In today’s briefing:
- Ohayo Japan | President Trump Confirms Tariffs Against Canada and Mexico
- Japan Morning Connection: Japan Tech to Follow the US Lower, but Defense Should Have Further to Run
- Theamtic Report: Rupee Depreciation – The Key Driver Behind FII Selling in India
- Mat-Chem Notes – Tariff Concerns Proliferate as Geopolitics Remain Center Stage
- #112 India Insight: Mahindra Expands Sustainably, Ola Electric Struggles, India’s Q3 GDP Grows 6.2%
- What’s News in Amsterdam
- Biopharma Week in Review – March 3, 2025
- Furniture/Furnishings Weekly – Tariffs; Uncertainty and Corp. Investment
Ohayo Japan | President Trump Confirms Tariffs Against Canada and Mexico
- The sell-off accelerated in the final hour after President Trump confirmed tariffs against Canada and Mexico would take effect Tuesday; Nvidia’s stock fell 8.7%
- TSMC will invest an additional $100 billion in the US, bringing its total investment to $165 billion, to build three new chip manufacturing facilities
- Seven & i Holdings will appoint Stephen Hayes Dacus as president, replacing Ryuichi Isaka.
Japan Morning Connection: Japan Tech to Follow the US Lower, but Defense Should Have Further to Run
- NVDA, SMCI and Dell investigated by Singaporean authorities over chip leaks into China.
- Allegro +15% in the US following on from Sanken limit-up yesterday as ON circles.
- IHI, MHI, KHI, NEC all higher yesterday but should follow EU defense peers much higher.
Theamtic Report: Rupee Depreciation – The Key Driver Behind FII Selling in India
- A weak rupee is proving to be a major concern for Foreign Institutional Investors (FIIs), triggering $20.2 billion in outflows from Indian equities and bonds since October 2024
- The INR has depreciated 2.7% against the US dollar, a trend that has historically coincided with sharp FII exits.
- This vicious cycle of rupee weakness → FII selling → more rupee weakness is something we have seen before.
Mat-Chem Notes – Tariff Concerns Proliferate as Geopolitics Remain Center Stage
- Balancing act. As the ag industry is preparing for the planting season, an early look at 2025 expectations by Farm Journal’s Ag Economists’ Monthly Monitor offers a mixed bag.
- On one hand, after a two-year decline, net and cash farm income are expected to increase Y/Y in 2025.
- On the other hand, the increase will be mostly due to an increase in government payments.
#112 India Insight: Mahindra Expands Sustainably, Ola Electric Struggles, India’s Q3 GDP Grows 6.2%
- Mahindra & Mahindra (MM IN) plans to scale businesses across hospitality, aerospace, and renewables, prioritizing operational excellence over acquisitions for sustainable long-term growth.
- Ola Electric (OLAELEC IN) lays off 1,000+ employees as losses surge 50%, competition intensifies, and market share declines, leading to a 60% stock plunge.
- India’s Q3 GDP growth hits 6.2%, boosted by Maha Kumbh spending, tax cuts, and strong exports, despite market volatility and fiscal challenges.
What’s News in Amsterdam
- Ahold Delhaize / PostNL | bol sells Cycloon to owner of Intrapost Last Friday, Intrapost, Cycloon and Ahold Delahaize’s online platform bol announced that postal company Cycloon to will be bought by Den Hollander Holding B.V, a holding company with the same controlling shareholder as Intrapost: Mr. V.R. Den Hollander. bol and Cycloon are convinced that this is the best step for all parties with a view to the future.
- Cycloon focuses on sorting and delivering letterbox mail.
- The sales of these activities to Den Hollander Holding B.V, will bring Cycloon in a better position to benefit from the opportunities on the postal market and to continue to grow.
Biopharma Week in Review – March 3, 2025
- More troubling signs for vaccines emerged last week, as next month’s annual VRBPAC meeting was canceled and RFK Jr. shrugged off latest measles outbreak.
- The Vaccines and Related Biological Products Advisory Committee (VRBPAC) selects the flu strains for the fall vaccines, six months in advance to allow for manufacturing.
- One unvaccinated child died from the Texas measles outbreak and ~20 were others hospitalized, as RFK Jr. called the outbreak not unusual, even though measles was eradicated in the US in 2000.
Furniture/Furnishings Weekly – Tariffs; Uncertainty and Corp. Investment
- Continued policy uncertainty, the federal budget, the Ukraine war, and tariffs were all front and center for the markets this past week.
- The WTR Commercial/Contract Furniture Index declined 0.5% and the Home Goods Retailers Index fell 1.8%, while the Residential Manufacturers & Suppliers Index gained 1.3%.
- The large-cap indexes fell 0.5% and the R2K declined 0.7%.
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