Thematic (Sector/Industry)

• U.S. announces withdrawal from WHO, citing mismanagement; Focus now on Stargate and AI Healthcare. 
• Technology shares led the advance, with Oracle and Nvidia jumping 6% and 4% respectively, boosted by Trump’s $500 billion “Stargate” AI initiative announcement.
• SoftBank Group and OpenAI have commenced construction on the “Stargate Project” in Texas. Initial investments of $100 billion will fund large-scale data centers 

• Big gains in the US semi and DC related should translate into continued upside in Japan despite some BIG gains yesterday.
• Wire and cable plays are all surging, yet the smaller side of the sector underperforms. Nidec good risk/reward into numbers.
• HAMR rollout helping Seagate higher should also help memory/HDD component plays.

• Jordan Schneider joins Ben Beharon and Jay Goldberg on the podcast Moments to discuss China restrictions drama and semiconductor manufacturing equipment controls
• They discuss the impact of the new rules on companies like Nvidia and the potential unintended consequences, such as increased regulation for startups and new challenges for cybersecurity
• Schneider also highlights the importance of the US government’s export control regime in shaping the future of AI innovation and competition between the US and China

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• Food Empire to remain focused on core business while planning for diversification in the near future.
• HSBC raises Singtel’s target price in anticipation of telecom industry consolidation, showing confidence in the company’s performance.
• Analysts expect strong 2H2024 earnings for PropNex and increase target price, with no cooling measures on property market anticipated.

• SGX IO Futures rose USD 6.75/ton, closing at USD 104.15/ton, driven by strong Chinese economic data and bullish sentiment.
• SGX IO Futures Feb contract trades 19.4% below its last 5-year average (USD 128.93/ton).
• SGX IO futures typically rise before CNY, tapering off 10 days after. Exceptions include 2024’s pre and post CNY decline and extended rallies in 2021 & 2022 before sharp drops.

• Highlight the potential windfall for Indian pharma due to Trump’s “China Plus One” strategy. Emphasize how shifting US supply chains away from China could create significant opportunities for Indian manufacturers.  
• Focus on Trump’s conflicting goals of boosting domestic manufacturing while lowering drug costs. This inherent tension could benefit Indian generic companies as they offer affordable alternatives.  
• Emphasize the uncertainty surrounding Trump 2.0’s healthcare agenda. This ambiguity keeps investors on edge, creating an opportunity to present insightful analysis and predictions.

• Furniture and furnishings stocks moved sharply higher, as a small-cap rotation on top of generally positive sentiments dominated trading, in what is likely an anticipation of economic gains from the new administration’s policies.
• The Water Tower Research Commercial/Contract Furniture Index was up 5.2%, the Residential Manufacturers & Suppliers Index was up 7.2%, and the Home Goods Retailers Index was up 4.0%, while the large- cap indexes gained 2.7% and the R2K was up 3.8%.
• ARHS noted (1) its 4Q24 comps sales were up 6%, reversing the “low single-digit declines” seen in October.

• We stick with Brazilian exchange B3 as our core value pick; it has a growing share of data revenues, its post-trade revenues are understated and equity fee pressure is easing
• We keep Hong Kong Exchange as a buy, with its high share of post-trade revenues; HKEx shares have been highly volatile, but they represent relative value combined with growth potential
• Philippines Stock Exchange (PSE) and BSE are new additions to our coverage of EM exchanges with PSE being one to watch; MexBolsa is deep value, but lacking a re-rating catalyst

• M&A and preannouncements led biopharma headlines last week, with nearly $20 billion in deals fueling some positive sentiment, but disappointing updates from LLY (4Q GLP-1 sales miss) and MRNA (lowered 2025 guidance) weighed on the group.
• CMS released the next set of Medicare drugs for price negotiations, with NVO’s GLP-1 drugs classified as a single agent.
• JNJ confirmed its ITCI bid, while LLY acquired Scorpion and GSK bought IDRx. 

• US stocks rose on Tuesday, with the Dow Jones gaining over 500 points, surpassing 44,000,
• The Federation of Electric Power Companies of Japan has called for significant policy changes in response to the government’s draft Strategic Energy Plan
• The European Automobile Manufacturers Association (ACEA) reported a 1% year-on-year decline in electric vehicle sales in Europe

• Chinese Real Estate prices have been the major driver of the Chinese stock market slump, but the fall seemed to stop. 
• Recently sworn-in President Trump is no longer considered an enemy of China, and his tariff punishment will no longer be across the board but more selective. 
• A few stocks in Hong Kong listing that trade at lower PE multiples to the dividend yield, indicating the undemanding valuation to obtain yield. 

• Insider buying activity often signals that a positive shift in the business cycle may be approaching for certain businesses.
• We highlight large and liquid companies that experienced significant insider buying during December 2024, as reported on the stock exchanges.
• Jindal Stainless (JDSL IN) , Poonawalla Fincorp (POONAWAL IN) , Indegene (INDGN IN) , NCC Ltd (NJCC IN) and Sheela Foam Ltd (SFL IN) have seen good buying by insiders.

• DBS may need to accelerate expansion into Malaysian market due to urgency of JS-SEZ project, according to CreditSights.
• Singtel is focused on enhancing shareholder value, as confirmed by UOBKH, which also maintains a buy rating for KORE and Prime post office return mandate.
• Venture Corp receives a ‘buy’ rating from UOB Kay Hian due to promising medium-term growth prospects, while Maybank predicts S-REIT distributions to stabilize by 2H2025 and growth in FY2026.

• Softbank pledging $500bn worth of AI investment over the next 4-years will send JP SPE higher.
• Plenty of high-quality semi-related names in Japan yet to recover from last years 4Q sell-off.
• DR Horton numbers were a beat, but sold off their AM highs despite the weakening yields. Any sell off a buy the dip change for Sumi Forestry.

• This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
• The ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.
• If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

• Dixon Technologies India Ltd (DIXON IN)  plans to invest $3 billion to establish a display fabrication facility in India, aiming to capitalize on government subsidies and enhance its position.
• Zomato (ZOMATO IN) Quick Commerce Business, Blinkit is rapidly expanding its dark store network in India’s competitive quick-commerce market, leading to short-term losses but aiming for long-term gains.
• Hindustan Aeronautics (HNAL IN)  aims delivering 16 LCA Mk1A jets to the IAF by 2025, a history of delays and a recent unconfirmed report raise questions about the program’s timeline.

• Quantum computing’s outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.
• Alphabet (GOOG US)‘s  “quantum supremacy” milestone shows quantum computing’s transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  
• Among pure-plays IonQ (IONQ US) , D-Wave Quantum (QBTS US) , Rigetti Computing (RGTI US) stand out. IonQ’s focus on high-fidelity, cloud and practical applications positions it particularly well.

• Donald Trump was inaugurated as U.S. president on Monday, declaring “America’s decline is over.”
• Markets responded as Trump delayed tariffs on key trading partners, boosting global equities and weakening the dollar
• Mitsubishi Chemical Group has offered Bain Capital first-refusal rights to acquire its pharmaceutical subsidiary Mitsubishi Tanabe Pharma in a deal potentially exceeding ¥500bn

• Maybank forecasts stable S-REIT distributions in the second half of 2025 with growth expected in fiscal year 2026.
• CGSI remains optimistic on Singtel and KDC despite US artificial intelligence restrictions.
• UOBKH anticipates higher dividends from DBS and OCBC in the future. Maybank takes a ‘neutral’ stance on the Singapore healthcare sector.

• The average of the y/y growth rates of new home prices across 70 cities in December 2024 turned less negative -5.7% vs -6.1% for November, continuing the recent trend
• What lies beneath – a more complex picture across cities, with a continued gap between the new and secondary home prices
• In this note, we present the REF Data Update on NBS House Prices for December 2024 data released last Friday

• CME Gold Futures delivered remarkable returns, climbing 13.5% in 2023 and soaring to a record 27% gain in 2024.
• Gold serves as a hedge against trust deficits, driven by geopolitical tensions, rising fiscal deficits, and fears of inflation and currency depreciation, making it a reliable refuge during economic uncertainty. 
• The GLD ETF saw strong inflows in 2025, adding USD 579.22 million to its AUM, reaching USD 76.74 billion, despite some brief outflows post-election.

• Post-COVID, a popular narrative suggests that domestic institutional investors (DIIs) now wield greater influence in the Indian equity markets. 
• While factual to an extent, this narrative misinterprets the broader reality. 
• As a current account-deficit country, India relies heavily on foreign institutional investor (FII) inflows to ensure macroeconomic stability and sustain its risk appetite.

• What is the current consumer environment for brands and retailers? Households are increasingly worried about inflation and have already begun to cut back on spending significantly. 
• With further international turmoil, inflation caused by a weak Yen and high import costs, depressed sentiment may not be going away soon.
• One counter to this is bonuses which rose in December. Many companies say they need to pay more to keep staff from taking jobs elsewhere as the labour shortage worsens.

• Pepsico Inc (PEP US)  and Tata Consumer Products (TATACONS IN)  have partnered to launch a fusion snack, combining Kurkure with Ching’s Secret Schezwan Chutney.
• India aims for $1 trillion in exports by 2030, with $250 billion from the engineering sector, including automobiles and equipment. Infrastructure, energy transition, and innovation are key growth drivers.
• India’s beauty and personal care industry is heading into a consolidation phase, with M&As on the rise. Nykaa’s successful buyouts and challenges faced by D2C brands are fueling this trend.

• This week, JD.com launched its social gift feature more tightly integrated with Weixin than Alibaba. We believe Tencent’s social gift feature will mainly serve as an advertising layer within e-commerce;
• Consumption data is so so and heavily reliant on subsidies. More service-subsidies are needed from the government; 
• Outbound travel likely to cede to domestic during this CNY, benefiting local hotel chains like Atour.

• US stocks rallied Friday, capping off a strong week as tech shares rebounded and investors weighed economic data ahead of Trump’s second term
• Trump’s new memecoin reached a $13 billion market cap, placing it among the top 20 cryptocurrencies
• DISCO Corp. reported a record-high operating profit of ¥110bn for the April-December 2024 period, up 50% year-on-year

• It’s been a quieter week for activist investors. Effissimo has reduced its stake in Torii Pharma to below 5%.
• Nippon Active Value continues to raise its stake in Hogy Medical, even after the impressive 46% rise in the share price over the past year
• For AVI, Sharing Tech ticks all the right boxes: a high-quality business with strong growth, a robust balance sheet, and impressive cash generation

• Semi-Cap continued moving higher on broker hikes after TSMC capex plans. 
• Rohm announced new President which could signal a change in direction away from SiC.
• Activist play Sapporo Holdings is starting to look oversold after recent alcohol labeling related weakness.

• Despite wide market skepticism,  macro data pointed to shaky but persist recovery. If Trump Tariff 2.0 is delayed, a macro policy overdose is possible; 
• What does China’s EV sector look like in 2025? Our take is robust growth coupled with continuous exits and consolidations;
• Is reckless price war the inevitable China story line? Luckin, BYD and Xiaomi showed they want something different this week.

• The 9M FY2025 sales volume of commercial vehicle(CV) companies have been soft due to the elections, uneven monsoon and slow capital expenditure.
• In December2024, sales showed varied performance across major players. Tata Motors Ltd (TTMT IN) saw slight YoY decline,while Ashok Leyland (AL IN) &Eicher Motors (EIM IN) experienced growth in exports.
• A recovery in sales is expected in Q4 FY2025 due to improved freight movement, resumption of construction and mining activities, and renewed government spending on infrastructural projects.

• The Passenger vehicle (PV) segment (cars, utility vehicles, vans) recorded strong wholesale volume in December 2024.
• Growth was driven by low dealer inventory post the Diwali festive season , low base last year and year end discounts by manufacturers.
• Maruti Suzuki India (MSIL IN) led with 30% YoY growth. Mahindra & Mahindra (MM IN) reported 18% YoY growth.Tata Motors Ltd (TTMT IN) showed modest performance with 1.4% YoY growth.

• Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.
• FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.
• Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.

• The Nikkei Stock Average declined 738 yen (1.9%) in the second week of January as heavy-weight stocks sell-off
• Nintendo (7974 JP) ended the trading week marginally higher by 0.7% after a partial unveiling of its new Swich 2 Console. Less earnings cyclicality, but less upside?
• The BoJ looks set to lift interest rates again next week, unless market turbulence following Trump’s  inauguration, delays the inevitable

• RHB upgrades real estate sector to ‘overweight’, recommending CDL and APAC Realty as top picks for investors.
• Stock updates include analysis on companies such as SGX, UOB, Marco Polo Marine, Pan-United Corp, Food Empire, PLife REIT, and Wilmar.
• Investors should consider RHB’s recommendations and monitor the performance of these companies in the real estate sector.

• Chinese e-commerce platforms such as Temu and Shein are facing new challenges in delivering low-priced products from China to international markets, as countries including the United States enforce stricter regulations on small package imports.

• On Jan. 11, U.S. Customs and Border Protection (CBP) introduced new rules targeting shipments sent to the same recipient via different channels on the same day or declared for import, if their total value exceeds $800.

• The CBP’s Automated Commercial Environment system will monitor for discrepancies in shipment declarations, such as omissions or alterations designed to evade the value threshold. If irregularities are detected, it may result in delays in customs clearance, detentions or additional fees, according to the CBP.

• The Chinese social media app Xiaohongshu has surged to the top of U.S. app store charts as American TikTok creators, dubbed “TikTok refugees,” migrate to the platform amid a potential U.S. ban, driving new global user engagement and sparking cross-cultural trends.
• Ryan Martin, a TikTok user, said restricted access to Douyin — TikTok’s Chinese counterpart — and dissatisfaction with Meta Platform’s role in the TikTok ban had prompted his switch to Xiaohongshu.
• He described the platform as the most similar to TikTok in terms of interface and functionality. Unlike TikTok and Douyin, Xiaohongshu does not isolate domestic and international users, allowing seamless access for overseas users.

• Maharashtra CM Devendra Fadnavis announces plans to set up an Innovation City, similar to Gujarat’s GIFT City, to boost the state’s leadership in AI and start-ups.
• U.S. has removed three Indian entities: IGCAR, BARC, and Indian Rare Earths from its restrictive list, advancing energy cooperation, joint research, and strengthening bilateral ties, particularly in nuclear, energy sectors.
• Delhivery launches Rapid Commerce, a sub-2-hour delivery service in Bengaluru for D2C brands. The service aims to enhance customer satisfaction, with plans for expansion to other major cities across India.

• China’s National Bureau of Statistics (NBS) released the Jan-Dec 2024 macro and property data today
• In this brief note, we put together the key macro-property metrics for the full year 2024 vs the past several years
• While the latest monthly and weekly data show improvements (‘less negative’), the full year 2024 ended more negative vs 2023 for key macro-property metrics

• Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage – Corcel is a ~£6 mm market cap AIM-listed E&P company focused on Portuguese-speaking Angola and Brazil.
• It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021.
• Corcel is also building a portfolio of mature onshore producing assets in Brazil.

• Nasdaq slid 0.9%, with large-cap tech stocks like Nvidia and Tesla underperforming
• Nintendo has unveiled the Switch 2, the successor to its highly successful console. The new device features a larger screen
• Tokyo Gas will sell assets, including real estate, to fund growth investments and boost shareholder value, following activist pressure

• Japan saw big gains for SPE in the last 15 mins of trading on the TSMC capex outlook which should continue today.
• Luxury names got a shot in the arm from Richemont numbers overnight so likes of Shiseido and Kose  may see a knee jerk higher.
• Nintendo looks to have largely priced in the Switch 2, but upside remains for component makers.

• Despite the tourist boom, sales to locals remain less consistent, with sales actually falling in October and less than stellar results before then. 
• So more department stores will close this year as owners review aging buildings and weigh whether costs will exceed profit potential longer-term.
• Even in central Nagoya, plans for major redevelopment of the station area mean Meitetsu Department Store is likely to close. 

• RHB predicts strong earnings growth for SGX in 1HFY2025 with interim DPS of 17.5 cents, indicating positive performance ahead.
• DBS issues special dividend as UOB plans share buyback, showcasing strong financial health and confidence in future prospects.
• CGSI forecasts DBS’s 4QFY2024 net profit at $2.7 billion and quarterly dividend rising to 60 cents, suggesting continued profitability.

• Computing, and thus data centers, are becoming more critical to nearly every business (thank AI).
• In this edition of Tech Talk, we focus on green and crypto data centers, highlighting their specific needs, characteristics, market dynamics, and leading vendors.
• Simply put, a green data center uses many of the standard computer systems and networking equipment of other data centers, but with a strong emphasis on minimizing environmental impact. 

• Pepsico Inc (PEP US)  an Alpha Wave Global are vying for a minority stake in Haldiram, with other investors- Temasek Holdings Pte Ltd (TMSK SP)  and Bain Capital Specialty Finan (BCSF US) 
• India plans to support its textile industry in the upcoming budget, with incentives, tariff cuts, and financial support to boost local production. 
• DPIIT has partnered with ITC Ltd (ITC IN)  to boost India’s startup ecosystem, focusing on technology, innovation, and market opportunities. 

• U.S. stocks soared Wednesday as core inflation data for December came in below expectations, easing concerns about further Federal Reserve rate hikes
• Hino Motors will pay $1.2 billion to settle US emissions data falsification claims, paving the way for its merger with Mitsubishi Fuso
• Murata Manufacturing will issue approximately 61.3 million secondary shares, or 9.6% of outstanding shares, mainly in European and Asian markets.

• Asymmetric return opportunity in a short position in Japan – downside vs upside potential is skewed to the downside.
• The weak JPY hasn’t helped the overall market and rising risk of a reversal similar to August 2024
• We look at some sectors and stocks that are good short candidates

• Politics – where do we go from here and is more uncertainty ahead? 
• Changes to corporate governance for the better for minority investors? 
• Can the KOSPI perform if Samsung Electronics continues not to? 

• RHB predicts SGX will experience strong earnings growth in 1HFY2025, with a 17.5 cents interim DPS.
• CGSI forecasts DBS’s 4QFY2024 net profit to reach $2.7 bil, expecting dividend to rise to 60 cents.
• UOBKH sees potential in US office S-REITs for investors and projects increased revenue and adjusted patmi for SGX in 1HFY2025.

• Tech and Semi’s rebounding sharply which should see related names in JP trade better after yesterdays persistent weakness.
• Da Vinci procedures seeing strong growth…will Sysmex’s Hinotori also fly? 
• Tourist numbers surging in JP should see YTD losers back in the spotlight.

• December is typically a seasonally weak month for two-wheeler companies in the domestic market due to the impact of the upcoming year change and the period following peak festive demand.
• Domestic sales volume declined for Hero and Bajaj, while TVS recorded flat sales. Eicher was an exception, reporting strong growth.
• All the companies witnessed a steady growth in export volumes.

• This year is an incredibly exciting year for markets.
• Whilst this is not a macro prognostication blog, I want to digress a little and state my view that underappreciated sectors over the past year or two will see their renaissance this year, even if due to simple plain old reversion to the mean.
• And I hate to say this, but China for example, the IPO performance of recent listings e.g. Bloks (6000 times oversubscribed) seem to point to renewed ebullience on the Hong Kong stock exchange.

• Total public EV charging stations (incl. temporary unavailable locations) were 74,986 as of December 31, 2024. Compared to the end of FY23, it is an increase of 16.0%.
• Total EVSE charging ports (including the temporary unavailable ports) were 206,723, up nearly 22.8% compared to the end of 2023 and up 0.9% over November 2024.
• US considerably lags behind China which had 3.39 million public charging stations at the end of October 2024.

• U.S. stocks closed mixed Tuesday as investors assessed December’s Producer Price Index, which rose 3.3% annually – below expectations.
• Nintendo is reportedly poised to unveil its Nintendo Switch 2 console on January 16, with game announcements to follow
• ITOCHU Corporation plans to expand its North American building materials business through strategic mergers and acquisitions

• Physical AI is poised to be the next big thing in AI, with a “ChatGPT moment” just around the corner, according to Nvidia’s founder and CEO.
• And the rise of so-called embodied AI means two things: self-driving cars and humanoid robots.
• Harmonic Drive System is the world’s leading manufacturer of high-end harmonic drives – essential equipment for high-spec humanoid robots.

• The LA fires are not yet contained, especially in Pacific Palisades, and mortgage loan valuations are at risk
• Loan restructurings can reduce yields long term, while there should also be immediate impairments
• Many possible negative second order impacts, loan rationing, higher risk-based pricing on marginal loans, increased costs for new loans, and lower collateral values, overall

• Lawson is the third largest convenience store chain nowadays, but a recent poll revealed it to be the second most popular – and it is gaining on leader Seven Eleven. 
• The company has released a slew of new developments in the past couple of months, some of which point to the future of retailing here.
• They also show the potential for Seven Eleven Japan but only if it follows the same path.

• CGSI raises Pan-United TP to 75 cents due to positive industry outlook, potential for growth in the market.
• UOBKH reduces target price on ConfortDelGro due to rising platform fees and competition, causing concerns for future profitability.
• UOBKH highlights US office S-REITs offering attractive valuations and predicts increased revenue and patmi for SGX in 1HFY2025, while RHB reaffirms ‘buy’ rating for Marco Polo Marine. Morningstar increases target prices for Singapore banks, suggesting a bullish outlook for the sector.

• SPE in Japan was aggressively sold yesterday but moves look excessive
• US Homebuilder’s gain after KB Homes beat priced in… upside for JP names should continue
• Rohm’s outlook remains cloudy as SiC prices likely to slide further as new Chinese supply hits the market.

• Stocks were down as the Financial Conditions Index (FCI) tightened, indicating tougher financing conditions for both firms and individuals, on elevated inflation concerns and anticipation of a more hawkish Fed.
• The Water Tower Research Commercial/Contract Furniture Index declined 5.0% and the Residential Manufacturers & Suppliers Index fell 2.5%, while the Home Goods Retailers Index improved 0.3%.
• The large- cap indexes fell 1.9%, while the R2K fell 3.4%.

• Preannouncements were abundant as we approached this week’s major healthcare conference in SF.
• As investors prepped for company updates and significant news flow, signs of M&A activity were trickling in, with BIIB bidding for SAGE, LLY looking at Scorpion, and JNJ talking with ITCI.
• Last week, Medicare confirmed coverage for LLY’s obesity drug, SANA had a successful hypoimmune transplant for T1D, and VIR’s dual- masked TCE kept up with JANX. 

• Nippon Active Value Fund redeployed ~$30m from Trancom tender offer in November into existing holdings
• Meisei Industrial offers solid fundamentals, undervalued multiples (3.9x EV/EBITDA, 1x P/B), and potential for shareholder-friendly actions.
• Shinko Shoji buys back 10.36% of outstanding shares, following activist’s stake, and potentially paving the way for future buybacks.

• This is the claim made by an analyst covering IonQ after Jensen’s comments at CES 2025 last week, which tanked share prices of the top four QC proponents
• The CEO’s of both D-Wave and IonQ responded rapidly with press releases refuting his claims and sharing updated, positive news wrt their financials
• What exactly did he say that caused such a response, is he correct or is QC going to eat NVIDIA’s lunch? 

• U.S. stock indexes were mixed on Monday as energy stocks rallied while Big Tech and retail faced headwinds
• Yaskawa Electric has downgraded its full-year earnings guidance, citing weakening demand from the semiconductor industry
• ITOCHU Corporation has invested in Protium Green Solutions, a UK-based green hydrogen production equipment provider

• Market looking past new US semi restrictions with semi majors recovering off pre-market lows.
• Earnings beat for KB Homes a shot in the arm for embattled Homebuilders… watch Sumitomo Forestry and Sekisui House for upside.
• FA major Yaskawa numbers on Friday were a miss, but signs of a bottoming emerging.