In today’s briefing:
- Good Morning Japan |SPX Break Out In Sight ! ; PCE Inflation Delivers; Fed +25bps ? ; Awful INTEL
- Chinese New Year Travel Market: Roundup And Implications
- The Innovations Portfolio – Week Ten
- China Financials Weekly: Jan 30 | A Bubbly Opening
Good Morning Japan |SPX Break Out In Sight ! ; PCE Inflation Delivers; Fed +25bps ? ; Awful INTEL
- OVERSEAS. SPX positive on day, +2.5%WoW; SOX +5.4%WoW; PCE Inflation sets stage for benign Fed; INTEL, KLC puts damper on tech party; TELSA delivers again; AMEX not seeing consumer weakness;
- JAPAN. NKY Futs vs Cash +0.1%; USDJPY 129.88; Tokyo Dec CPI highest since 1981; GS sees highest base pay hike in decades.; Fanuc 3Q beats on Robots; Sagawa hikes prices
- DAILY. NUGGETS. Stealth Immigration – Foreigner workers in Japan hit all time high 1.82 million/2.7% of labour force. Clear policy on Immigration needed to help secure Japan’s future.
Chinese New Year Travel Market: Roundup And Implications
- The just finished “Year of the Rabbit” Chinese New Year has witnessed strong revival in travel appetite. Total domestic travelers increased 23.1% YoY, returning to 88.6% of 2019 level.
- Tongcheng-Elong (780 HK), Trip.com (9961 HK), Huazhu Group (1179 HK), Fosun Tourism (1992 HK), China Southern Airlines (1055 HK) and China Film Co (600977 CH) are some of the beneficiaries.
- As we passed peak of infections and overseas PCR and visa constraints are further removed, the trend of improvement in travel demand will sustain into the National Day holidays.
The Innovations Portfolio – Week Ten
- The three companies we write about this week are Roche Holding Ltd (ROG VX) , Siemens Healthineers AG (SHL GR) and E Ink Holdings (8069 TT)
- For the ten weeks since inception ended 27 Jan the combined innovation portfolio was +4.0%, versus DJIA +.7%, S&P500 +2.7%, Nasdaq +4.3%, Russell2000 +3.3%, MSCI-ACWI-ETF +5.1%, all in US$ terms
- For the first time in decades IBM lost its top position in patent registrations in US. IBM’s patent count declined 44% to 4,743 patents in 2022, versus Samsung Electronics’ 8,513
China Financials Weekly: Jan 30 | A Bubbly Opening
- We expect to see a strong start to the week for China financials names, with sentiments buoyed by upbeat consumer spending data over the new year holiday.
- Early signs point to relatively loose conditions in the interbank market as trading resumes across the board on Monday. The central bank’s easing bias will likely continue.
- We see more momentum for the sector ahead of Q4 earnings (brokers > insurers > banks). Stock selection will become more important thereafter.
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