In today’s briefing:
- Ohayo Japan | Fresh Records
- Japan Morning Connection: Ishiba’s Expected Defeat Already Showing Limited Reaction from Markets
- US Banks – Another Week of >4% YoY Loan Growth, Credit Metrics Look Good: Meager LLR Growth
Ohayo Japan | Fresh Records
- US stocks higher, with the Nasdaq rising 0.4% to its sixth straight record close and the S&P 500 gaining 0.14% to finish above 6,300 for the first time
- Japanese Prime Minister Shigeru Ishiba’s ruling coalition suffered a major blow in Monday’s upper house election
- Chief negotiator Akazawa heads to Washington ahead of Trump’s August 1 tariff threat, amid post-election pressure on PM Ishiba.
Japan Morning Connection: Ishiba’s Expected Defeat Already Showing Limited Reaction from Markets
- LDP was trounced on Sunday, but the yen is already starting to pare weakness which priced in ahead.
- Power semi’s may be under pressure with NXP miss after-market and Stellantis surprise loss yesterday.
- Microsoft reeling from massive cyber attack positive for security software including Trend Micro.
US Banks – Another Week of >4% YoY Loan Growth, Credit Metrics Look Good: Meager LLR Growth
- New H8 release from Fed shows another strong week of YoY loan growth at 4.22%
- The delta in C&I loans which are core to economy is exceptional, now at 3.68% YoY
- With loan loss reserves only growing at 1.15% YoY, credit metrics appear benign
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