Wolf Money(world market review 5-11 Dec 2022)

Heman Chong Malaysia 1977

God Bless Diana circa 2004

Collection of Singapore Art Museum 

Market Summary 5-11 Dec 2022

🇺🇸 🇺🇸 🇺🇸 🇺🇸 🇺🇸 

+ US consumer sentiment improved in Dec at 59.1 up from 56.8 in Nov, inflation expectations eased to 15-mth low  

+ US producer prices rose slightly in Nov, annual inflation at factory gate posting smallest increase in 1.5 years 

+ Biden declared comeback of US manufacturing at giant semiconductor project in Phoenix 

+ US can avoid recession; no wage-price spiral and supply chain bottlenecks starting to ease: Yellen 

- US households lost US$6.84 trillion in wealth over first 3 qtrs of 2022: Fed 

- US weekly jobless claims rise; continuing claims at 10-mth high towards end Nov 

- US panel says oil companies are ‘lying’ about promises to reduce greenhouse gas emissions 

+ US national average gas prices plunged below year ago levels  

+ Chevron to invest US$4bn in Permain in 2023 to boost US shale production 

+ Exxon, Chevron to spend billions more on oil projects next year 

- US wholesale inventories revised lower in Oct, rose 0.5% instead of 0.8% as reported 

- US has allocated US$11bn on cyberattacks in 2023: Russia 

- US plans to impose new sanctions against Russia and China over rights abuses 

- US officials proposing to levy tariffs on steel and aluminium based on carbon emissions

- Trump’s real estate firm convicted of carrying out 15-year-long criminal scheme to defraud tax authorities 

+ Tesla delivered 100,291 China-made EVs in Nov, highest monthly sales since opening its Shanghai factory in 2020 

- Musk says executive of possibly suppressing information about Twitter’s handling of Hunter Biden laptop story 

- FTX former CEO Sam Bankman-Fried set to testify remotely before US House committee 

- FTC filed lawsuit to block Microsoft’s proposed US$69bn acquisition of Activision 

🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳 

+ Xi called for oil trade in yuan with Gulf states at Gulf Summit in Riyadh, to increase oil and LNG purchases 

+ China offers to use Shanghai exchange for yuan energy deals with Gulf nations

+ China’s consumer price index rose 1.6% in Nov YoY, easing from 2.1% rise in Oct 

+ China’s factory-gate prices showed annual fall for 2nd mth in Nov, PPI down 1.3% YoY 

+ China’s foreign trade volume up 8.6% in first 11 mths 

- China’s exports sank 8.7% to US$296.1bn, imports fell 10.6% to US$226.2bn YoY in Nov, lowest since 2020 amid Covid curbs 

+ China issued 5bn yuan (US$716.32m) worth of treasury bonds in HK 

+ China to roll over 750bn yuan (US$108bn) of special sovereign bonds, debt from 2007: Ministry 

+ China’s forex reserves see largest single-mth increase since 2013 in Nov, climbing back above US$3.1 trillion 

+ China up gold reserves 1st time in >3 years, raised holdings to 63.67m troy ounces end Nov from 62.64, value rose to US$111.65bn 

+ Shanghai, Shenzhen and Beijing exchange brought in record US$92bn in 2022, global tally for IPO proceeds to 46%

+ China buys Russian oil at multi-mth low discounts, brushes off price cap 

+ Chinese banks opening >3 trillion yuan (US$431bn) in lines of credit for cash-strapped real estate companies 

- Sunac property unveiled US$9bn debt restructuring plan 

+ China to resume refinancing of listed real estate companies to stabilize housing sector 

+ China’s new-energy vehicles expected to reach 6.5m this year 

+ China delivers first homegrown plane C919 to China Eastern Airlines Corp 

+ China more passengers are expected to hit the road after significantly loosen anti-Covid restrictions 

+ Chinese firms are showing renewed interest in Australian acquisition targets, but “the signs are still tentative”: Reuters 

+ Chinese firms expect new peak in cooperation with Saudi Arabia following Xi’s visit 

+ Huawei licenses key 5G to Oppo, Samsung amid US crackdown 

+ China-made 2nd mRNA Covid shot approved overseas in Laos after Indonesia endorsement of Walvax-Abogen 

+ China announced latest changes to Covid-19, released 10 optimised measure Covid-19 control policy 

+ Hangzhou court ruled NFT collection as virtual assets 

- Taiwan’s exports in Nov down 13.1% to US$36.13bn YoY, lowest figure in 19 mths and sharpest fall in almost 7 years  

- Taiwan mulls take China to WTO after China banned import of more Taiwanese food and drink products 

+ TSMC says it will more than triple its investment in a giant US plant to $40bn

🇯🇵 🇷🇺 🇨🇦 🌍 

- Japan’s service-sector activity growth hits 3-mth low 

+ Japan to extend tax reduction for owners of eco-friendly vehicles beyond end date of April, citing semiconductor shortages  

+ Japan’s world cup performance will generate up to ¥16.3bn in economic effects: think-tank 

+ Japan’s household spending up 1.2% in Oct YoY on recovering tourism 

- Japan’s economy is set to enter recession in 2023: Capital Economics 

- Russia set an import tax of 35% on imports from unfriendly countries 

- Russia to cut oil production over West’s price cap: Putin 

+ Russia is selling crude oil to Asia above US$60 price cap 

- Canada’s central bank raised rates at record pace to 4.25%, highest level in 15 years 

- OPEC misses production quota by 310,000 bpd 

+ Global aviation industry expected to finally end years losses with net profit of US$4.7bn in 2023, first since 2019: 

- Wheat prices touch 14-mth low on surging Russian exports 

+ Iron ore rose to highest level in 4 mths on signs Chinese authorities to announce more support for property sector 

- Basel Committee on Banking Supervision, poised to instruct lenders set aside capital matches value of certain cryptocurrencies in their holdings  

🇪🇺 🇩🇪 🇬🇧 🇫🇷 🇨🇭 🇬🇷 

+ Eurozone banks set to repay early another €447.5bn in multi-year loans from ECB 

- EU moves to limit financial link with post-Brexit London 

- EU dozen countries made a push to “significantly” lower planned EU cap on gas prices 

- European house prices maybe on the verge of falling: financial watchdog

+ EU ¾ member states boosted their trade turnover with Russia in first 8th mth 

- EU escalates WTO case against China over patents, Lithuania 

- Germany arrested 25 suspected in raids on suspicion of plotting to overthrow the govt 

- Germany opens Wirecard trial over biggest-ever accounting scandal

- UK’s economy on course to shrink 0.45 next year as inflation remains high and firms put investment on hold 

- UK airport staff plan Christmas walkout, joining strike wave

- UK house prices recorded biggest mthly drop since 2008 in Nov, down by 2.8%: RICS 

+ UK govt greenlights French Schneider Electric’s US$12bn Aveva takeover

- France economy on course to finish the year with slightly positive growth in 4th qtr of 0.1%: central bank 

- French TotalEnergies giving up stake in Russian gas producer Novatek, to lose billions of dollars as it unable to sell stake 

+ Credit Suisse raised 2.24bn Swiss francs in rights offering approved by shareholders in Nov 

+ Greece, Bulgaria discussed oil pipeline bypassing Bosphorus Strait 

🇦🇺 🇳🇿 🇮🇳 🇰🇷 🇸🇦 

- Australia’s central bank raised interest rates to 10-year high to 3.1% 

+ Australia targets EU trade deal in H1 of 2023: Minister 

- Australia fines Uber US$14m for misleading on fares, cancellations 

- Australian energy caps are necessary intervention: Minister 

- New Zealand plans law to require Google, FB to pay for news 

- India’s central bank raised key policy rate by 35 bps to 6.25%, 5th straight increase and highest in >3 years 

+ Tata Gp to establish chip production in India next few years

+ India signals to continue buying oil from Russia 

+ Air India is close to signing agreement with Boeing for up to 150 of its 737 MAX

- South Korea nearly 100 petrol stations across country run out of fuel as 25,000 truckers’ strike 

- Seoul and Brussels should coordinate responses to large-scale subsidy package adopted by US: S Korea Trade Minister 

+ South Korea President pledges to expand free trade agreements into Middle East, Central and South America

- South Korea orders striking steel, petrochemical truckers back to work 

+ Hyundai and SK to build EV battery plant in Georgia 

+ Saudi Arabia reported first budget surplus in a decade 

+ Saudi Arabia signed MOU with Huawei on cloud computing and building high-tech complexes in Saudi cities  

🇮🇩 🇹🇭 🇻🇳 🇵🇭 🇲🇾 🇸🇬 

+ Indonesia to continue to develop nickel downstream industry program despite losing lawsuit by EU at WTO over nickel ore export ban: Jokowi 

- Indonesia adopts law banning extramarital sex, raises penalties on abortions as part of legislation 

- Indonesia GoTo lost almost 70% of its valuation since IPO in Apr, at about half Grab’s value, worst large size tech IPO in 2022

+ Thailand hits 10m visitors in 2022 as tourism recovers 

- Vietnam coffee expected to drop by a 5th in current crop year due to extended rains, lower level of nutrition  

+ Vietnam Airlines resumes China flights after 3-year pandemic halt 

- Philippines inflation rose more than expected to 14-year high in Nov of 8% 

+ Malaysia 5 working papers to combat cost of living to be tabled in NACCOL meeting 

+ Malaysia’s wholesale and retail trade growth 15.2% to RM133.9bni n Oct 

+ KL is 32nd most expensive city for expatriates in Asia, fallen 5 places globally to 167th position: ECA Int’ ranking 

+ Sg retail sales up 10.4% YoY in Oct, extending previous mth’s 11.3% growth 

+ Sg unemployment rate slid to 2% in Oct; resident jobless at 2.8%, citizen unemployment at 3% 

- Sg unsold private housing stock hits 15-year low, inventory expected to stay low in coming year 

+ Sg need carbon credits or nuclear energy to reach net zero by 2050: Minister 

- Sg average hotel room rates hit 14-year high in Sept 2022

- Sg median rents for 3-bedroom condos in Orchard hit S$15,000 in Nov

- Temasek-backed Cyrptocurrency trading firm Amber Gp ditches expansion plans after denying insolvency 

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.