Thematic (Sector/Industry)

OVERSEAS: SPX -0.6% as Tech leads Tuesday’s decline; Inflation concerns continue to weigh; UAW vs Detroit Big 3 discussion continue – strike deadline draws close; Fund managers avoid China.
JAPAN: NKY Futs -0.6% Disc vs Cash; USDJPY 1471; Cabinet reshuffle day – changes in Defense and Foreign Affairs; GTX engine issue shocks Japanese partners; Street upgrade Galore !
JAPAN X: Reports are that SoftBank is Explores New York Listing for PayPay Amid Rising Tech Valuations. With ARM (effectively) done and dusted, Softie likely turns to a PayPay listing

The Stocks to Own in Asia – Vol. 42

By Dr. Andrew Stotz, CFA

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Four stock remains and 10 stocks are added
Since its inception, it has generated a before-fee total return of 134% versus the MSCI Asia ex Japan of 60%

The Stocks to Own in ASEAN – Vol. 44

By Dr. Andrew Stotz, CFA

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: One stocks remain, and 13 stocks are added
Since its inception, the portfolio has generated a before-fee total return of 196% versus MSCI ASEAN’s 25%

China TMT Update-NIO/LI/XPEV/BYD/TSLA/Solar Power-All-New EC6/China Automotive Delivery Data

NIO/LI: NIO to launch the all-new EC6 on Friday (+/-)
BYD/ TSLA /LI /XPEV/NIO: August China Automotive Delivery Data Update (+)
Gloated inventory in solar panel led to price collapse in Europe（/）

Weekly Sustainable Investing Surveyor – Week Ended September 8, 2023

The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%), but in line with the Russell 2000 Index (down 3.6%).
Energy Technology (14.9% of the index) contributed to the index’s underperformance, falling 3.7%, while Industrial Climate and Ag Technology (6.5% of the index) was down 2.4%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions was down 5.3%.
Top 10 Performers: ALLIF, NILI, GTEC, HYSR, FE, ETL, LNZA, LBNK, NGPHF, FNI

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Sep 12

Daily Brief Thematic (Sector/Industry): Japan Banks – Near End of Negative Rates BOJ and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Japan Banks – Near End of Negative Rates BOJ, Deposits with BOJ to See Big Yield Rise, Not Only JGBs
Ohayo Japan: SPX Rebounds – Tesla Leads; JAPAN X: Japan Equities: Is This Rally Different?
China TMT Update-Baba/Healthcare-Daniel Zhang Stepping Down/ Anti-Corruption Might Nearing Its End
Macro Nugget: US Banks
SPAC Talk – Why Traditional IPOs Remain the Default Choice for Private Companies to Go Public
The Highlights – Cannabis News for the Week Ending September 8, 2023

Japan Banks – Near End of Negative Rates BOJ, Deposits with BOJ to See Big Yield Rise, Not Only JGBs

By Daniel Tabbush

Comments today from BOJ suggest we are nearing the end of negative interest rates in Japan, which can mean an immediate boost to net interest income for Japan’s banks
Many banks have cash and deposits with the BOJ at high levels, where yields are negative, and this can be the first big positive delta to bank’s income
Credit metrics in Japan are improving and loan growth is accelerating, this is generally at odds with other major banking systems, US, UK, Singapore

Ohayo Japan: SPX Rebounds – Tesla Leads; JAPAN X: Japan Equities: Is This Rally Different?

OVERSEAS: SPX rebounded on Monday with 9/11 Sectors positive; Tesla up 10% on upgrade from Morgan Stanley; Tech strong ahead of Apple’s Event – expectations high; China stablilizing.
JAPAN: NKY Futs -0.1% vs Cash; USDJPY 146.6; JP yields rise; yen strengthens and Banks Rally as Ueda hints at normalization; This time is different: WSJ on Japan
JAPAN X: Japan Equities: Is This Rally Different? We generally worry when the FT, WSJ jump on the Japan bandwagon – generally the top. However, the hard data is supportive..

China TMT Update-Baba/Healthcare-Daniel Zhang Stepping Down/ Anti-Corruption Might Nearing Its End

Baba’s recent management change – Daniel Zhang proposed stepping down
NHC Director said healthcare anti-corruption must balance pros and cons, suggesting the campaign might nearing its end
Alibaba’s subsidiary, Lingxi Games, has released a self-developed new mobile game called “Forest Kingdom.” (森之国度)

Macro Nugget: US Banks

By Emil Moller

Recently the FED released its H4 recently which bears some interesting insights into the state of the US banking sector.
The Reverse Repo facility has been squashed since May while the bank reserves have remained relatively stable.
We are not at all surprised by the banks’ continued caution throughout the summer, and we expect this risk-averse attitude to persist in the coming quarters.

SPAC Talk – Why Traditional IPOs Remain the Default Choice for Private Companies to Go Public

It’s feast… August ended with 19 deal announcements, the most active month of deal activity this year.
Total deal value amounted to $9.1 billion, at an average of $481 million per transaction, which is the highest level since the average of $586 million in January 2023, if we were to exclude the $27 billion BSAQ/VinFast transaction anomaly announced in May and de-SPACing in August.
September has begun spritely, with four new IBC transactions announced in the first eight days, all of which were valued at below $400 million.

The Highlights – Cannabis News for the Week Ending September 8, 2023

Global equities gave back most of last week’s gains, with the MSCI World Index ending the week -1.42% and the S&P 500 -1.26%.
The NASDAQ finished the four- day stretch -1.93%, while small caps were hit hardest, down 3.60%.
Losses were fueled by mid-week economic reports that signaled inflation could pick up again.

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Sep 11

Daily Brief Thematic (Sector/Industry): Semiconductor Events Deserving Your Attention @9/9/23 and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Semiconductor Events Deserving Your Attention @9/9/23
Ohayo Japan: Strong US Economy->High Rate Fears; JAPAN X: Keyence: High Productivity = High Salaries
China TMT Update-PDD/BILI/BEKE-Grizzly’s Short Report/Suspends Download For “Pretty Derby”
China Tourism and Hospitality Industry: Pent-Up Demand Drives Robust Outlook
US Banks – New HFD | Big Bnks CRE -0.2%, Big FD’s +80% | Sm. Bnks CRE +11% | LLR, Capital: Divergent
China TMT Update-Luckin/Tencent/Sungrow/Jolywood/Jinko/Drinda-Moutai Latte/Hunyuan LLM/Sungrowinvest

Semiconductor Events Deserving Your Attention @9/9/23

By William Keating

TSMC, MediaTek, ASPEED and Nanya all announced August revenues with MoM growth, albeit YoY comps remind us that semiconductors are still very much in the depths of a downturn
Global semi sales for July continued their MoM increase for the fifth consecutive month. YTD semi sales are down 18.7% YoY
MediaTek and TSMC announced that the former has just produced its first chip on the latter’s 3nm process. Volume production of the Dimensity SOC will be in H2’24.

Ohayo Japan: Strong US Economy->High Rate Fears; JAPAN X: Keyence: High Productivity = High Salaries

OVERSEAS: SPX closed Friday +0.1% and Week -1.1%; US economy turning out to be stronger than expected – fueling persistence in high rates; China Autos Sales recovery in August
JAPAN: NKY Futures -0.3% vs Cash; USDJPY 147.8; Kishida to reshuffle cabinet on Wed; Omron to make JMDC a subsidiary; Broker upgrades to BUY: JMDC, Nissan Chem, Toyo Tanso
JAPAN X: FY23 Sees Keyence’s Salaries Hit New Heights . Not accident but result of high productivity. Want to raise wages – funnel labor into high productivity firms !

China TMT Update-PDD/BILI/BEKE-Grizzly’s Short Report/Suspends Download For “Pretty Derby”

PDD – Our thoughts of Grizzly’s short report on PDD
BILI: Bilibili suspends download access for “Shining! Umamusume: Pretty Derby” across All Platforms (-)
Real Estate Industry Update: Four major banks in China will lower their mortgage interest rate for old loans.

China Tourism and Hospitality Industry: Pent-Up Demand Drives Robust Outlook

By Osbert Tang, CFA

The 2Q23 earnings performance for China’s tourism and hospitality stocks provides clear evidence for the sector’s operational recovery. This will become even stronger into 2H23.
Forward bookings for Tongcheng Travel (780 HK), Trip.com Group (9961 HK), H World Grp (1179 HK) and Fosun Tourism (1992 HK) all point to encouraging underlying demand.
Despite recent strengths in share price, consensus earnings upgrades have made their valuations even cheaper than three months ago.

US Banks – New HFD | Big Bnks CRE -0.2%, Big FD’s +80% | Sm. Bnks CRE +11% | LLR, Capital: Divergent

By Daniel Tabbush

Large US banks show -0.2% growth YoY in CRE loans at 30 August week, completely at odds with small US banks, showing 11.3% YoY growth, more than total loan growth
Large time deposit at large banks are now up 80.1% YoY, accelerating, with only 1.95% YoY loan growth, negative implications for net interest income delta
Small banks have 1.44% LLR/loans vs large banks at 1.85%; small banks have capital/loans at 15.2% vs 22.2% for large banks; despite small banks’ higher CRE lending

China TMT Update-Luckin/Tencent/Sungrow/Jolywood/Jinko/Drinda-Moutai Latte/Hunyuan LLM/Sungrowinvest

Luckin Coffee: Moutai Latte will be a long-term selling product, but shortage of raw materials leads to temporary outage（/）
Sungrow invested TopCon startup posted 2nd highest in energy conversion efficiency（/）
Tencent officially published Hunyuan foundation model at Tencent GDES 2023

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Sep 10

Daily Brief Thematic (Sector/Industry): GEMWeekly (8 Sep 2023): EM Asia Inflation and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

GEMWeekly (8 Sep 2023): EM Asia Inflation, China Macro; Alibaba, Tencent, TSMC, MediaTek, SK Hynix

GEMWeekly (8 Sep 2023): EM Asia Inflation, China Macro; Alibaba, Tencent, TSMC, MediaTek, SK Hynix

By Wium Malan, CFA

The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
Macro data points: China PMI, net exports; Inflation data across Emerging Asia (South Korea, Taiwan, Philippines, Indonesia, Thailand, Vietnam).
Companies mentioned:Alibaba Group Holding (9988 HK), Tencent (700 HK), Taiwan Semiconductor (TSMC) (2330 TT), Mediatek Inc (2454 TT), SK Hynix (000660 KS)

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Sep 09

Daily Brief Thematic (Sector/Industry): Japan Weekly | Tadano and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Japan Weekly | Tadano, JMDC, CyberAgent, JFE, Komatsu

Japan Weekly | Tadano, JMDC, CyberAgent, JFE, Komatsu

After a strong start to the week, Japanese equities ended flat after succumbing to a global tech sell-off.
Tadano was the best performer among Topix names this week. The street is upgrading forecasts post Q2 numbers and full year guidance revision. Makes sense
We highlight stocks that have had significant shareholder changes. Activists continue to increase positions and Oasis goes big on Sagami Rubber

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Sep 08

Daily Brief Thematic (Sector/Industry): Ohayo Japan|China’s Apple Ban Hits Equities; JAPAN X: Nintendo’s Switch 2 Prospects in 2024 ? and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan|China’s Apple Ban Hits Equities; JAPAN X: Nintendo’s Switch 2 Prospects in 2024 ?
China Property Developers In Distress – Weekly News & Announcements Tracker | 1-7 September 2023
China Property: Latest View After Interim Result, Government Policy and the Stock Market Rebound
[Blue Lotus Transportation Sector Update]: German Cars’ EV Push Belies Issue of Standardization
China TMT Update-2460CH/2466CH/0792 CH/300750 CH/1211 HK/3931 HK/300274 CH/BABA/TSLA:Model 3/Alimama
Mat-Chem Notes – For the Week Ended September 1, 2023

Ohayo Japan|China’s Apple Ban Hits Equities; JAPAN X: Nintendo’s Switch 2 Prospects in 2024 ?

OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment; Tech, to no one’s surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop – fuels inflation fears
JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week; HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2
JAPAN X: Unveiling the Future: Nintendo’s Switch 2 Rumors ? or Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.

China Property Developers In Distress – Weekly News & Announcements Tracker | 1-7 September 2023

By Robert Ciemniak

A weekly curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources

China Property: Latest View After Interim Result, Government Policy and the Stock Market Rebound

By Jacob Cheng

In this insight, we explored the latest interim results published by key Chinese developers, and reviewed government policies
SOE developers outperformed, while private developers struggled. Latest policies, including adjustment of mortgage rate and down-payment ratios, are mainly demand side policies and will take time to implement
The latest share price rebound is largely driven by speculation-driven Chinese investors. We think the rally is not sustainable unless we see immediate improvement of the distress situation of developers.

[Blue Lotus Transportation Sector Update]: German Cars’ EV Push Belies Issue of Standardization

There has been renewed push for the German carmakers to enter the BEV market, at the expense of the PHEV market.
We believe it will benefit Chinese battery makers and PHEV makers; We, however, prefer to look at the issue through the lens of industry standardization.
Battery is the Intel and Advanced Driving Assistance System (ADAS) is the Windows of EV. Only China and US are in the ADAS ring.

China TMT Update-2460CH/2466CH/0792 CH/300750 CH/1211 HK/3931 HK/300274 CH/BABA/TSLA:Model 3/Alimama

2460 CH/2466 CH/0792 CH/300750 CH/1211 HK/3931 HK/300274 CH: Lithium carbonate future set new low, Lithium carbonate spot renewed weakness
BABA: Alimama unveils new advertising platforms and discusses AI features (+)
TSLA: Revamped Tesla Model 3 China preorder data update (-)

Mat-Chem Notes – For the Week Ended September 1, 2023

WTR-CMI year to date. As we enter the final month of the third quarter, our index of 30 chemicals and materials technology stocks has underperformed the S&P 500 and the Russell 2000 on both a YTD and Y/Y basis.
With most of the margin improvement benefit having played out over the course of 2022 and into 1Q23, stock performance of companies in our sector has been largely driven by market- and industry-specific dynamics and their effects on respective companies.
Thus, weaker pricing and customer inventory drawdowns affected the performance of FMC and AVD, which are both down more than 30% YTD.

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Sep 07

Daily Brief Thematic (Sector/Industry): Ohayo Japan|Strong ISM and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries
US Banks – Small Banks’ CRE Loan Share Up Weekly, Now 66.1% | Mtg Loan App’s Index -5.7% In the Week
China TMT Update-BYD/CATL/700HK/NTES-“Hunyuan” LLM Will Be Launched/”Eggy Party” Reached 100 Mn MAUs
Mining Monthly: August Edition

Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries

OVERSEAS: Strong ISM, Higher Yields, Strong USD = Equity Sell off; Oaktree’s Marks sees rise in default from higher rates; Germany Industrial Orders fall; China bans iPhones in Govt offices
JAPAN: NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX intervention with weakening Yen; Inflation fears drive Gold purchases; Japan Defense Agency courting new Tech
JAPAN X: Panasonic CEO Aims to Triple P/B Ratio, Focusing on EV Battery Growth. Other Japanese firms should take heed.

US Banks – Small Banks’ CRE Loan Share Up Weekly, Now 66.1% | Mtg Loan App’s Index -5.7% In the Week

By Daniel Tabbush

High frequency data shows small banks continue to take more CRE loan market share to week 23 August, now at 66.11%, rising 0.06% WoW (double avg WoW rise this year)
Net-Charge off rates on CRE loans for the 100 largest US banks just doubled in the past week to 26bps, for other banks they are still low…for now
Weekly mortgage loan applications index fell 5.7% in most recent weeks’ data to 25 August, a steep decline compared with an avg 0.3% WoW decline since 7 July

China TMT Update-BYD/CATL/700HK/NTES-“Hunyuan” LLM Will Be Launched/”Eggy Party” Reached 100 Mn MAUs

BYD/CATL: Renewed effort of German carmakers in EV positive to Chinese battery makers
700HK: Tencent’s management said “Hunyuan” LLM will be launched within this month(+)
NetEase’s “Eggy Party” announced that they reached over 100 mn MAUs and surpassing 100 mn UGC maps. (+)

Mining Monthly: August Edition

By Atrium Research

The precious metals markets held flat in August, following the solid performance in July; mining equities fell modestly.
Sentiment Update Commodity prices remained relatively flat through August, following a strong month in July.
This could also contribute to an increase in investment flows into the mining and metals equities.

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Sep 06

Daily Brief Thematic (Sector/Industry): Ohayo Japan| Equities Fall Amid Yield Rise; JAPAN X: Japan Startups Look Beyond Home for IPO Success and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan| Equities Fall Amid Yield Rise; JAPAN X: Japan Startups Look Beyond Home for IPO Success
Country Garden – Exploring The Project Portfolio Profile
China TMT Update- 1810.HK/AAPL/BILI/LI/XPEV/NIO/BYD/TSLA/Leap-Huawei Mate 60/Pretty Derby/9mn NEV
CSRC’s IPO Reform and Its Impact on China Healthcare Investment
Tech Talk: Artificial Intelligence
The Highlights – Cannabis News for the Week Ending September 1, 2023

Ohayo Japan| Equities Fall Amid Yield Rise; JAPAN X: Japan Startups Look Beyond Home for IPO Success

OVERSEAS: US Stocks fall after Labor Day Holidays with SPX -0.4% and only 3/11 Sectors rise; US Yields rise amid rush by Corporates to issue Bonds; Oil Breaches $90
JAPAN: NKY Futures +0.2% Premium vs Cash; USDJPY 147.7; Japan FY24 Budget requests hit 114 trillion yen; KKR prepares to relist Kokusai at 400bn valuation
JAPAN X: Nasdaq gains popularity as Japanese Startups Opt for Overseas Listings. The JPX needs to take heed otherwise it will end up missing out on significant local IPO opportunities.

Country Garden – Exploring The Project Portfolio Profile

By Robert Ciemniak

In this note, we explore some aspects of the composition of Country Garden’s projects – the cities and provinces where Country Garden has the most exposure
We overlay the disclosure data on exposure by province and top projects, with a few housing market metrics
Drawing on wider data, we compare the scale of Country Garden and Evergrande in greater detail

China TMT Update- 1810.HK/AAPL/BILI/LI/XPEV/NIO/BYD/TSLA/Leap-Huawei Mate 60/Pretty Derby/9mn NEV

1810.HK/AAPL: Huawei Mate 60 supply chain order volume may have reached 15-17mn units (-/-)
BILI（-）： Shining! Umamusume: Pretty Derby” is experiencing a sharp decline in popularity.
LI/XPEV/NIO/BYD/ TSLA/ Leap: MIIT Aims for 9mn NEV Sales in 2023 (+/+/+/+/+/+)

CSRC’s IPO Reform and Its Impact on China Healthcare Investment

By Xinyao (Criss) Wang

CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.
IPOs may no longer be as attractive to founders. The era of M&A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.
In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.

Tech Talk: Artificial Intelligence

Artificial intelligence (AI) is a diverse field affecting many industries.
With an estimated market size of $137 billion in 2022, it is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.
While deep learning large language models (LLMs) like ChatGPT have recently caught the imagination of many, we also want to highlight machine learning (ML), computer perception, and natural language processing (NLP).

The Highlights – Cannabis News for the Week Ending September 1, 2023

Global equities had a strong week, with the MSCI World Index +2.62% and the S&P 500 +2.55%.
The NASDAQ jumped 3.25%, while small caps led the rally this week, finishing up 3.69%.
The advance was driven by signs of a softening labor market that may make the Fed pause further interest rate hikes.

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Sep 05

Daily Brief Thematic (Sector/Industry): Ohayo Japan| Lack of Direction with US Closed; JAPAN X: JFE to Raise ¥200bn for Green Steel Drive and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan| Lack of Direction with US Closed; JAPAN X: JFE to Raise ¥200bn for Green Steel Drive
China TMT Update-TSLA/XPEV/1211/IQ/Beke:Beijing and Shanghai Housing Loan Loosening;revamped Model 3

Ohayo Japan| Lack of Direction with US Closed; JAPAN X: JFE to Raise ¥200bn for Green Steel Drive

OVERSEAS. US LABOR DAY HOLIDAY. With US out, No leaders in Global Equities; European shares closed flat on thin Volumes; China’s measures to support Property market taking hold.
JAPAN.US Markets Off. NKY Futs vs Cash -0.1%; USDJPY 146.5; Nikkei Rebal: Mercari, Lasertec, Nitori ADDED; Nippon Sheet Glass, Mitsui E&S, Matsui Sec OUT; JFE 200bn Equity/CB raising
JAPAN X: JFE Holdings Plans to Raise ¥200 Billion for Carbon Emissions Reduction Efforts. Still need clarity willingness of customers to accept “green pricing”. Watch Nippon Steel and Kobe Steel.

China TMT Update-TSLA/XPEV/1211/IQ/Beke:Beijing and Shanghai Housing Loan Loosening;revamped Model 3

TSLA/XPEV/1211: Tesla starts presales of revamped Model 3 in China at higher starting price (/-/-)
IQ：iQiYi’s drama pipeline was affected by lead actress Zu‘er(Lareina) Song’s tax evasion inspection (-)
Real Estate Industry Update/Beke: Beijing and Shanghai followed on implementing the housing loan loosening policy, transaction willingness improved immediately

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Sep 04

Daily Brief Thematic (Sector/Industry): Japan Weekly | Kubota and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Japan Weekly | Kubota, Hitachi Construction, Ain
Ohayo Japan|US Stocks Cap Strong Week; JAPAN X: Daikin, Melco to Benefit from US Heat Pump Growth
[Blue Lotus Hardware Sector Update]: Huawei Mate 60 Is a Win-Win for Both US and China

Japan Weekly | Kubota, Hitachi Construction, Ain

Japanese stocks had a good week with Topix up +3.68% and +24.21% year-to-date
Japanese exporters are seeing better pricing power in key overseas markets – the weak yen is an additional tailwind
Weakness in the Chinese economy is impacting stocks that benefit from a strong Chinese consumer and inbound tourism

Ohayo Japan|US Stocks Cap Strong Week; JAPAN X: Daikin, Melco to Benefit from US Heat Pump Growth

OVERSEAS: US Stock Cap strong week with positive gains; Payrolls jumped, but so did Unemployment rate=past peak rates ? China slowdown fueling worries about Contagion.
JAPAN: NKY Futures +0.2% vs Cash; USDJPY 146.2; Japan Govt to Shorten Assessment Period for Off-Shore Wind; Japan-UK to cooperate in next Gen nuclear plants; ARM Pricing ~50 billion USD.
JAPAN X: Daikin and Mitsubishi Electric Poised to Benefit from US Heat Pump Growth.

[Blue Lotus Hardware Sector Update]: Huawei Mate 60 Is a Win-Win for Both US and China