Daily Brief Thematic (Sector/Industry): Good Morning Japan |Choppy Equities; Weak Tech; NUGGET: Panasonic-New US Tax Credit Opportunity? and more

In today’s briefing:

Good Morning Japan |Choppy Equities; Weak Tech; NUGGET: Panasonic-New US Tax Credit Opportunity?
China Tourists Coming Back: Transport
China TMT Update (Mar.29): Baba/BIDU/ATAT: Alibaba Is to Establish 6 Business Units

Good Morning Japan |Choppy Equities; Weak Tech; NUGGET: Panasonic-New US Tax Credit Opportunity?

OVERSEAS. Choppy Session with SPX closing -0.2%; Tech down again as reversal continues; US 2Yr yield back above 4%, Alibaba +14% split to unlock value; Micron after hours-worst over?
JAPAN. NKY Futs -1.0% vs Cash; USDJPY 130.9; US-Japan strikes deal on EV battery materials Under IRA; Japan’s FTA fine with MSFT-ATVI, -ve Sony; Alibaba Split +ve Softbank
NUGGET. Panasonic – Potential beneficiary of new IRA related deal with the US. Could see IRA EV tax credit rise from ¥172bn/year to ¥228bn/year.

The Chinese government and the destination countries have publicly stated that they can visit each other.
Higher ridership is the main result of this theme while consumption could also accelerate but on-the-ground research has proven Chinese tourists are not there yet.
Keisei Electric Railway Co (9009 JP) , Comfortdelgro Corp (CD SP) , Airports of Thailand (AOT TB) and MTR Corp (66 HK) are the main transport beneficiaries.

Baba： Alibaba is to establish 6 business units and could pursue independent listings（+）
BIDU： Baidu release large-scale model “Wen Xin Qian Fan” for enterprise（+）
ATAT： Atour Lifestyle: Huazhu reported 4Q22 financial results and operating performance（+）； Accor striking on its own following departure from Huazhu and Jinjiang, opening new possiblities for collaboration（+）

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