Global Economic Monitor 220512

(Introduction)

[Markets]

•   Global: Nasdaq falls more than 3% as U.S. inflation data gives little relief to investors

※   U.S. consumer prices slow in April; inflation still high

※   Coinbase falls on Q1 revenue slump, net loss

※   Indexes: Dow down 1%, S&P 500 down 1.7%, Nasdaq down 3.2%

•   US: Cryptocurrency TerraUSD Plunges as Investors Bail

•   Saudi Arabia: Saudi Aramco overtakes Apple as the world’s most valuable company

•   Metals: Copper gains as China COVID cases ease, demand still at risk

•   Grains: Supply worries, weather spur rally in crop prices ahead of U.S. report

•   한국: 코스피 7거래일째 하락 2,590대 마감…외국인·기관 '팔자'

[Indicators]

•   US Apr. CPI: Inflation Slipped in April, but Upward Pressures Remain

※   Inflation rate fell for first time in eight months as energy prices moderated

※   WSJ: Grocery, Airfare Inflation Reached Historic Highs in April; Gas Prices Eased

※   WSJ: Inflation Has a Long Way to Fall to Stop Being a Problem

※   WSJ: April Inflation Report Cinches Fed’s Half-Point Rate Rise Path

※   WSJ: How High Is Inflation and What Causes It? What to Know

※   WSJ: How Prices Climbed in April

•   US Apr. Fiscal account: Federal Surplus Reached Record in April as Taxes, Other Revenue Nearly Doubled

•   US Weekly Mortgage rates·applications: Adjustable-rate mortgage demand surges to 14-year high, as homebuyers try to afford this pricey spring market

•   China Apr. CPI·PPI: China Consumer Inflation Accelerates Modestly

※   Consumer prices were up 2.1% in April, the fastest pace in five months, as growth took a hit from widespread Covid-prevention measures

•   Japan Mar. GDP: Japan March GDP up 0.8%, driven by domestic consumption: JCER

•   Japan Mar. Coincident index: Japan's key economic index rises for 2nd straight month in March

•   Brazil Apr. CPI: Brazil’s Inflation Hits Highest Since 2003 as Food Prices Soar

•   한국 4월 고용: 4월 취업자 86만5천명 증가…60세 이상·직접 일자리 비중 커

※   한경: 정권 바뀌자 180도 달라졌다…고용상황 실토한 기재부

•   한국 4월 가계대출: 가계빚 5개월만에 다시 증가

•   한국 5월 1~10일 수출: 5월 1∼10일 수출 29%↑…올해 누적 무역적자 100억달러 육박

•   한국 5월 아파트 분양전망지수: "5월 분양경기 지난달보다 나빠질 것"

[News]

•   WSJ: Ukraine to Try Russian Soldier for War Crimes

•   WSJ: House Approves Ukraine Aid Package but No Deal in Senate

•   WSJ: Russia’s War in Ukraine Sparks Bomb-Shelter Revival in Poland

•   WSJ: China’s Forgotten Premier Steps Out of Xi’s Shadow as Economic Fixer

•   WSJ: Cryptocurrency TerraUSD Plunges as Investors Bail

•   WSJ: Farmers Are Racing Against Poor Weather to Plant Crops

•   WSJ: Disney Reports Jump in Disney+ Subscribers in Latest Quarter

•   WSJ: Elon Musk’s Belated Disclosure of Twitter Stake Triggers Regulators’ Probes

•   WSJ: Social-Media Regulations Expand Globally as Elon Musk Plans Twitter Takeover

•   WSJ: Rivian CEO Says Its Chip-Shortage Problems Will Ease This Year

•   WSJ: U.S. Offshore Wind Plans Collide With Fishing Concerns off Carolina Coast

•   NYT: The Ukraine War’s Economic Toll Is Testing the West’s Unity Against Russia

•   NYT: Moderna Vaccine Provokes Strong Immune Response in Children 6 to 11

•   NYT: The E.U. will no longer recommend that masks be required for air travel.

•   NYT: Google Offers a More Modest Vision of the Future

•   NYT: From Car Sensors to Archaeological Maps, Laser Technology Proves a Bright Idea

•   NYT: The Pushback on E.S.G. Investing

•   WP: The U.S. is expanding its goals in Ukraine. That’s dangerous.

•   WP: Where are Russia’s barrels of oil going?

•   FT: Russia signals plan to annex Kherson in southern Ukraine

•   FT: Russian occupying forces have siphoned EU-bound gas via Ukraine, Kyiv says

※   Ukrainian operator asks Gazprom to reroute supplies to avoid Russian-held areas

•   FT: EU warns of €195bn cost to free bloc from Russian energy

※   Targets accelerated to invest in renewables plus cut oil and gas consumption in draft proposals

•   FT: Hungary demands full exemption from Russian oil import ban

•   FT: Who will pay to put Ukraine back together again?

•   FT: Now is not the time for the UK to stoke a trade war with the EU

•   FT: EU leaders warn Boris Johnson ‘not to touch’ Northern Ireland protocol

•   FT: EU threatens retaliation if UK ditches N Ireland protocol

•   FT: Christine Lagarde sends clear signal that ECB will raise rates in July

•   FT: Draghi floats creation of oil consumer ‘cartel’ after meeting with Biden

•   FT: Euro to hit parity against the dollar within six months, Amundi says

•   FT: BoE must raise rates to 2.5% next year to curb inflation, says think-tank

•   FT: Former BoE officials warn of increasing risk of UK recession

•   FT: China attacks ‘irresponsible’ WHO criticism of its zero-Covid policy

•   FT: Marcos myths lift dictator’s son to power in Philippines

•   FT: Sri Lanka president urges calm as anti-government protests intensify

•   FT: Ukraine war reveals ‘black swan’ danger

•   FT: Malaysia palm oil exports surge as Indonesia embraces protectionist policies

•   FT: Drought threatens hopes French wheat could ease Ukraine shortfall

•   FT: China early-stage fundraising slides to lowest level since 2009

•   FT: Toyota warns of ‘unprecedented’ rise in raw material prices

•   Bloomberg: Biden’s Fear of Free-Trade Deals Risks Isolating Friends in Asia

※   US-Asean summit in Washington to highlight rift on trade deals

•   Bloomberg: Fed Officials Dig In Against Critics, Unite Behind Powell Plan

•   Bloomberg: Fed Officials Stay Course on Half-Point Hikes Despite Hot Prices

•   Bloomberg: Fed’s Bostic Backs ‘Moving More’ on Rates If Inflation Persists

•   Bloomberg: Dudley Says Fed Should Hike to 5% or Higher to Curb Inflation

•   Bloomberg: ECB Officials Increasingly See Rate Exceeding Zero This Year

•   Bloomberg: ECB Must Act Even If Inflation Drivers Are Global, Schnabel Says

•   Bloomberg: French Economy to Grow Just 0.2% This Quarter on Supply Woes

•   Bloomberg: EU Parliament Group Votes Down Stricter 2030 Car Emissions Goal

•   Bloomberg: EU Lawmakers Seek CO2 Market Restrictions to Cut Speculation

•   Bloomberg: China’s Covid Zero Policy Makes 2020-Style Rebound Less Likely

•   Bloomberg: China’s Premier Urges Fiscal, Monetary Policies to Boost Economy

•   Bloomberg: China Risks 1.6 Million Deaths in Virus ‘Tsunami’ If Covid Zero Is Abandoned: Study

•   Bloomberg: Shanghai Reports No Community Spread as Infections Halve

•   Bloomberg: Tesla and Sony’s Problems Show Shanghai’s Big Restart is Faltering

•   Bloomberg: Wuhan's First Covid-19 Patients Still Suffering After Two Years

•   Bloomberg: Latin America’s Inflation Soars Again in Sign of More Rate Hikes

•   Bloomberg: Iran Holds Two Europeans for Plotting Unrest Ahead of EU Talks

•   Bloomberg: China Bond Bulls Revived by Lowest Borrowing Cost Since 2020

•   Bloomberg: Bigger Chunks Are Getting Hacked Out of Post-Covid Bull Market

•   Bloomberg: Russian Debt Payments Confront US Treasury With a Tough Call

•   Bloomberg: Ruble Surpasses Brazil’s Real as Year’s Best-Performing Currency

•   Bloomberg: India RBI Said to Be Open to Steps Aimed at Cooling Bond Yields

•   Bloomberg: Europe’s Snub of Russian Oil Opens Door for OPEC’s Minor Players

•   Bloomberg: China’s LNG Buyers See Virus Curbs Cutting Demand Through Summer

•   Bloomberg: No Relief at Pump as US Fuel Prices Keep Climbing Higher

•   Bloomberg: Google Creates Wallet App for Credit Cards, Tickets, Car Keys

•   Bloomberg: Solar Probe Disrupting US Industry Defended by Commerce Head

•   Bloomberg: Renewable Power Growth Seen Slowing Next Year on Supply-Chain Woes

•   Bloomberg: EU Must Speed Green Deal to Shut Out Russian Gas, CEOs Say

•   Bloomberg: China’s Rains Promise Ample Hydropower in a New Blow to Coal

•   Bloomberg Businessweek: Bolsonaro Woos Rural Brazil With Land and Guns to Catch Lula

•   Reuters: U.S. household strength may prolong Fed's inflation fight

•   Reuters: EXCLUSIVE Top EU official backs multi-trillion plan to rebuild Ukraine

•   Reuters: EXCLUSIVE Biden eyes new ways to bar China from scooping up U.S. data

•   Reuters: Fed's Powell, Jefferson to get Senate nod this week

•   Reuters: U.S. wants ASEAN leaders to play bigger role in Myanmar diplomacy - official

•   Reuters: Russia's economy to start stabilising in 'new equilibrium' near year-end -central bank

•   Reuters: The dollar problem: emerging markets count the costs

•   Reuters: Exclusive: Facebook-owner Meta tells hardware staffers to prepare for cutbacks

•   Reuters: Factbox: How PBOC might respond to China's weakening yuan

•   Reuters: Analysis: Dollar's surge spurs currency hedging by U.S. companies

•   CNBC: Don’t panic? Strategists give reasons to stay invested despite market turmoil

•   Fox News: Russia has signaled intent to end 'current phase' of invasion, cut losses with Kherson referendum: expert

•   Fox Business: Abbott says it will be at least two months before baby formula from shuttered plant hits shelves

•   SCMP: China implores US to drop tariffs that punish Americans and Chinese alike

•   SCMP: China’s securities regulator pledges action to shore up region’s worst-performing stock market, says rout is an ‘overreaction’

•   SCMP: China-Africa trade rises in first quarter, though coming months may see a flattening

•   Caixin: China Launches First ‘Bioeconomy’ Five-Year Plan

•   Nikkei Asia: Why Japanese workers remain dissatisfied with their jobs

•   Nikkei Asia: Panasonic to create supply chain specialist, take it public

•   Nikkei Asia: Renault to discuss EV venture with Nissan and Mitsubishi

•   Nikkei Asia: Japan says masks not needed outdoors if distancing maintained

•   Economic Times: Economists warn of weaker rupee pushing up imported inflation

•   Economic Times: Rate hikes by central banks to dampen demand, prolong recovery: Sources

•   Economic Times: Morgan Stanley cuts India GDP growth forecasts on inflation, global slowdown

•   매경(P1): 尹대통령 첫 회의 "물가가 제일 문제"

•   매경(P1): 소상공인 370만명에 최소 600만원 지급

•   매경: 공수 바뀐 국회…'53조 초과세수' 활용에 발끈한 민주당

•   매경(P1): 주식 양도세 사실상 폐지…종목당 100억 이상만 과세추진

•   매경(P1): "S&P500 3750까지 밀리면 매수 기회…연말에 랠리 가능성" [명예기자 리포트]

•   매경: 인텔의 반도체 1위 탈환 전략 "불황에도 더 많은 SW업체 인수" [매경 월가월부]

•   매경: 퀄컴, 인공지능 더한 초고성능 5G모뎀으로 업계선두 굳힌다

•   매경: [단독] 尹정부, 깐깐한 심사로 규제 남발 막는다

•   매경: [세종 인사이드] 기업으로 둥지 옮기는 산업부 핵심 인력들

•   매경: 그린 택소노미'를 아시나요?

•   매경: [단독] 킥보드 타고 지하철 갈아타면 '환승할인'…통합정산 카드 나온다

•   매경: "중기 납품단가 후려치기 심각…기업간 불공정 거래 손보겠다"

•   매경: 삼성전자 임원들도 별 수 없네…58억 매수한 자사주 수익률 -4%

•   매경: IPO로 돈벌던 중소 사모펀드 시련의 계절

•   매경: "눈높이 맞추기 힘드네" 표류하는 대형M&A

•   매경: 여의도 IFC 새 주인에 미래에셋자산운용

•   매경: "대비 잘해도 혹시 모를 산재 불안불안해요"

•   매경: '지옥철' 2호선 이유 있었네…하루 107만명씩 탔다

•   매경: [Industry Review] 전기차 전쟁 승리하려면…희소금속 대체광물 찾고 폐배터리서 재활용 시급

•   매경: [Industry Review] 그들만의 세계를 만드는 새로운 연결고리 'NFT'

•   한경(P1): 재건축 안전진단 규제 완화, 결국 내년으로

•   한경(P1): 자원전쟁 가세한 포스코…2차전지에 25조 투자

•   한경(P1): [알립니다] 2022 세계 경제·금융 컨퍼런스

•   한경: 거세진 '逆머니무브'…은행에 37조 몰렸다

•   한경: "이자 한 푼이라도 더 주는 곳으로"…한 달 새 4조 몰렸다

•   한경: 강달러·엔저에…달러 예금 줄고 엔화 예금 급증

•   한경: 취임 첫날 '비상TF' 띄운 추경호

•   한경: LG·카카오·GS 'UAM 드림팀' 뜬다

•   한경: 구글·애플 '이곳'에 3조 쓰는데…한국은 '걸음마 단계' 초비상

•   한경: 외국어강좌 '광클'하는 삼성맨들

•   서경(P1): [단독] 5대 총수 일일이 술잔 채워준 尹…최고 귀빈석 불러 건배

•   서경(P1): [이슈&워치] 한일 'DJ·오부치 선언 2.0시대' 열자

•   서경: '칩4'서 IPEF·북핵까지…"日과 힘합쳐야 경제안보 방파제 높아져"

•   서경: 경총·상의 "복합위기, 日과 공동대응·협력 절실"

•   서경: 과거사·유네스코·독도 등 난제 수두룩…"서두르면 역풍, 강경파에 휘둘려선 안돼"

•   서경: 가로등부터 전동스쿠터까지…골칫덩이 폐배터리 '무한변신'

•   조선(P1): 美 ‘대만은 중국 일부’ 표현 삭제

•   조선비즈: 카메라, 스마트폰 넘어 車의 눈이 되다… 54兆 시장 선점 경쟁 치열

•   조선비즈: “한달에 53채 팔린 단지도”… ‘전수조사’ 엄포에도 활발한 1억 아파트 거래

•   조선비즈: 세금 들여 ‘친환경 선박’으로 바꾸는데… 中·日에도 발주하는 이유는

•   조선비즈: 尹정부, 신한울 3·4호기 2025년 착공 추진

•   조선비즈: 연이은 상장 철회...하반기 코스닥 IPO에도 그늘

•   인베스트조선: TSMC 파운드리 투자 삼성 4배…현금 120조도 부족, '총수 부재' 따질 시간 없다

•   중앙: 기름만 팔아선 미래 없다, 정유사들 ‘탈정유’ 경쟁

•   동아(P1): [단독]민주, 한덕수 임명 계속 동의않자… 尹측 “국정 필수 장관 임명”

•   동아(P1): 경유값 〉휘발유값… 14년만에 역전

•   동아: [단독]“北, 핵폭탄 年 4개 만들 우라늄 농축시설 더 확장”

•   동아: 한경연 “기업대출 증가율, 가계 앞질러… 금리 속도조절을”

•   동아: ‘보복소비’ 폭발… 법카 결제액 70% 늘고 공연티켓 1분만에 매진

•   문화(P1): “週52시간제 유연화로 기업 혁신동력 되살려야”

•   문화: ‘文정부 靑’ 정조준… ‘월성원전 수사기록’ 면밀 검토

•   한국: 기재부 관료로 채워진 '尹정부 경제팀'…갈등 줄겠지만 쓴소리할까

•   국민(P1): [단독] 신한울 원전 3·4호기 2025년 상반기 착공

•   국민: 확산세 안정 국면… 내주부터 일상회복 안착기 전환 논의

•   국민: 옵션 넣었다 뗐다… ‘구독’에 눈 뜬 완성차 업체들

•   서울(P1): 1주택 종부세 尹공약보다 더 내릴 듯

•   한겨레: “전력 남아도는데 어째요”…제주 태양광 과잉에 ‘블랙아웃’ 우려

•   머니투데이(P1): "환율이 1300원 턱밑인데 장사해 손해봤다"...왜?

•   머니투데이: "개입 안 하면 1300원 간다"...금융위기 수준 환율, 어디까지?

•   머니투데이: "미국·일본 어디든 통화스와프하자"..그러면 환율 내릴까?

•   머니투데이: '반도체지원 우리도' 삼성의 물밑작전, 美정관계 인사 공장에 초청

•   머니투데이: 하반기 '삼천피' 시대 열린다?…증권가 "'이것' 사라" 한목소리

•   파이낸셜뉴스(P1): 공급가뭄 부른 분상제… 서울 신규물량 25% 줄었다 [부동산 정책 대수술 필요]

•   파이낸셜뉴스(P1): SK, IPO 잇단 불발… 원스토어 상장 철회

•   아시아경제: 대규모기업집단제 도입 36년차..."그때는 맞고 지금은 틀리다"

•   디지털타임스(P1): "김포-하네다 항공노선 복원"…尹, 한일관계 조속 개선 의지

•   디지털타임스: 삼성·LG OLED 턱밑까지 추격한 中 `디스플레이 굴기`

•   이데일리: 파운드리 사업부 출범 5년…위기론에 갇힌 삼성

•   이데일리: 7대 대그룹 시총, 올해 234조원 줄었다…현대차그룹 ‘선방’

•   연합: 오후 9시까지 전국 3만7205명 확진…어제보다 5246명 적어

•   이뉴스투데이: [단독] 5년간 태양광 설비용량 5배 증가…“전기료 인상 원인”

•   전자신문(P1): SMR 예산 삭감…親원전 정책 '엇박자'

•   전자신문(P1): LGD, 기존 보다 2배 밝은 대형 OLED 개발

[Opinions]

•   Project Syndicate(Slavoj Žižek): Heroes of the Apocalypse

•   Project Syndicate(J. Bradford DeLong): Good Inflation News from the Bond Market

•   Project Syndicate(Jayati Ghosh): Fiddling While India’s Workers Burn

•   FT(Editorial Board): Xi’s strongman tactics need flexibility to tackle Covid

•   FT(Robert Shrimsley): Tax cuts are the only tactic left for Boris Johnson

•   FT(Chris Giles): The Bank of England should make it clear when it gives us a kicking

•   FT(Robert Armstrong): Credit markets shudder

•   FT(Alexander Stubb): Nato entry for Finland and Sweden will enhance European security

•   FT(Nick Peterson): Quantitative troubles

•   FT(Alan Beattie): Trade policy cannot fix America’s inequality problem

•   FT(Jonathan Powell): A negotiation plan to help Ukraine avoid catastrophe

•   FT(Chris Hughes): An American CBDC is not the way to fight China’s financial might

•   WSJ(Editorial Board): President Costanza Takes On Inflation

•   WSJ(Editorial Board): Inflation Stays in the Heights

•   WSJ(Editorial Board): Janet Yellen on Abortion and the Economy

•   WSJ(Karl Rove): Biden Casts Himself as Champion of Lower Inflation Rates

•   WP(Editorial Board): Biden’s magical thinking on inflation continues

•   WP(Katrina vanden Heuvel): Endless war in Ukraine hurts national and global security

•   WP(Brendan Rittenhouse Green, Caitlin Talmadge): The U.S. is expanding its goals in Ukraine. That’s dangerous.

•   Bloomberg(Editorial Board): Protectionism Is a Mounting Threat to Global Growth

•   Bloomberg(Bill Dudley): The Fed Needs to Get Real About Interest Rates

•   Bloomberg(John Authers): Long Covid in Real Estate Weighs on Core Inflation

•   Bloomberg(Marcus Ashworth): Central Banks Can’t Fend Off Stagflation Alone

•   Bloomberg(Liam Denning): After Pain at the Pump Comes the Electric Shock

•   Bloomberg(Anjani Trivedi): Tesla Is Hedging Its Global Supply Chain Bets

•   Bloomberg(Andreas Kluth): Germans Are Waging a War of Open Letters Over Ukraine and Russia

•   Bloomberg(Jonathan Levin): Market Is Still in the Denial Stage About Inflation