In today’s briefing:
- Chartered Insights: Which Asian Economies Face the Greatest Threat from US Reciprocal Tariffs?
- Ohayo Japan | Wall Street Rout Deepens
- Who Is Crazy Enough to Buy a Chinese Bank?
- Japan Morning Connection: Bloodbath for Tech and Continued Pivot from Growth to Value
- Can India Achieve Advanced Economy Status by 2047? – IMF Report
- What Ultratech’s Foray into Wires & Cables Means for Industry Dynamics, Competition, and Growth
- Biopharma Week in Review – March 10, 2025
Chartered Insights: Which Asian Economies Face the Greatest Threat from US Reciprocal Tariffs?
- Trump’s tariffs are set to impact Asia, especially economies like Vietnam who stand out with a substantial 25.1% of its GDP exposed to the US market in 2024.
- India and Thailand face reciprocal tariff risks, while sectors like food and textiles may bear the brunt.
- Beyond direct tariffs, non-tariff barriers in China and India and potential inflation in the US add complexity.
Ohayo Japan | Wall Street Rout Deepens
- Stocks plunged Monday as recession fears mounted, with the S&P 500 dropping 2.7% to 5,614 and the Nasdaq sinking 4%
- The “Magnificent Seven” led losses, with Tesla (TSLA) plummeting 15%, Nvidia (NVDA) down 5%, and Alphabet (GOOGL) and Meta (META) losing over 4%
- Seven &i Holdings responds to shareholder Artisan Partners’ opposition to the appointment of Stephen Hayes Dacus as president
Who Is Crazy Enough to Buy a Chinese Bank?
- A stealth bull market is underway in Chinese bank shares
- Banks are well positioned to benefit as the economy grows and interest rates rise
- Value remains in the sector despite the move up in share prices
Japan Morning Connection: Bloodbath for Tech and Continued Pivot from Growth to Value
- Japan’s SPE rebound yesterday led by Lasertec -10% may be short lived.
- However, NVDA’s week-long developers conference from Monday may act as dip buying catalyst.
- Still room for EU related plays to gain with many related names inherently defensive.
Can India Achieve Advanced Economy Status by 2047? – IMF Report
- The IMF projects India as the fastest-growing major economy, with a 6.5% GDP growth rate, but can it achieve advanced economy status by 2047?.
- Balancing fiscal prudence with investments in infrastructure, while leveraging AI for productivity, is critical for India’s transformation.
- Structural reforms, increased private investment, and managing global risks will determine if India realizes its vision by 2047.
What Ultratech’s Foray into Wires & Cables Means for Industry Dynamics, Competition, and Growth
- UltraTech Cement is entering the Wires & Cables industry with a INR 1,800 crore investment and a plant in Gujarat, aiming for INR 9,000 crore in revenue by 2030.
- With strong backward integration and an extensive distribution network, the move could disrupt a fragmented market.
- However, incumbents believe scaling and regulatory approvals will be key hurdles, much like Grasim’s entry into paints.
Biopharma Week in Review – March 10, 2025
- Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought shelter in lower- risk, higher-quality names.
- Trump nominees, Martin Makary for the FDA and Jay Bhattacharya for the NIH, appeared on course for Senate confirmations after relatively uncontentious hearings, but both provided little confidence that they would stop or reverse the draconian changes at these agencies.
- NIH grant funding has not resumed despite a judge ruling against the cuts. RFK Jr. changed his stance on the measles outbreak, from not unusual to deeply concerned, as the second death occurred in an unvaccinated adult.
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