• Fed to keep interest rates near zero until inflation rises to above 2% target, indicates will stay for years
  • US-China investment flows hit lowest in 9 years, amount to US$10.9bn in deals in H1
  • US weekly jobless claims at 860,000 last week, down by 33,000 from the previous week
    +US business inventories increased for the first time this year in July by 0.1% after declining 1.1% in June
  • US current account deficit jumped 52.9% to US$170.5bn in Q2, the highest level in nearly 12 years
  • US consumer confidence index rose 6.5% in Sept to 78.9 vs the previous mth, beat estimates
  • US retail sales rose 0.6% in Aug vs 1% increase expected, as extended unemployment benefits cut
  • US continuing claims unemployment at 12.63m ppl vs 1.7m a year ago
  • US economy in decline under crushing debt and the rising power of China: Ray Dalio
  • US released details of 2nd round of Covid-19 aid of up to USS$14bn for framers
  • US tariffs on Chinese goods violate international rules: WTO
  • Trump said ‘will have to do something’ about WTO after China ruling
  • US reimposed UN sanctions against Iran
  • US sanctions on Iran don’t have legal effect: Germany, France, and UK joint statement
  • CDC director Dr. Redfield said most Americans wouldn’t get the coronavirus vaccine until late 2nd qtr, 3rd qtr 2021
  • Moderna expects to make 20m doses of coronavirus vaccine by the end of 2020
  • AstraZeneca’s vaccine trial still on hold in the US
  • FAA expected to reach the key milestone for Boeing 737 MAX’s return
  • US Airlines CEOs meet with White House in a last-minute plea for more coronavirus aid
  • Delta Airlines raising US$9bn in debt sales backed by its frequent flyer program
  • United Airlines could furlough 16,000 staff in Oct
  • US judge halts Trump’s order banning WeChat from app stores
  • Oracle and Walmart to partner with TikTok to become a US-based company after negotiations
  • Nvidia’s US$40bn ARM deal faces China risks and industry pushback
    -BlackRock may never be 100% back in the office: CEO
  • Apple has dropped >20% from its peak, giving up >US$500bn in market cap
    🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳
  • China issued rules for unreliable entity list mechanism could severely punish foreign entities and individuals
  • China’s unreliable entity list may have already completed n could be out soon, likely focus on firms seek to block and cut off supplies to Chinese businesses: experts
  • China’s top leadership made a fresh call for strenuous efforts to develop homegrown technologies
  • China’s retail sales rose 0.5% in Aug YoY, first positive in 2020
  • China’s economy expected to register positive growth in 2020: Li Keqiang
  • Chinese RMB hit its strongest level against the greenback since May 2019
  • China to improve cross-yuan policy to stabilize foreign investment and foreign trade: central bank
  • China vowed to open wider, provide more conveniences for businesses: Li Keqiang
  • China’s digital yuan needs to be regulated in accordance with relevant rules designed for cash: central bank
  • China approved US$13bn worth of fixed-asset investment projects across the country in Aug
  • China will support the participation of private firms in railway, oil, and gas projects: state media
  • China scale of public offering funds reached US$2.36 trillion by the end Aug: Asset Management Association
  • China trims US Treasury debt for 2nd straight mth in July by US$1bn to US$1.07 trillion
  • China’s retail sales returned to growth first time this year by 0.5% to US$490bn in Aug YoY: NBS
  • China’s total non-financial overseas direct investment Jan-Aug period declined 2.6% YoY to US$68.48bn
  • China’s top court and procuratorate to lower threshold for the punishable offense of laws related to IP, trade secrets
  • China extends tariffs exclusions on some US products by an additional 1 year
  • China has replaced the US to become Germany’s largest export market first time in Q2: MOFCOM
  • Shanghai firm unveiled 1000km range unmanned aerial vehicle (UAV) with a maximum takeoff weight of 400kg
  • Ant Gp filing for IPO gets approved by Shanghai Stock Exchange
  • ByteDance seeks US$60bn TikTok valuation in US deal, planning for an IPO of TikTok Global
  • Alibaba unveiled cloud computer, self-driving robot for terminal logistics at 2020 Apsara Conference
  • Alibaba said to be in talks to invest US$3bn in Grab, which might affect Grab-Gojek merger talks
    +HKMA injected HK$1.86bn into the banking system to defend the dollar
    🌍 🇯🇵 🇷🇺 🇨🇦
  • Global economic recovery may take 5 years: World Bank
  • OECD projects global GDP will collapse by 4.5% this year
  • OPEC + coalition saw its overall compliance rate with production cuts at around 101% in Aug: sources
  • Global tourism lost US$460bn due to pandemic: UN
  • Japan Yoshihide Suga became the 99th PM in Japan, targets structural reform
  • Japan’s exports extend double-digit declines as pandemic hits demand
  • Japan manufacturers remain gloomy for 14-mth: Reuters Tankan
  • Japan consumer prices fell at the fastest pace in almost 4 years in Aug
  • Hitachi to exit stalled UK nuclear plant project due to funding problems
  • Toyota said won’t scale up in India due to high taxes
  • Russia set to cut military spending next year in favor of boosting the national economy, the first time in 7 years
  • Russia gold and foreign currency holdings increased to total US$591.8bn to a near all-time high: central bank
  • Russia nuclear giant Rosatom eyes 10% of lithium market by 2030
  • Russia’s Arctic LNG 2 project reportedly foreign lenders pledged to provide up to US$9.5bn in financial support Russian 8 more firms been allowed to supply meat and poultry by-products to China
  • Canada abandoned free trade negotiations with China, citing no existing conditions for continuing
    🇪🇺 🇩🇪 🇬🇧 🇫🇷 🇪🇸 🇩🇰
  • Eurozone banks get €73bn ECB relief to help them keep credit flowing amid a pandemic
  • EU must become less dependent on Asian suppliers, develop their own value chains within the 27-member bloc: Germany
  • EU seeks new power to penalize big tech giants: FT
  • EU-China become the largest trade partner for the first time, surpassing by €5.2bn from Jan-July, up 2.6%: Eurostat
  • Airbus warned of massive layoffs amid the “gravest crisis” in the company’s history
  • Europe is far behind the rest of the world on 5G deployment: top 50 largest European tech players
  • Germany offered to invest €1bn in US LNG if the US lifts sanctions against the Russia-led Nord Stream 2 gas pipeline project
  • German economic recovery to continue in 2nd, 3rd qtr to show strong growth: ministry
  • Germany plans to take on new debt of nearly €100bn next year to sustain the fight against the pandemic
  • Germany would relax insolvency rules to avert a wave of bankruptcies due to coronavirus
  • German govt considering funding the Russian LNG project
  • UK no-deal Brexit could shave at least 3 points of its GDP in 2021: JP Morgan
  • UK retail sales volumes rose by 08% in Aug vs average 0.7% forecast in Reuters poll
  • UK is seeking a second wave of coronavirus pandemic: PM Johnson
  • The UK around 5m jobs remained fully or partly on furlough at the end of July, down from a peak of near 9m
  • BOE indicated could cut interest rates to below zero for the first time in its 326-year history
  • Rolls-Royce in talks with sovereign wealth funds, including Singapore GIC, to raise £2.5bn from its investors
  • France reported daily record 13,125 Covid-19 cases and 123 related deaths
  • LVMH tried to block an attempt by Tiffany to fast-track legal proceedings in the US
  • Spain’s CaixaBank and Bankia to merge, creating the largest bank in the country
  • Madrid to introduce partial lockdown due to Covid-19
  • Danish shipping giant Maersk could lay off up to 27,000 workers or up to 1/3 of its workforce
    🇦🇺 🇳🇿 🇮🇳
  • Australia’s Chinese investment declined from A$4.8bn in 2018 to A$2.5bn in 2019, peak 2016 was A$15.8bn
  • NZ’s economy shrank by a record 12.2% in Q2 due to strict lockdown
  • India’s economy to contract 9% due to the impact of a pandemic: S&P
  • India posted a trade deficit of US$6.77bn in goods in Aug
  • India’s Covid-19 infections jump by 92,605 to >5.4m were confirmed since Sat
    🇮🇩 🇹🇭 🇻🇳 🇵🇭 🇧🇳 🇲🇾 🇸🇬
  • Indonesia state-owned banks have disbursed US$5.94bn in working capital loans using funds placed by govt
  • Indonesia plans to inject US$2.5bn into SOEs in2021 to stimulate the economy
  • Indonesia signed an agreement with the US to strengthen infrastructure financing through private sector investment
  • Indonesian palm oil sector n coal firms turn to the local market as exports drop
  • Indonesia half of all construction contractors close down as projects stall: Association
  • Thailand passed a 3.29 trillion baht budget bill for the 2021 fiscal year starting Oct, expected growth 4-5%
  • Thailand to allow foreign tourists who agree to 14-day quarantine and stay for at least 90 days
  • Thailand Tourism Authority said the country is ready to reopen
  • Vietnam ranked after the US as the world’s 2nd most potential markets for M&A deals this year
  • Philippines awarded a US$1.2bn contract to a Chinese construction firm for an 8km subway of Manila’s Metro in CBD
  • Brunei-China JV invests US$13.6bn in an oil refinery
  • Malaysia Japan sealed a mutual currency swap arrangement to provide up to US$3bn deal
  • Malaysia cuts medical tourism targets as border control tightens
  • Malaysia’s medical glove makers struggle to meet demand due to labor shortage: trade association
  • Iskandar Waterfront targets US$1.2bn IPO in the first half 2021 to raise at least RM5bn
  • Sabah remains the poorest state in Malaysia with a poverty rate of 19.5%
    -Sg employment fell by a record 103,500 in Q2, staggering 4 times previous record contraction in Q1
  • Sg NODX up 10.5% m/m or up 7.7% y/y
  • Sg developers sold 1256 private homes in Aug, 16% higher than July’s take-up
  • Sg BCA lowered the forecast of this year’s projected construction demand by S$10bn
  • Sg all adult citizens aged 18 and above to get S$100 tourism vouchers in Dec
  • MBS Singapore hired a law firm to probe into employee US$1bn in money transfers to 3rd parties

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