In today’s briefing:
- China Property Developers In Distress – Weekly News & Announcements Tracker | Dec 29 -Jan 4, 2024
- US Banks – Weekly Balance Sheets Show Risk Aversion Remains, New PMI Data Continues to Be Weak
- There’s Something About Air Cargo (Part II)
- Shroom Shmooz – Spotlight on Ketamine
China Property Developers In Distress – Weekly News & Announcements Tracker | Dec 29 -Jan 4, 2024
- This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress
- We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
- We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources
US Banks – Weekly Balance Sheets Show Risk Aversion Remains, New PMI Data Continues to Be Weak
- New data for US PMI shows a continued weak economy, which is not positive for bank lending prospects or for loan pricing. It is also not positive for credit metrics.
- New weekly data for large US banks show risk aversion remains, with rising cash, but also dismal growth in loans at only 0.5% YoY in the most recent week.
- Large time deposits continue to rise substantially at +110% YoY in most recent week, with cash rising too – the outlook for core net interest income is worsening.
There’s Something About Air Cargo (Part II)
- Air cargo rates from Hong Kong and Shanghai have plunged in the past week, as spot demand dries up post-Christmas rush and reverts to previous (lower) contractual rates
- Sea freight rates surged due to the Red Sea/Suez situation, with further increases expected. China to Europe air freight is highly competitive, potentially prompting a shift from sea freight
- Chinese air carriers and Cathay Pacific will record stronger than expected 2H23 performance on air freight, and we think air freight should continue to be firm in 1Q24
Shroom Shmooz – Spotlight on Ketamine
- In this edition, we begin a series of spotlights on psychedelic therapies.
- We start with ketamine, the first legalized psychoactive drug approved for the treatment of a mental health disorder—treatment-resistant depression (TRD)—being marketed under the brand name Spravato®.
- ‘Friends’ actor Matthew Perry’s untimely death last October has introduced ketamine to a broader market in an unfortunate way.
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