In today’s briefing:
- [Wafer Watch] Semis Face Headwinds from Geopolitical Noise and Shifting Priorities
- Japan Strategy Weekly | Macro Crosscurrents
- AUCTUS ON FRIDAY – 11/07/2025
[Wafer Watch] Semis Face Headwinds from Geopolitical Noise and Shifting Priorities
- Semiconductor stocks retreated last week, with the SOXX ETF down 0.58%, underperforming the S&P 500 amid renewed tariff anxiety and fading near-term catalysts.
- Samsung’s $37B Texas fab faces execution delays, TSMC prioritises U.S. expansion over Japan, and the U.S. eased EDA software bans on China, signalling a brief pause in chip trade tensions.
- Investor behaviour reflected caution beneath resilience; despite stable technical indicators, SOXX saw $277M in net outflows, with hedged positioning dominating
Japan Strategy Weekly | Macro Crosscurrents
- Japanese equities closed the week softer, with the Nikkei failing to retest the 40,000 level amid a confluence of macro headwinds. Persistent U.S. tariff concerns weighed on sentiment.
- Exporters and cyclicals bore the initial brunt, though stabilized late-week on U.S. tech resilience and FX tailwinds
- Sector rotation favoured semis and banks, while defensives underperformed. Factory automation names underperformed following Yaskawa’s downward earnings revision
AUCTUS ON FRIDAY – 11/07/2025
- AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share.
- This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares.
- Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter.
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