Daily Brief Thematic (Sector/Industry): Ohayo Japan | Small Gains: Record Closes and more

• The S&P 500 and Nasdaq Composite achieved record closes Thursday, rising 0.1% to and 0.2% to respectively
• Alphabet rising 1% after beating earnings and revenue expectations; Tesla declined 8% as auto revenue fell for the second consecutive quarter.
• Bandai Namco and Sony announced a strategic business alliance, with Sony acquiring 16 million Bandai Namco shares from existing shareholders for approximately 68 billion yen, giving Sony a 2.5% stake

• Discussion with Josh Lipton about the resolution of companies not being locked out of China
• Jensen and Lisa Su lobbying for their businesses in China
• Political implications and progress in US-China trade relations

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• There are some improvements in HK domestic credit growth, but not in the key property sector, which continues to see contraction, at worsening pace
• LDR contraction in HK is another concern, for NIM, core interest income, while China credit metrics remain a concern – not only domestic HK.
• Singapore banks also exposed to HK and to Mainland China, it is not only HK local banks which bear this risk. Chailease from Taiwan is another good example.

• STM adds to the gloom for power semis after surprise loss and -16% drop. Fuji Elec and Renesas report today in Japan.
• Dow -18% after tariff uncertainty hist exports sending peers lower. Watch Shin Etsu despite its more PVC focus.
• Intel’s new CEO struggling to turn the ship around with a competitive AI offering still a ways off.

• India’s GCCs evolved: 15% cost arbitrage, 50% skill arbitrage, 35% innovation-led growth model
• Market boom: 1,352 deals worth $56B in 2024, office space expanding from 245M to 300M+ sq ft by 2027
• Growth metrics: Revenue jumped from $11.5B (2010) to $64.6B (2024), talent pool reached 1.9M+ people