In today’s briefing:
- Multiple Positive Catalysts Ahead Of Q124 Earnings Season
- Ohayo Japan | Powell Tones Down Expectations
- Is It Time to Re-Visit China? Where Is Capital Going? We Look at Positioning, Valuation and Risks
- BAC – Net Charge Offs Up 86% YoY And -3% YoY Net Interest Income Growth
Multiple Positive Catalysts Ahead Of Q124 Earnings Season
- PC, Smartphone Unit shipments both registering YoY growth in Q124
- TSMC will beat guidance & likely guide Q224 up ~5% QoQ. Samsung’s pre earnings showed strong recovery in operating profit
- Server unit shipments are on a ~17% YoY growth run rate
Ohayo Japan | Powell Tones Down Expectations
- The S&P 500 edged down by 0.21% as investors digested Federal Reserve Chair Jerome Powell’s remarks suggesting a prolonged period of elevated interest rates
- China’s gross domestic product (GDP) growth surged to 5.3% year-on-year in the January-March quarter, surpassing expectations
- OpenAI, a prominent U.S. artificial intelligence company, is gearing up to launch an enhanced version of its core large language model with triple the processing power for Japanese language tasks
Is It Time to Re-Visit China? Where Is Capital Going? We Look at Positioning, Valuation and Risks
- Based on my site visits and recent discussion, the consensus is that China is experiencing a sharp economic slowdown, as seen as slowing consumption and increasing unemployment
- But the equity market is ALWAYS forward looking, investors may bet on policy support which may provide downside support to the equity market
- Property market is not doing well, but there are early signs of stabilizing. In this insight, we look at several key factors including fund flows, positioning, valuation and risks
BAC – Net Charge Offs Up 86% YoY And -3% YoY Net Interest Income Growth
- The data coming out of US bank results should not surprise and it is also not something that should suddenly improve
- BAC reported net charge offs at USD1,498m in 1Q24 up from USD807m in 1Q23, a substantial YoY delta. The QoQ delta is accelerating too, up USD306m in the 90 days
- Net interest income is now in decline at BAC at -3% YoY in 1Q24, given the disproportionate rise in funding costs vs interest income
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