In today’s briefing:
- Japan Weekly | Ibiden, Fanuc, Canon
- Bear Market Rally in Progress as DXY, Global Sovereign 10-Yr Yields Fall; Buy Ideas Within Leaders
Japan Weekly | Ibiden, Fanuc, Canon
- NKY +0.80%WoW; TOPIX +0.91%WoW; TSE Mothers +3.0%WoW. 3 days up; 2 days down this week as small caps; high valuation and tech stocks rallied
- PM Kishida orders additional fiscal stimulus of ¥29.1 trillion. Including other private sector investment and funding, the total stimulus size to exceed ¥71 trillion.
- Bank of Japan maintains their ultra looks monetary policy in place at the end of their 2-day policy meeting
Bear Market Rally in Progress as DXY, Global Sovereign 10-Yr Yields Fall; Buy Ideas Within Leaders
- We continue to believe that a bearish intermediate-term outlook is appropriate as long as the YTD downtrends remain intact on MSCI ACWI (ACWI-US), MSCI ACWI ex-US (ACWX-US), and EAFE (EFA-US).
- We would turn bullish only on reversals of those downtrends. With that said, a bear market rally has officially begun, something that we have discussed since our Sept.29 Int’l Compass
- We expect to see rallies to their respective YTD downtrends (ACWX, EFA, etc.). We highlight buys that are likely to outperform on this bear market rally.
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