In today’s briefing:
- Ohayo Japan | Takaichi Era Begins
- Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment
- US Banks – Cockroaches? Weekly LLR Only 0.32% YoY. Comment Appears to Be In Contrast to Data
Ohayo Japan | Takaichi Era Begins
- U.S. stocks were mixed as the Dow hit a record high on strong GM and Coca-Cola earnings, while a Trump–Putin meeting delay signalled uncertainty over the Budapest summit.
- Gold -5%, Silver -6.3%: Gold saw its biggest one-day drop in over a decade. Precious metals stocks fell sharply: Wheaton -9%, Newmont -9%.
- Japan’s first female Prime Minister, Sanae Takaichi, pledges to tackle rising living costs, prioritizing economic policies over an early election, while planning to abolish the gasoline tax.
Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment
- Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.
- Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.
- Can Davinci success in the US be a positive read for Sysmex’s Hinotori with the stock on its knees?
US Banks – Cockroaches? Weekly LLR Only 0.32% YoY. Comment Appears to Be In Contrast to Data
- The comment by JPMorgan Chase & Co (JPM US) about its two bad loans suggesting there will be more, something like ‘cockroaches’ coming out from nowhere.
- The weekly data from H8 filings at the Fed have been showing lower LLR for many weeks, suggesting a better credit environment not worsening – whatever the animal.
- The reality is that most banks that have announced in the US are showing lower credit costs, lower NPLs or benign growth in bad loans.
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