In today’s briefing:
- Good Morning Japan | Blast off ! “Disinflation Process Has Started”;AMD Spurs Tech Rally; Meta Beats
- China Internet CNY Holiday Update: Gaming Performed Better than Ads and ECom
Good Morning Japan | Blast off ! “Disinflation Process Has Started”;AMD Spurs Tech Rally; Meta Beats
- OVERSEAS. US stocks rally on Fed paus(ing); Duration gets extended spurring +5% SOX move; AMD results provide comfort for Semis; Meta Beats ! Off to the races!
- JAPAN. NKY Futs +0.2% vs Cash; Yen Stronger at USDJPY 129.02 post Fed; BOJ shows commitment buying $180 bn JGBs in Jan; Earnings: Positive Keyence; Negative Kyocera; Disaster Sumi Chemicals.
- DAILY NUGGETS. Race for Talent. Japan retail major lifts wages, as (wage) hike momentum gathers. Issue for Japan is lack of workers !
China Internet CNY Holiday Update: Gaming Performed Better than Ads and ECom
- We expect online gaming has a better performance: 1) improved content supply and 2) strong user demand for social interactions in top games like Tencent’s HOK and NetEase’s Egg Party.
- We suggest that eCommerce and advertising have relatively weak performances in January because offline consumption enjoyed faster rebound and attracted users away from online platforms.
- We are more positive about Tencent in C1Q23, and we expect that major ads platforms like Kuaishou, Baidu, Bili, iQIYI, and Weibo will have the fastest YoY growth in C2Q23.
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