator
+ Macron arrived in Washington for first state visit of Biden’s presidency
+ Renault, Nissan set to forgo an announcement of new deal on restructured alliance, struggling to bridge differences
- Italy plans to apply 50% windfall tax on energy companies
- Italy to seize Russia oil refinery under state trusteeship
+ Credit Suisse chairman said outflows have basically stopped and seeing partial inflows
- Switzerland frozen US$7.94bn worth of Russian assets as of 25 Nov, only fraction of money held by Russians in the country
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+ India’s GDP for Jul-Sept qtr at 6.3% YoY
+ India bought about 40% of all seaborne Russian Urals grade oil capacity in Nov
+ India’s factory activity hits 3-mth high in Nov as inflation cools
+ Tata Gp to merge Air India with Vistara, its JV with Singapore Airlines, SIA will invest US$252m into Air India as part of deal
- South Korea’s trade deficit at US$7.01bn in Nov, total trade deficit for first 11 mths is US$42.6bn
+ Qatar to supply 2m tonnes of LNG to Germany from 2026 for at least 15 years
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- Indonesia’s Purchasing PMI contracted for 2-mth straight to 50.3 pts in Nov, slowest in 5 mths
+ Indonesia govt spending to top Rp3000 trillion in 2023, education and healthcare continue to take biggest share
- Indonesia aims to starts collecting coal levy in Q1 2023: Minister
- Thailand said most institutional investors won’t be exempted from tax levied on stock transactions resume in 2023
+ Thailand fuel consumption rose by 15.4% YoY in first 10 mths as pandemic eased
- Bank of Thailand raised its key interest rate by 25 bp for 3rd straight meeting
+ Thailand received >9m foreign tourist arrivals from Jan-Nov
+ Malaysia new cabinet led by Anwar Ibrahim has sworn in, PM Anwar to be finance minister
- Malaysia’s manufacturing PMI fell to 47.9 in Nov, down from 48.7 in Oct
- Sg overall factory activity contracted 3rd straight mth in Nov, PMI at 49.8 amid weak global demand
- Sg property tax to increase for most homes in 2023
- Sg and New York top list of world’s most expensive cities in 2022: EIU
- Three Arrows Capital (3AC) says its founder are refusing to cooperate with asset recovery efforts
- Carousell cuts 110 jobs or 10% of total headcount to reduce cost
Contribution by Derek@valueinvestments chat group. Thank you.
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