Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: Fed Pivots - Powell unleashes his inner VOLCKER with hawkish comments; Rates fall ; USD falls; Equities on recession fears; GS to cuts bonuses;  Massive Nuclear Fusion breakthrough</li>
<li>JAPAN:  NKY Futs -0.9% vs Cash; USDJPY ¥135.4 - stable post Fed move;  BOJ review in 2023- wages key; Struggles in financings Defense spending; JP companies ramping Darbonization spending. </li>
<li>DAILY NUGGET: We look at why Nuclear Fusion matters in light of the recent breakthrough. This is a BIG DEAL.</li>
</ul>


OVERSEAS: Fed Pivots - Powell unleashes his inner VOLCKER with hawkish comments; Rates fall ; USD falls; Equities on recession fears; GS to cuts bonuses;  Massive Nuclear Fusion breakthrough
JAPAN:  NKY Futs -0.9% vs Cash; USDJPY ¥135.4 - stable post Fed move;  BOJ review in 2023- wages key; Struggles in financings Defense spending; JP companies ramping Darbonization spending. 
DAILY NUGGET: We look at why Nuclear Fusion matters in light of the recent breakthrough. This is a BIG DEAL.


Good Morning Japan | Markets Hear "RECESSION"

<ul>
<li>OVERSEAS:  Soft CPI Print - Fed Pause in sight, Equities rip; Swap markets now at 25bp hikes;  Record UAL-Boeing deal for planes;  Co-founder of FTX, SBF arrested (finally)</li>
<li>JAPAN:  NKY Futs flat % vs Cash; USDJPY 135 handle; Govt to introduce Carbon Trading;  FOR &gt;AGAINST in latest Nuke Power Poll;  Apple deeply invested in Japan</li>
<li>DAILY NUGGET: APPLE and Japan supply chain - an already deep relationship set to expand further.</li>
</ul>


OVERSEAS:  Soft CPI Print - Fed Pause in sight, Equities rip; Swap markets now at 25bp hikes;  Record UAL-Boeing deal for planes;  Co-founder of FTX, SBF arrested (finally)
JAPAN:  NKY Futs flat % vs Cash; USDJPY 135 handle; Govt to introduce Carbon Trading;  FOR &gt;AGAINST in latest Nuke Power Poll;  Apple deeply invested in Japan
DAILY NUGGET: APPLE and Japan supply chain - an already deep relationship set to expand further.


Good Morning Japan | Soft(Er) CPI; Fed Pause Sealed; Equities Rip..then the FADE

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>
OVERSEAS.  US recession fears dominate,  SPX -0.7%/-3.7%WoW; Nov PPI print higher vs Cons, Cements +50bp Fed hike; China stocks win WoW amid COVID loosening + Property rescue;  Tech looks supported</li>
<li>
JAPAN.  NKY Futs -0.4% vs Cash, USDJPY ¥136.56;  US asks JP to help curb China chip access; More  Boeing orders, +ve JP related;  FY23 Defense to rise by ¥1trn</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.


OVERSEAS.  US recession fears dominate,  SPX -0.7%/-3.7%WoW; Nov PPI print higher vs Cons, Cements +50bp Fed hike; China stocks win WoW amid COVID loosening + Property rescue;  Tech looks supported

JAPAN.  NKY Futs -0.4% vs Cash, USDJPY ¥136.56;  US asks JP to help curb China chip access; More  Boeing orders, +ve JP related;  FY23 Defense to rise by ¥1trn


Good Morning Japan |+50bp Fed Hike in the Bag, but Watching Tuesday's US CPI Print

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>
OVERSEAS: SPX continue to hold as Tech leads the rebound; FTC moves to block MSFT acquistion of Activision (good); China stocks continue to be bid; Broadcom strong;  PPI on Friday</li>
<li>
JAPAN: Major SQ  futures point to +0.4% open on the NKY;  Govt continues to push forward with Nuclear rebirth(postive MHI);  Kishida outlines how to pay for massive defense spending rise</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.


OVERSEAS: SPX continue to hold as Tech leads the rebound; FTC moves to block MSFT acquistion of Activision (good); China stocks continue to be bid; Broadcom strong;  PPI on Friday

JAPAN: Major SQ  futures point to +0.4% open on the NKY;  Govt continues to push forward with Nuclear rebirth(postive MHI);  Kishida outlines how to pay for massive defense spending rise


Good Morning Japan |Equities Continue to Hold; China Stocks on Fire; Japan Major SQ

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>JIP, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s preferred bidder, is reported to be under pressure from co-investors to cut its offer price. Securing financing continues to be troublesome.  </li>
<li>An offer valuing Toshiba less than JPY2.2 trillion would face pushback from the special committee, let alone shareholders. There are no signs of a JIC/Bain coming to the rescue. </li>
<li>While the Toshiba/peers price ratio remains undemanding compared to historical ratios, Toshiba looks expensive vs peers on multiples. With short-term newsflow likely to be incrementally negative, remain on the sidelines.</li>
</ul>


JIP, Toshiba Corp (6502 JP)'s preferred bidder, is reported to be under pressure from co-investors to cut its offer price. Securing financing continues to be troublesome.  
An offer valuing Toshiba less than JPY2.2 trillion would face pushback from the special committee, let alone shareholders. There are no signs of a JIC/Bain coming to the rescue. 
While the Toshiba/peers price ratio remains undemanding compared to historical ratios, Toshiba looks expensive vs peers on multiples. With short-term newsflow likely to be incrementally negative, remain on the sidelines.


Toshiba (6502 JP): JIP's Privatisation Bid Is Floundering

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

Good Morning Japan | Markets Hear "RECESSION"

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Good Morning Japan | Soft(Er) CPI; Fed Pause Sealed; Equities Rip..then the FADE

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Good Morning Japan |+50bp Fed Hike in the Bag, but Watching Tuesday's US CPI Print

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Good Morning Japan |Equities Continue to Hold; China Stocks on Fire; Japan Major SQ

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Toshiba (6502 JP): JIP's Privatisation Bid Is Floundering

While Toshiba/peers price ratio remains undemanding compared to historical ratios, Toshiba looks expensive vs peers on multiples. With newsflow...

Arun George

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