Global Macro Strategy

Callum Henderson

Macroeconomics

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting further policymaker action ahead of the July elections* The BoJ has warned it could take further action and if stocks continue lower that may be their focus* Government also needs to take bolder reform measures to unlock growth potential* JPY gains are done for now with a pullback likely near-termThis is a follow-up to my in-depth report <a href="https://www.smartkarma.com/insights/asia-calling-from-currency-wars-to-competitive-monetary-easing" target="_blank" data-smartkarma-citation="insights:2537">Asia Calling:</a>…

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting further policymaker action ahead of the July elections* The BoJ has warned it could take further action and if stocks continue lower that may be their focus* Government also needs to take bolder reform measures to unlock growth potential* JPY gains are done for now with a pullback likely near-termThis is a follow-up to my in-depth report Asia Calling:…

Japanese Policy Measures Likely to Be Ramped up Ahead of July Elections

* The BoJ shocked the market, cutting rates to negative and threatening further rate cuts if needed* The apparent change in BoJ stance has to be viewed in the wake of the ECB and Fed statements* The BoJ rate cut is a de facto protest of tighter Japanese monetary conditions due to JPY strength* Leveraged funds on the CFTC had the largest long JPY position ahead of this since October 2012* Recent JPY gains are likely to retrace over the next few weeks, notably against AUD, INR and KRW

* The BoJ shocked the market, cutting rates to negative and threatening further rate cuts if needed* The apparent change in BoJ stance has to be viewed in the wake of the ECB and Fed statements* The BoJ rate cut is a de facto protest of tighter Japanese monetary conditions due to JPY strength* Leveraged funds on the CFTC had the largest long JPY position ahead of this since October 2012* Recent JPY gains are likely to retrace over the next few weeks, notably against AUD, INR and KRW

Asia Calling: From Currency Wars to Competitive Monetary Easing

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert 

Our Is the Demise of the Diesel Imminent or Exaggerated?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Equity Bottom-Up

A Yomiuri <a href="http://www.yomiuri.co.jp/economy/20160115-OYT1T50014.html" target="_blank">article</a> this morning suggests Hon Hai may revise its offer for Sharp as early as today, lifting its investment amount by 40% from 500bn yen to 700bn yen, and making this a 'final offer.' The Yomiuri article suggests that if this negotiation does not work, Hon Hai might conduct a TOB. A Bloomberg <a href="http://www.bloomberg.com/news/articles/2016-01-15/sharp-soars-in-tokyo-after-report-hon-hai-may-raise-offer" target="_blank">article</a> adds a little color. The Insights to the right margin of this page in the Insight stream describe the players and their incentives, and the math for common shareholders. Sharp's shares…

A Yomiuri article this morning suggests Hon Hai may revise its offer for Sharp as early as today, lifting its investment amount by 40% from 500bn yen to 700bn yen, and making this a 'final offer.' The Yomiuri article suggests that if this negotiation does not work, Hon Hai might conduct a TOB. A Bloomberg article adds a little color. The Insights to the right margin of this page in the Insight stream describe the players and their incentives, and the math for common shareholders. Sharp's shares…

My piece on <a href="https://www.smartkarma.com/entities/391" target="_blank" data-smartkarma-citation="entities:391">Sharp Corp</a> last week titled <a href="https://www.smartkarma.com/insights/a-tragicomedy-of-errors-dealing-with-sharp-sharpish" target="_blank" data-smartkarma-citation="insights:2212">A Tragicomedy of Errors - Dealing with Sharp Sharpish</a> pointed out that the major players (The Banks, The INCJ/JDI, METI, The Employees, Samsung, Hon Hai, and others) would all likely rather see existing minority shareholders thrown under the bus than see their interests further maligned. The piece discussed the relatively dire situation facing Sharp. I pointed out that effectively ALL the remaining debt was in the form of loans due within the year…

My piece on Sharp Corp last week titled A Tragicomedy of Errors - Dealing with Sharp Sharpish pointed out that the major players (The Banks, The INCJ/JDI, METI, The Employees, Samsung, Hon Hai, and others) would all likely rather see existing minority shareholders thrown under the bus than see their interests further maligned. The piece discussed the relatively dire situation facing Sharp. I pointed out that effectively ALL the remaining debt was in the form of loans due within the year…

Lost in Translation - A 500bn Yen Deal for Sharp?

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

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Panasonic Corp (6752 JP)

Japanese Policy Measures Likely to Be Ramped up Ahead of July Elections

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting...

Callum Henderson

Asia Calling: From Currency Wars to Competitive Monetary Easing

* The BoJ shocked the market, cutting rates to negative and threatening further rate cuts if needed* The apparent change in BoJ stance has to be...

Callum Henderson

Our Is the Demise of the Diesel Imminent or Exaggerated?

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of...

Morningstar, Inc.

Sharp Competition

A Yomiuri article this morning suggests Hon Hai may revise its offer for Sharp as early as today, lifting its investment amount by 40% from 500bn...

Travis Lundy

Lost in Translation - A 500bn Yen Deal for Sharp?

My piece on Sharp Corp last week titled A Tragicomedy of Errors - Dealing with Sharp Sharpish pointed out that the major players (The Banks, The...

Travis Lundy

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