Weekly Market Rollup Oct Week #5 2021
$1.4 million sneakers, Most powerful telescope, Evergrande's EV business, ICICI 50%📈, Turkish Lira landslide, Malaysia Budget highlight, FB = Metaverse, Shiba Inu 🚀, R we in Hyperinflation ☔️?
Dear investors..
How about $1.47 million for a pair of basketball shoes?
Then Nike pair was worn by Michael Jordan on for his fifth NBA game during his rookie season in 1984 auction for $1.47 million. The buyer was Nick Fiorella, a high-end cards collector.
and lets look further back in time.
The creation of the universe happend 13.8 billion years ago where our sun formed more then 9 billion years after the big bang. Now the most powerful space telescope ever will look back in time.
If you love what you see so far, please subscribe for FREE weekly financial new summary deliver straight to your email.
1: The Green Future
India is seeking compensation for expenses incurred caused by climate disasters, and developed nations should bear it.
The 2015 Paris climate agreement addresses "loss and damage" caused by climate disasters. The broad idea is that, based on historical contributions to global greenhouse gases, countries will compensate for the damages that pollution will one day cause.
Countries that suffer climate impacts can then claim money for repairs after a climate-fueled hurricane or flood.
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China aims to have non-fossil fuels exceed 80% of its energy mix by 2060—its carbon-neutral target date—and vowed to speed up cuts in coal use.
Saudi Arabia said it plans to use the $110 billion natural-gas project to make blue hydrogen.
2: China The Asia Dragon:
Evergrande, a recently troubled property behemoth, will now focus on their EV business - "HengChi" is their first car. Evergrande NEV was up 17% after the chairman reportedly pledged to shift his focus to that business.
The company's first electric car -- "Hengchi," will start production next year.
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China's post-Weaker growth in the third quarter resulted from a flood & virus outbreak.
Although authorities have ample Policy tools to boost growth, policymakers were determined not to flood the economy with stimulus while cutting its reliance on property and debt.
As reported by Xinhua, there are four key points why China believes it can achieve its targets this year and quality development in the long term.
Trade: Trade for the entire year is likely to achieve stable growth as major exporters still have many orders through the first half of next year.
Regulatory tightening: The recent crackdown on monopolies was not about suppressing private company rather its an action to contain the "disorderly expansion of capital," which has achieved the initial result
Capital has increased into sectors including innovative technology, new energy, advanced manufacturing, and industrial Internet under the policies' guidance.
Property: The authorities will push forward the property tax reform. It will widen property tax trials to more areas and start taxing residential property owners
Supply Chains: More foreign companies are moving into China than exiting the country since the resilience of China's supply chain during the pandemic has made it more attractive to overseas companies.
3: Asia, truly Asian
ICICI beat Bloomberg analyst forecast.
India's second-largest private lender, ICICI Bank Ltd.'s shares, Jumped 10.9% on Monday ( Year to date 50%+ return) Boost by solid loan growth as consumer demand improved in India.
Banks are offering decade-low interest rates to individuals for buying homes, cars, and other consumer goods.
We can see India's economy is recovering as diesel consumption rebounded in the first half of October. Private consumption accounts for more than half of the economy's growth.
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Malaysia Budget 2022 Highlight.
Too many points to cover in this newsletter. Here is the link →
https://www.theedgemarkets.com/microsite/budget-2022-highlights and comment below what do you think of the budget.
4: Curren-see (currency laa)
Landslide for Turkish Lira after Turkish President Erdogan said that ambassadors from 10 Western nations, including the U.S., Germany, and France, are no longer welcome. The lira had lost 23% versus the dollar this year.
5: Freakonomics
Are we going to experience hyperinflation?
Read my total 5 part tweets below to find out.
6: Market @ A Glance:
China hints that it's easing off its tech crackdown.
"The regulatory crackdown is coming to an end, probably over the next few months, and the valuations of Chinese stocks are very inexpensive and attractive, especially for tech stocks," said Tom Masi, a portfolio manager at GW&K Investment Management.
Analysis: Technically speaking, there is no clear sign of market rebound on the tech stocks as rejection happened twice on the 6800 level (low 2). Maybe we could expect another leg down from here.
7: The New World: Crypto, Defi, Metaverse & Beyond
Welcome to Metaverse.
Facebook changes its name to Meta, bridging the gap between the physical and the digital universe. "Metaverse is" a collection of online worlds where users' avatars buy clothes, attend concerts and socialize. - remind me of the "Ready Player One" movie.
Mark Zukerberg explain about metaverse in 11 minutes.
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The Dog Coin
Shiba Inu hit an all-time high only to slide 15% after Elon Musk said he doesn't own any tokens.
The Coin is up 530% since its first launch in May this year.
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Bitcoin exclusive club. But….
8: Stock On the move:
Tesla became the first carmaker to pass a stock market value of $1trn after Hertz placed 100,000 Tesla vehicles for rental purposes.
The stock closed at $1114, up 17% in just a week. Tesla joins Alphabet, Amazon, Apple, and Microsoft in the club of American companies valued at over $1trn
Elon Musk's net fortune alone is now worth more than ExxonMobil's market value.
9: Opinions
This is not a conspiracy theory. Instead, it is a document collected by whistleblower Frances Haugen about the misconduct of Facebook. She, later on, went on the "60 minutes" show to tell the truth.
Below is a link to a detailed document posted in the wall street journal.
That's all for now, have a great week ahead. 👇🏼