In today’s briefing:
- Japan Morning Connection: Markets Calm with No Further Tariffs for China
- Ohayo Japan | Focus on Fed
- US Banks – At 6 Weeks into 3Q25, +USD85bn Loans, Vs +USD1bn at 6 Weeks into 2Q24
- US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings
Japan Morning Connection: Markets Calm with No Further Tariffs for China
- AMAT pricing in weak numbers sent semi-cap lower, while Intel bought its gains to 23% for the week.
- Housing name starting to cut through the daily static of Treasury moves as sentiment improves ahead of Sep cut.
- Home improvement/suppliers such as Toto and Lixil may see increased interest as global rates outside of Japan trend lower.
Ohayo Japan | Focus on Fed
- US stocks closed mixed Friday as Wall Street recalibrated rate-cut expectations following economic data showing higher wholesale inflation
- Applied Materials plunged 14% on weak Q4 guidance due to sluggish China demand.
- This Week: The Federal Reserve’s Jackson Hole Economic Symposium, featuring Chair Jerome Powell’s key policy speech on Friday, will be a focal point for investors
US Banks – At 6 Weeks into 3Q25, +USD85bn Loans, Vs +USD1bn at 6 Weeks into 2Q24
- US banks’ high-frequency data (HFD) released from the Fed shows the 6th week in a row of higher than 4% YoY loan growth (and highest yet at 4.43%)
- The change in loans during the first 6 weeks of 3Q25 is +USD85bn compared with +USD1bn in the same period last year
- C&I loan growth has seen strong delta over past 52 weeks and LLR growth remains subdued, suggesting good credit metrics
US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings
- Year to date (July) US border crossing data paint a surprisingly mixed picture
- Overall, total crossings at all points and by all modes are down -3.7% Y/Y
- States facing Canada saw a -17.5% decline; air crossings into West up +3.7%
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