In today’s briefing:
- Junior Copper Miners: Ecuador Sees M&A Action by China
- Ohayo Japan | Nasdaq Surges on Key Tech Earnings
- #139 India Insight: Coke Grows in Q1, Apple Ups India Output, RBI Names New IndusInd Heads
- Japan Morning Connection: US Markets Rally for 8th Day Although Apple and Amazon Miss After-Mkt
- India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch
- The Effects of New Tariff on Chinese E Commerce
Junior Copper Miners: Ecuador Sees M&A Action by China
- In April a Chinese buyer made an offer for Ross Beaty controlled Lumina Gold (LUM CN), an Ecuador gold project.
- One of our top picks Solaris Resources (SLS CN) surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.
- Copper prices have remained resilient despite ongoing “USA vs the World” trade war.
Ohayo Japan | Nasdaq Surges on Key Tech Earnings
- Nasdaq rose 1.5% as Microsoft, Meta, and Apple earnings eased tariff fears; jobless claims rose; trade tensions showed signs of easing.
- Apple beat Q2 earnings with $1.64 EPS and $95.4B revenue, driven by strong iPhone sales, authorized $100B buyback.
- Mitsui & Co. forecasts a 14% drop in consolidated net profit to 770 billion yen, driven by declining iron ore and coking coal prices and yen appreciation.
#139 India Insight: Coke Grows in Q1, Apple Ups India Output, RBI Names New IndusInd Heads
- The Maha Kumbh Mela boosted Coca Cola Co (KO US)‘s India sales, driving double-digit volume growth in Q1, with over 180 million servings consumed.
- Amid escalating US-China trade tensions, Apple (AAPL US) accelerates its iPhone production in India, opening new factories and preparing for record shipments.
- RBI has approved an interim executive committee to manage Indusind Bank (IIB IN) following CEO Sumant Kathpalia’s exit, with Soumitra Sen and Anil Rao overseeing operations.
Japan Morning Connection: US Markets Rally for 8th Day Although Apple and Amazon Miss After-Mkt
- Another strong showing for tech and AI names after Meta’s big capex plans price in.
- Solid print for HVAC major Carrier should set positive tone for Daikin.
- Hokkaido Electric Power Co nightmare squeeze redux? +14.8% yesterday post-earnings.
India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch
- EV 2W Sales Slide 30% in April: Post-March correction driven by subsidy cuts and seasonal softening; YoY momentum still +39%.
- Subsidy Cuts Reset the Playing Field: PM e-Drive scheme slashes EV support, testing price elasticity and OEM pricing strategy.
- OEMs at a Crossroads: With volume volatility rising, the next few months will reveal who can defend share—and who can’t.
The Effects of New Tariff on Chinese E Commerce
How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.
Coming elimination on May 2 of the de minimis rule, which previously avoided tariffs on imported packages worth $800 or less, is perhaps the most immediately impactful change in trade policy that has already affected prices.
The cancellation of the de minimis rule (intended to permit individuals to import products tariff-free for personal use but which has been widely applied to all low-value products) took effect for a single day on April 2, 2025, was subsequently removed, and will be reinstated on May 2.
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