Global Economic Monitor 220513

(Introduction)

[Markets]

•   Global: World shares sink as inflation, economic fears persist

※   Wall Street whipsaws, S&P closes lower on worries of prolonged inflation

※   Oil settles mixed amid Beijing lockdown fears, tight supplies

•   Imdia: Rupee Tumbles to a Record Low as Stocks Slump on Inflation Woes

•   Natural gas: European gas prices soar after Moscow imposes sanctions on EU energy companies

•   Metals: Copper tumbles to 7-month low as slowdown fears rock markets

•   Grains: Wheat futures rally as US cuts harvest estimates

•   Cryptocurrency: Bitcoin Price Rebounds After Fall Below $26,000

•   한국: 美물가·코인 충격에 코스피 1.6% 내린 2,550대…1년반만에 최저

•   한국: 투심 악화에…증권사들, 줄줄이 신저가

•   한국: 금융위기 때로 돌아간 환율…外資 유출 심상찮다

[Indicators]

•   US Apr. PPI: Producer Price Gains Slowed in April but Remain Elevated

•   US Weekly Jobless claims: U.S. Jobless Claims Rose to 203,000 Last Week

•   UK Q1 GDP: Stagflation looms in UK as economic growth grinds to a halt

※   Output declines 0.1% in March while quarterly expansion falls below expectations at 0.8%

•   UK Apr. House prices: UK house price gauge highest since mid-2021, slower rises ahead-RICS

•   China Apr. FDI: China’s FDI use surges 26.1% in Jan-Apr, a strong rebuttal to ‘capital withdrawal’ hype

•   Japan Mar. Current account: Japan's current account surplus widens on large investment gains

•   Japan Apr. Economy Watchers sentiment: Japan's April economy watcher sentiment up for 2nd straight month

•   India Mar. CPI: India CPI Surge to 8-Year High Fuels Rate Hike Expectations

•   India Mar. Industrial production: Factory output grew 1.9 per cent in March

•   India Mar. Foreign reserves: Forex reserves fall by $28.05 billion in September 2021-March 2022 period: RBI report

•   India Apr. Labour force: India's labour force increases by 8.8 million in April, one of the largest monthly rises

•   Mexico Benchmark rate: Bank of Mexico Raises Interest Rates for Eighth Straight Time

•   South Afric Apr. Economic activity: South Africa Economic Activity Grew in April Even as Floods Hit

•   Philippines Q1 GDP: Philippines’ Outperforming Economy Boosts Case for Rate Hike

•   Argentina Benchmark rate: Argentina Central Bank Raises Rate to 49% As Inflation Jumps

•   한국 3월 통화 및 유동성: 시중 통화량 3년반만에 첫 감소…금리 인상에 3월 4조원 줄어

•   한국 4월 ICT 수출: 반도체 끌고 OLED 밀고… 4월 ICT 수출액 '역대 최고'

•   한국 4월 수출입물가: 유가 하락에 4월 수입물가지수 4개월만에 떨어져

•   한국 주간 아파트 가격(부동산원): 금리 상승 우려에 다주택자 절세매물…수도권 집값 하락 전환

[News]

•   WSJ: Ukraine Human Toll Grows, With 14 Million Displaced and 3,500 Civilian Deaths

•   WSJ: With Russian Forces at the Door, Zaporizhzhia Shelters Evacuees From Ukraine’s East

•   WSJ: Ukrainian Forces Hold the Line in Donbas as Western Heavy Weapons Join the Battle

•   WSJ: Russian Tanker Giant Sovcomflot in Deals to Sell Ships Amid Western Sanctions

•   WSJ: Biden Calls for Renewed Efforts to Bolster Fight Against Covid-19

※   The Biden administration will share Covid-related technology, expand access to tests and treatment

※   White House: U.S. FACT SHEET: The 2nd Global COVID-⁠19 Summit:

•   WSJ: Senate Confirms Jerome Powell to Second Term Leading Federal Reserve

※   After steering through pandemic shock, central bank faces highest inflation spell in four decades

•   WSJ: Inflation Is Headed Lower—but Maybe Not Low Enough

•   WSJ: China’s Economic Slowdown Is Rippling All Around the World

•   WSJ: Russian Oil Output Shrinks Under Western Pressure

※   IEA: Oil Market Report - May 2022

•   WSJ: Crash of TerraUSD Shakes Crypto. ‘There Was a Run on the Bank.’

•   WSJ: Luna Wasn’t on Terra Firma

•   WSJ: Biden Administration Cancels Oil-and-Gas Drilling Leases in Gulf of Mexico, Alaska Coast

•   WSJ: SoftBank Loses $26 Billion on Tech Investments Amid Selloff

•   WSJ: SoftBank’s Tech Boom Goes Bust—Again

•   WSJ: Twitter Freezes Hiring as Two Senior Executives Leave the Company

•   WSJ: Baby Formula Shortage Could Leave Parents Scrambling for Months

•   WSJ: Is It Better to Rent or Buy? What to Do in a Hot Housing Market

•   WSJ: Rising Diesel Costs are Straining U.S. Truckers, Shipping Operations

•   WSJ: Foxconn Faces Covid Logistics Disarray in China

•   WSJ: Nissan and Toyota Set the Bar Lower Than GM and Ford

•   NYT: As known cases climb in southern Africa, testing on the continent has fallen off.

•   NYT: Siemens, the German technology giant, leaves Russia after 170 years.

•   WP: Inside Mariupol’s besieged steel plant, a symbol of bravery and terror

•   WP: Sri Lankan protesters dig in as a new prime minister is named

•   FT: Finland’s president and prime minister back Nato membership

※   Application urged ‘within days’ to strengthen western defence alliance after Russia’s invasion of Ukraine

•   FT: Russia accused of industrial-scale farm plunder in Ukraine

•   FT: Europe’s green energy plans face uphill struggle

•   FT: UK warns Brussels it has ‘no choice but to act’ on Northern Ireland

•   FT: BoE censured by senior Tories over soaring inflation

•   FT: US to invest $150mn in south-east Asia in attempt to counter China

•   FT: US climate envoy Kerry warns world against turning back to coal

•   FT: Can Xi vanquish Covid without crushing China’s economy?

•   FT: China says it will ‘strictly limit’ citizens from going abroad

•   FT: Ukraine war puts Japan’s clean energy transition at risk

•   FT: Turkey dials up the pressure on banks as lira slides

•   FT: European corporate bonds hit by steepest sell-off in at least 20 years

•   FT: Crypto industry shaken as Tether’s dollar peg snaps

•   FT: Can blockchain smooth global supply chains?

•   FT: Chinese property developer Sunac defaults as lockdowns hit house sales

•   FT: TSMC price hike and a bargain-hunting Alibaba

•   FT: The energy sector must urgently fix its gas flaring problem

•   Bloomberg: White House Ties Republicans to a Tax-Hike Plan Disowned by GOP

•   Bloomberg: Fed’s Daly Says Strong Economy Can Tolerate 50-Basis-Point Hikes

•   Bloomberg: Germany Can Endure Russia Gas Supply Halt, Habeck Tells Magazine

•   Bloomberg: ECB Rates Likely Positive by Early Next Year, Makhlouf Says

•   Bloomberg: BOE’s Ramsden Says More Rate Hikes Needed to Tame Inflation

•   Bloomberg: UK Households Aren’t the Only Ones Worried About Inflation

•   Bloomberg: Europe Surpasses 2 Million Confirmed Covid Deaths, WHO Says

•   Bloomberg: Biden Raises Pressure Over China’s ‘Horrific’ Uyghur Abuses

•   Bloomberg: China Official Says Covid Outbreak Is a ‘Huge Shock’ to Economy

•   Bloomberg: China Denies Beijing to Lock Down as Residents Rush to Buy Food

•   Bloomberg: PBOC Says It’s Making Stabilizing Growth a Higher Priority

•   Bloomberg: China Is Spoilt for Choice of Oil as Many Avoid Russian Barrels

•   Bloomberg: China Gathers Private-Sector Firms as Markets Mull Crackdown

•   Bloomberg: Hong Kong GDP Likely to Shrink Through June Despite Eased Curbs

•   Bloomberg: Rare Russia Criticism Within China Shows Simmering Policy Debate

•   Bloomberg: Shrinkflation Hits India’s Snacks as Firms Struggle With Costs

•   Bloomberg: Bolsonaro Mulls Skipping Regional Summit in Blow to Biden

•   Bloomberg: Southern Africa Covid Cases Jump 32% as Sublineages Spread

•   Bloomberg: BOJ Policymakers Spell Out Resistance to Reacting Over Yen Slide

•   Bloomberg: The Yen Is Now Resurgent Even as Broad Dollar Strength Persists

•   Bloomberg: China Tech Sector’s Dollar-Bond Selloff Attracts Bargain Hunters

•   Bloomberg: Money Markets Are Insulated, for Now, From the Stablecoin Mess

•   Bloomberg: China Pushes Utilities to Restock Coal Ahead of Demand Rebound

•   Bloomberg: Renault Maps Out Carveouts of Electric, Fossil-Fuel Businesses

•   Bloomberg: Toyota’s ‘Unprecedented’ Cost Surge Casts Shadow Over Japan Inc.

•   Bloomberg: Global Shipping Trims the Sails Heading Into Economic Slowdown

•   Reuters: OPEC cuts 2022 world oil demand forecast again on Ukraine war

※   OPEC: MOMR May 2022

•   Reuters: COVID is still a pandemic, U.S. faces many challenges -White House coordinator

•   Reuters: COVID claims 1 million U.S. lives

•   Reuters: EXCLUSIVE Ukraine will not reopen gas route until it controls pipeline system

•   Reuters: China to roll out new policies when needed to support economy - party official

•   Reuters: India's economic growth to slow if c.bank hikes rates - official

•   Reuters: Omicron sub-variants driving Africa's COVID surge - WHO

•   Reuters: SoftBank's chip tech firm Arm posts record 2021 revenue

•   Reuters: Memory chip maker Micron launches new pricing experiment for stability

•   Reuters: Google unveils new 10-shade skin tone scale to test AI for bias

•   Reuters: Explainer: The inflation quirk that is costing Spain billions

•   Reuters: Factbox: U.S. companies and their cryptocurrency holdings

•   Reuters: Analysis: BOJ still a lone dove, but less so as global price pressures intensify

•   AP: Sources: Hyundai to set $7B US plant during Biden Asia visit

•   CNBC: China may chalk up more debt as lockdowns hit the economy

•   CNBC: Why it’s bad news for the entire market when Apple has a big drop

•   SCMP: Chinese firms warned over ‘vulnerable’ overseas projects after Myanmar military junta cancels tenders, blacklists

•   SCMP: China does not want ‘enemies’ over Ukraine war, but wary of US threats to forex assets

•   SCMP: China-US relations: Washington says it is still against Taiwan independence despite ‘fact sheet’ change

•   SCMP: China linked to Russian aggression as EU and Japan vow to work together to counter Beijing

•   Caixin: CATL-BYD Battery Rivalry Altered by Covid and Surging Material Costs

•   Caixin: In Depth: Zero Covid Slams the Brakes on China’s Electric Car Industry

•   Nikkei Asia: Japan's chip industry faces old challenge: Scaling up production

•   Nikkei Asia: COSCO: China's shipping giant expands its global influence

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

•   매경(P1): 세계적 석학 "인플레 충격 시작도 안했다"

•   매경: "빅스텝·전쟁 이기는 투자는…에너지·금융株 담아라"

•   매경: 부동산 전문가들이 콕 집었다...서울 2곳, 경기 2곳

•   매경: 인플레 혼란 속에서도 승리하는 투자법 있어

•   매경(P1): 물가 우려에도…尹 "자영업 손실보상, 국가의 의무"

•   매경: 내달 이후 풀리는 현금만 25조…추경, 고물가에 기름 부을라

•   매경(P1): 빨리 될 줄 알았는데...오세훈 "재건축 재개발 속도조절"

•   매경(P1): 김포~日하네다, 내달 항공편 재개

•   매경: [단독] 우후죽순 늘어난 정부 위원회, 尹임기 내에 20% 줄인다

•   매경: 한은 7·10월 금통위 일정 바꿔

•   매경: 도심 '드론택시' 상용화 속도…'UAM 특별법' 이달 국회제출

•   매경: KDI "과잉보호가 中企 성장 되레 막는다"

•   매경: 길어지는 中봉쇄…비명 지르는 韓기업

•   매경: SK가스 "2030년까지 세전이익 두배로"…LNG 이어 수소·암모니아 사업

•   매경: 수소산업동맹 공식 출범…25일 18개국 서울서 모여

•   매경: 올여름 갤워치4에 '구글 AI비서' 탑재된다

•   매경: 뜨거운 지방 부동산…서울사람 '아파트 원정쇼핑' 몰린 지역은

•   매경: 서울 미분양 180가구라더니…실제는 훨씬 더 많다

•   매경: 해외건설 수주 벌써 100억달러…수주 건수 총 217건, 18% 증가

•   매경: 전기차 잘 달릴수록…냉가슴 앓는 이 업종

•   매경: "폐업했다고 코로나대출 바로 갚으라니"…속타는 자영업자들

•   매경: 확진자 3·4차 접종은 격리해제 3개월뒤부터

•   한경(P1): 2년 만에 3억 올랐다…"이자만 月 100만원" 세입자들 비명

•   한경(P1): 환율 쇼크…尹, 금융점검회의 긴급 소집

•   한경(P1): 롯데, 바이오 진출…美 BMS 공장 인수

•   한경: "하루아침에 휴지조각 됐다"…암호화폐 투자자들 '패닉'

•   한경: 한술 더 뜬 민주당 "추경 11조 더"

•   한경: 초과세수 53조, 진짜 더 걷힐까

•   한경: 부실 위험 큰 소상공인 빚 30조, 캠코가 떠안는다

•   한경: 韓 달 탐사선, 8월 우주로…임무는 '착륙선 착지지점 정찰'

•   한경: 발사체·ICBM은 '쌍둥이'…추진방식·단 분리 등 원리 같아

•   한경: "1~2시간 내 지구 반대편으로…조만간 로켓이 이동수단 된다"

•   한경: 한전, 대체 빚 얼마길래…"이러다간 큰일 난다" 경고

•   한경: [단독] 현대차, 美 생산 전기차에 'SK온 배터리' 쓴다

•   한경: "초부유층 잡자"…증권사, 자산관리 영토 확장

•   한경: 금리 무섭게 오르는데…변동금리 대출 600조원 육박

•   서경: 外人, 주식 석달새 13兆 팔아…'최후 보루' 채권마저 자금 유입량 1/7 토막

•   서경: 1300원 돌파 임박했지만…딜레마 커지는 외환당국

•   서경: LNG값, 주택용 기는데 발전용 '껑충'…한전 울고 가스公 웃어

•   서경: 3억 넘는 연봉에 차관급 예우…신임 금통위원에 관료 출신 유력

•   서경: [단독] '여의도 스타필드' 물거품…IFC몰, 美터브먼이 품는다

•   서경: 증시 하락세에 임원들 자사주 매수 잇달아

•   서경: [단독] 원자재값 급등에 안전 뒷전…저가 미인증 철근 나돈다

•   조선(P1): 北 “코로나 전국 확산, 최중대 비상”

•   조선: 1분기 서울 월세 거래 사상 첫 2만건 돌파… 전세의 월세화 심화

•   조선: [단독]“미워도, 삼성전자”···6만전자 추락해도 올들어 소액주주 43만 늘었다

•   조선: [WEEKLY BIZ] 옆집 백수 취직했다는데, 주식시장은 왜 내리막이죠?

•   조선비즈: 尹대통령, 취임 3일 만에 바이든과 화상으로 만났다…中 견제 회의 참석

•   조선비즈: [2022 물류포럼] “공급망 위기, 스마트 물류로 극복해야”

•   조선비즈: “자금동원력 꼼꼼히 살핀다” 금융당국 경고에 쌍용차 인수 조건 강화

•   조선비즈: 1000兆 시장 클라우드 선점하라… 네이버·KT·NHN, 몸집 불리며 사업 확대

•   조선비즈: 자꾸만 꺼지는 애플 아이폰SE3… “교환 받아도 또 먹통 걱정”

•   인베스트조선: 현대차·두산 이어 LG·LX까지…반도체 아래 자리 펴는 대기업들

•   중앙: 팀장은 "술 약해졌네" 직원은 "회식 싫어요"…3차가 사라졌다

•   동아(P1): 北, 尹취임 이틀만에 탄도미사일 3발… 정부 “도발 엄정조치”

•   동아: 좋은 새집서 살고 싶어 서울 떠난다

•   한국(P1): 확 달라진 정부, 유엔서 "북한 인도적 위기 끔찍"... 기조 전환 신호탄

•   한국: '부동산 정상화' 내건 윤석열 정부, 승부수는 내년에 띄운다

•   국민: AI기술로 중무장한 IT기업들, 물류산업 체질개선 나섰다

•   세계: 中 도시봉쇄 장기화에… 반도체 시장은 ‘빨간불’

•   한겨레(P1): ‘10억∼100억’ 슈퍼개미 양도세 폐지…상위 0.2% 그들만의 감세

•   헤럴드경제(P1): [알림] 새정부 주택정책 방향을 모색합니다

•   헤럴드경제: 갈길 바쁜 삼성·SK ‘반도체 M＆A’…“통 큰 지원 절실”

•   헤럴드경제: 원전·수소·바이오·AI·태양광까지…尹정부 핵심산업 ‘4대그룹’에 달렸다

•   아시아경제(P1): 한빛원전 4호 이르면 10월 재가동

•   아시아경제: 캄캄해지는 자원 공급망…‘탈원전’ 탈출로 빛 볼까

•   아시아경제: 尹 원전 정책 설계자 "실현가능성에 방점…방폐장·원안위는 숙제"

•   디지털타임스: KDI "대외 불확실성 확대… 尹정부, 국채관리 필요"

•   디지털타임스: 삼성·LGD "車디스플레이가 미래" 전진배치

•   이데일리(P1): "자원 가져올 곳이 없더라"…'무기'가 된 자원

•   이데일리: [단독]경직된 주52시간에 갈등 급증…“노사 선택권 확실히 확대”

•   연합: 오후 9시까지 전국 3만1479명 확진, 뚜렷한 감소세

•   연합: 美 백악관 "北, 이르면 이달 핵실험 준비 완료" 기존 평가 유지

•   뉴스1: [단독] 김치냉장고 의존하던 위니아…'로봇 사업' 뛰어든다

•   전자신문(P1): 中 대형 OLED 진격… "韓 따라잡기 시간문제"

•   전자신문: LG화학, 반도체 후공정 포토레지스트 개발한다

[Opinions]

•   Project Syndicate(Mary Robinson): Supplying the Green Transition Must Be Fast and Fair

•   Project Syndicate(Hippolyte Fofack): The Great Inflation Trade-Off

•   Project Syndicate(Pinelopi Koujianou Goldberg): To Fight Inflation, Fight Protectionism

•   FT(John Thornhill): The tech sector teardown is more catharsis than crisis

•   FT(Seyed Hossein Mousavian): Diplomats face one last chance to revive Iran’s troubled nuclear deal

•   FT(James Kynge): US-China rift becomes a legal feud

•   WSJ(Reuel Marc Gerecht, Ray Takeyh): Iran’s Hard-Liners Believe They’re Winning on Nuclear Weapons

•   NYT(Farhad Manjoo): What BlackRock, Vanguard and State Street Are Doing to the Economy

•   WP(Eugene Robinson): High gas prices hurt, but they’re an opportunity to make good choices

•   WP(Josh Rogin): What happened when Biden met Uyghur Americans persecuted by China

•   WP(Fareed Zakaria): Biden’s sanctions against Russia are a double-edged sword

•   WP(Ezekiel J. Emanuel): Stop dismissing the risk of long covid

•   WP(Xing Zhao): In Shanghai’s covid lockdown, the unimaginable is becoming the norm

•   WP(Sergio Peçanha, Yan Wu): U.S. covid death toll reaches 1 million. Here's just how bad that is.

•   Bloomberg(Editorial Board): The Fed Shouldn’t Rule Out Faster Tightening

•   Bloomberg(Editorial Board): Biden Should Rethink His Border Plan

•   Bloomberg(Michael R. Bloomberg): Why I’m Bullish on Britain, and Betting on Its Future

•   Bloomberg(John Authers): The More Inflation Sticks, the More Disappointment

•   Bloomberg(Chris Hughes): SoftBank's Arm Is Best Off Returning to London

•   Bloomberg(Gary Shilling): The Rising Dollar Is Wreaking Havoc With US Trade

•   Bloomberg(Therese Raphael): Britain and Europe Have Two Common Enemies Now

•   Bloomberg(Leonid Bershidsky): Germany's Scholz Is Rising Above History to Back Ukraine Against Russia

•   Bloomberg(Faye Flam): A Million Covid Deaths Later, Americans Are Still Confused About the Virus

•   Bloomberg(Javier Blas): US Politicians Can’t Handle the Truth About OPEC

•   Bloomberg(Trung Phan): If This Is Another Dot-Com Bubble, the Cloud Has a Silver Lining

•   Bloomberg(Julianna Goldman): Overturning Roe: Yellen Is Right About the Economic Costs

•   Bloomberg(Allison Schrager): A Recession Won't Be as Scary as It Sounds

•   CNN(Jennifer Sherer): No more union-busting. It's time for companies to give their workers what they deserve

•   MarketWatch(Lawrence G. McMillan): The S&P 500's charts are pointing to more stock-market losses

•   Fox News(Josh Hawley): It's time to end economic handouts for woke corporations

•   Reuters(John Kemp): India coal stocks under pressure owing to rail bottlenecks