In today’s briefing:
- Good Morning Japan | SPX Breakout but After-Hours Earnings Sap FOMO; Sony Beat; Pana-Still Deciding
- Losses Blow Out at China’s Airlines as Passengers Dip to 12-Year Low
- APAC Sees 22% Drop in M&As While India Flourishes: Report
- Sany Heavy, Zoomlion Warn of Tumbling Profits on Covid-Hit Economy
- Shroom Shmooz: Controversies Surrounding Psychedelic Patents
Good Morning Japan | SPX Breakout but After-Hours Earnings Sap FOMO; Sony Beat; Pana-Still Deciding
- OVERSEAS. Another strong post Fed Day with SPX breaks 4100 level; Slew of big tech after hours: AMZN; Google, AAPL-Mkt doesn’t like; Ford, not to be left out, MISSES
- JAPAN. NKY Futs +0.5% vs Cash; USDJPY 128.69; Mgmt Transitions, Sony and Z-HD make changes; Earnings: Sony +ve; -ve Panasonic (but special case); Murata – last of bad news ?
- DAILY NUGGETS. Panasonic – Still deciding. Seems we have to wait a bit longer on the impact of the IRA credits.
Losses Blow Out at China’s Airlines as Passengers Dip to 12-Year Low
- China’s civil aviation industry plunged deeper into the red in 2022 as Covid restrictions effectively shut down international travel
- However, there are hopes things may turn around quickly after the abandonment of the “zero-Covid” strategy last month
- The country’s airline companies posted a combined loss of 216 billion yuan ($31.8 billion) last year, widening from 84.3 billion yuan in 2021 and 94.7 billion in 2020
APAC Sees 22% Drop in M&As While India Flourishes: Report
- M&A deals in the Asia Pacific cooled down in 2022, with the region’s overall transaction value dropping 22% year on year
- India, however, bucked this trend by logging an all-time high for both strategic M&A deal volume and value
- In Japan, while deal value fell by 20% in the first nine months of 2022, the volume remained at the same level as the previous year, suggesting a rise in small deals
Sany Heavy, Zoomlion Warn of Tumbling Profits on Covid-Hit Economy
- A slowing economy due to repeated Covid-19 outbreaks and subsequent lockdowns delivered a one-two punch to Sany Heavy Industry Co. Ltd. last year
- The company attributed the lackluster earnings estimate to the macroeconomic slowdown, which saw China’s GDP growth come in at the second-slowest in more than four decades
- Sany’s profit warning serves as an indication of how China’s domestic construction machinery industry is struggling.
Shroom Shmooz: Controversies Surrounding Psychedelic Patents
- The resurgence of interest in psychedelic science and research, particularly since 2017, reinforced by the mental health consequences of the pandemic, has resulted in a significant pick-up in active clinical trials investigating the therapeutic value of a variety of psychedelics.
- This, in turn, has led to a proliferation of patent applications as psychedelic drug developers seek to protect the intellectual property (IP) of their drug development efforts.
- The United States Patent and Trademark Office (USPTO) has been inundated by hundreds of published patent applications on a variety of psychedelic compounds, led by psilocybin, with many more that have been filed provisionally.
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