In today’s briefing:
- Ohayo Japan | A Big Week for the BoJ
- China BIG-3 Mainland Airlines Traffic 18% Higher than 2019!
- Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically
- GEMWeekly (15 Mar 2024): China, South Korea, India Macro; TSMC, Samsung Electronics, Xiaomi, Alibaba
Ohayo Japan | A Big Week for the BoJ
- Last week, most major indices experienced slight declines, with the SPX down by 0.1% and the Nasdaq by 0.7%, on higher bond yields.
- Looking ahead to this week, there are several key events that could drive market movement: both the Fed and BOJ hold monetary policy meetings. Elsewhere, focus on Nvidia GPU Conference
- Nissan (7201) and Honda (7267), facing challenges in competing with rivals like Tesla in electric vehicle (EV) investments, are considering a partnership to collaborate on EVs
China BIG-3 Mainland Airlines Traffic 18% Higher than 2019!
- In aggregate, traffic among the Big-3 Chinese airlines was up 67% YoY in February and +18% vs 2019. Incontestable proof that China has regained its air travel mojo.
- Published March schedules show total implied capacity is 31% higher YoY and 9% higher than 2019 levels. This is driven by domestic travel, international remains depressed.
- Driven by domestic travel, international remains depressed. POSITIVE for China Eastern and other North Asian carriers that provide the missing North America link.
Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically
- A document titled “Soliciting Opinions on the Implementation Plan for Supporting the Development of Innovative Drugs throughout the Whole Chain” attracted widespread attention, which is significantly different from past policies.
- Restrictions on payment end and deteriorating investment and financing situations will be improved, marking a new starting point for China’s innovative drug business. We have reasons to start being optimistic.
- If approved and implemented, it would be a significant reversal of the previous expectation and investment logic of innovative drugs. So, investors should not overlook the importance of this document.
GEMWeekly (15 Mar 2024): China, South Korea, India Macro; TSMC, Samsung Electronics, Xiaomi, Alibaba
- The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
- Macro data points: China and India inflation data, South Korea labour market data.
- Companies mentioned:Taiwan Semiconductor (TSMC) (2330 TT), Samsung Electronics (005930 KS), Xiaomi Corp (1810 HK), Alibaba Group Holding (9988 HK)
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