Daily Brief Thematic (Sector/Industry): Ohayo Japan | Trade Truce Lifts Wall Street and more

• U.S. markets rose sharply (S&P +1.2%, Nasdaq +1.9%) as an emerging U.S.-China trade framework eased tensions ahead of the Trump-Xi meeting, boosting tech stocks. 
• Amazon announced plans to cut up to 30,000 corporate jobs, its largest layoff since 2022, while Qualcomm surged 11% on new AI chip announcements.
• Japan’s Nikkei hit record highs (+2.5%) on optimism over a U.S.-China deal and expected Fed rate cut; Nidec faces delisting risk amid accounting probe.

• Stock market rally gains momentum after news of upcoming summit between Trump and Xi Jinping, supported by inflation data.
• Netflix reports higher revenue and profit in 3Q, driven by subscriber gains, record ad sales, and price increases.
• Netflix continues to be a leader in streaming, emphasizing advertising revenue and confident in future growth with advances in AI.

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• President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China’s industry dominance.
• Although the supply commitments of REEs to supplant China’s production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.
• Shenzhou Intl Group Holdings (2313 HK) , Bosideng International Holdings (3998 HK) ,Yue Yuen Industrial Holdings (551 HK) , and Stella International (1836 HK) will benefit from the tariff relief.

• Trump administration sanctions Russia’s largest oil producers Rosneft and Lukoil effective November 21, 2025, forcing India to potentially slash Russian crude imports that currently constitute 34% of total intake.​​
• Indian refiners face USD 3-5 billion in additional annual costs and structurally lower GRMs as they pivot to expensive Middle Eastern and US alternatives.
• Russia’s embedded role in India’s energy means any shift will be costly, and margin-dilutive, setting up a 6-12 month period of procurement volatility and compressed refining spreads for Indian OMCs.​​

• Lim & Tan rates KSH Holdings as ‘accumulate’ with a target price of 51 cents.
• RHB maintains ST Engineering’s price target at $9.10 after record order wins.
• Sembcorp faces softer 1HFY2025 earnings, but its long-term growth is stable, says UOBKH.

• US sanctions on Russian oil and rising Western pressure have pushed India’s average crude import cost $5/bbl above the Dubai benchmark, with Russia’s share slipping to ~34%.
• Shrinking Russian discounts mean higher import bills and tighter refining margins, especially for state-run OMCs that relied on cheaper barrels.
• India’s shift marks a strategic reset-short-term costs may rise, but stronger trade ties with the US and diversified sourcing improve long-term energy security.

• Ahold Delhaize/PostNL | Amazon to invest EUR 1.4bn in the Netherlands Dutch financial daily FD reports that Amazon intends to invest EUR 1.4bn in the next three years to strengthen its operations in the Netherlands.
• The majority of the funds will support Dutch SMEs selling via Amazon.nl, helping them grow and compete with domestic rival bol.
• The investment aligns with Amazon’s broader European expansion, following a EUR 1bn investment in Belgium. 

• Rs.100 bln mission to lift manufacturing’s share in GDP to 25%
• Polyester staple fibre exports fall by 20.5% in August 2025
• Viscose filament yarn exports up 9.2 % in August 2025