In today’s briefing:
- Ohayo Japan | Stocks Slip Ahead of CPI as Energy Outperforms
- Japan Morning Connection: Intel’s Upsized Share Offering May Lift Suppliers Lasertec, Screen and TOK
- Japan Autos: The Weak Yen Illusion in Q1 FY2027 — Toyota, Honda, Nissan, Subaru, Mazda, Suzuki
- LAZR: When a Photonics ETF Becomes a Private AI Wrapper
- Venture Capital – An AI- Powered Revival
- India Quick Commerce Monthly – Economics Takes Center Stage
- Singapore Market Roundup (11-Aug-2026): DBS, PhillipCapital maintain ‘buy’ on Elite UK REIT post
- Asia Real Estate Tracker (11-Aug-2026): Cbus Property buys Aussie mall for $919M from Lendlease.
- Exencial Industry Tidings- 11-08-2026
- Secondaries – Life After the Honeymoon
Ohayo Japan | Stocks Slip Ahead of CPI as Energy Outperforms
- US indices ended the day with slightly lower, with SPX -0.3% and Nasdaq -0.6%.
- Traders await US CPI on Wednesday, which will be key in shaping expectations for the September FOMC meeting.
- On Holding shares fell 19% after weaker-than-expected wholesale sales, prompting lower 2026 guidance
Japan Morning Connection: Intel’s Upsized Share Offering May Lift Suppliers Lasertec, Screen and TOK
- Intel’s upsized $20bn share offering points to increased capex plans, a positive for Japanese SPE and its main suppliers.
- Interesting news that SpaceX is chasing the low-band spectrum with comments to the FCC that it looks to “advance rapid, widespread deployment of flexible broadband spectrum resources”.
- Kioxia may feel slight pressure with news its Y800bn buyback has concluded.
Japan Autos: The Weak Yen Illusion in Q1 FY2027 — Toyota, Honda, Nissan, Subaru, Mazda, Suzuki
- Currency drove a third or more of earnings at key Japanese automakers, but the market rewarded headline growth instead of earnings quality.
- Nissan and Suzuki improved on largely unaided fundamentals, while Honda and Subaru are priced for more than they delivered.
- The quarter was less about who beat expectations than who generated earnings without relying on the weak yen.
LAZR: When a Photonics ETF Becomes a Private AI Wrapper
- Tema’s LAZR launched as a photonics basket but quickly added Anthropic SPV exposure. This position plunged from 12.06% to under 5.0% in three weeks, highlighting private-asset ETF volatility.
- Daily ETF liquidity does not make the underlying SPV liquid. Moreover, Anthropic publicly prohibits SPVs from acquiring its stock, raising questions about the exact legal claim LAZR holds.
- Research partner SemiAnalysis now spans market-moving CPO research, ETF product design, along with a newly filed venture fund. This expanding footprint creates a high bar for disclosure and governance.
Venture Capital – An AI- Powered Revival
- The Venture Capital sector is emerging as one of the clear winners of the AI revolution, reversing a troubled outlook in the wak e of interest rate hikes in 2022.
- Huge demand for the next gener ation of AI powered tech firms. Is leading to a scale of funding for both companies and funds that is transform ing the complexion of the asset class.
- Performance has been excellent and semi -liquid funds following Venture Capital and Growth strategies have de livered substantial outperformance v ersus their investment trust counterparts.
India Quick Commerce Monthly – Economics Takes Center Stage
- The five largest players added 900 dark stores between April-July 2026, but unique pin codes served rose just 152, the expansion is now about density and overlap, not new geography
- Blinkit turned adjusted EBITDA positive in Q1 FY27 (INR 1,020 million) while Swiggy Instamart’s contribution margin reached near breakeven at -0.2% of GOV; profitability is finally converging with scale.
- Zepto deferred its IPO by two quarters on valuation pushback and is raising INR 1,000cr pre-IPO at a US$4.5 billion mark, below its US$5bn last round.
Singapore Market Roundup (11-Aug-2026): DBS, PhillipCapital maintain ‘buy’ on Elite UK REIT post
- DBS and PhillipCapital keep ‘buy’ on Elite UK REIT after 1HFY2026 results.
- Lim & Tan starts coverage on Sasseur REIT, targeting a price of 91 cents.
- DBS and CGSI boost YZJ Shipbuilding targets after record earnings and high margins.
Asia Real Estate Tracker (11-Aug-2026): Cbus Property buys Aussie mall for $919M from Lendlease.
- Cbus Property plans to acquire a stake in an Australian shopping mall for $919 million from Lendlease.
- Samsung SRA has sold the Gangnam Tower in South Korea to a non-profit organization for $314 million.
- IOI Properties has received conditional approval for a substantial $1.9 billion REIT in the latest updates.
Exencial Industry Tidings- 11-08-2026
- ISMA, NFCSF urge govt to exempt sugar from mandatory jute packaging
- FAIFA expresses concern over Tobacco Board’s decision to reduce crop size
- Winsome Textile Inds.’ sales up by 6.9% in June 2026 quarter
Secondaries – Life After the Honeymoon
- Secondaries funds tend to deliver their strongest performance at the start of their life reflecting the acqusition of discounted assets that are large relative to the standing portfolio
- Over the long -term, performance from secondaries funds trend s down a slower pace but they have delivered excellent returns over a long holding period.
- The slow pace of portfolio exits from traditonal, drawdown funds continues to make the secondaries market a useful source of liquidity for Limited Partners . Investors providing capital into this market are benefitting from a wide range of buying options and attractive pricing creating conditions for strong forward -looking returns.
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