In today’s briefing:
- [CB 28/2024]: Volatile Week for Grains; Massive US Harvest Leads Bearish Sentiment
- Japan Weekly | Political Uncertainty Drives Markets
- Japan Morning Connection – 19 July, 2024
- AUCTUS ON FRIDAY – 19/07/2024
[CB 28/2024]: Volatile Week for Grains; Massive US Harvest Leads Bearish Sentiment
- Wheat Prices declined over a large US harvest forecast, but bargain buying and strong demand over cheaper Russian wheat offered support.
- Corn Prices declined but tighter stocks kept a leash on losses. Weather concerns in Ukraine and the US provided some support, while record high ethanol production suggests strong demand.
- Soy Prices fell the most due to ample global supplies and doubts about Chinese demand. A larger Brazilian crop estimate adds downward pressure.
Japan Weekly | Political Uncertainty Drives Markets
- The Nikkei lost over 1,000 points this week as political uncertainty impacted markets.
- In terms of sectors, the semiconductor sector took the brunt of the selling in Japan. Disco, Advantest, Tokyo Electron, Screen, Lasertec and Ulvac were amongst the worst performers
- Small cap stocks performed well in Tokyo. SanSan’s share price rose 31% following a strong financial report and positive forward guidance.
Japan Morning Connection – 19 July, 2024
- The market had mixed results with SOX +0.51%, Nasdaq -0.7%, SPX -0.78%, and Russell -1.85%. UST10 yields rose 1.07% to 4.2%, and the yen weakened to 157.36.
- Commodities saw copper -2.6%, nickel -0.2%, and Brent crude -0.34%. Tech stocks varied, with Monolithic Power and Broadcom up while power semis fell. Semiconductors started strong but ended mixed.
- Japanese homebuilders with large US exposures may be strong. 6146 Disco expected to dip. Intuitive Surgical rose 5% on strong 2Q results, which could positively impact 6988 Sysmex.
AUCTUS ON FRIDAY – 19/07/2024
- Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives.
- The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan.
- KTZ and Wabtec previously signed a memorandum of understanding which includes modernization work to retrofit KTZ’s mainline locomotive fleet for LNG usage and incorporate LNG into new build locomotives.
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