In today’s briefing:
- Good Morning Japan |Equities Waver on Hot PPI Print/Higher Rates; Telsa: Good Vs Bad; ARM IPO Risk?
- China TMT Update(Feb.15-16）：Tencent, Meituan, BEKE – WeChat Is Testing Delivery Platform
- SPAC Talk: Back to the Future for Underwriters?
Good Morning Japan |Equities Waver on Hot PPI Print/Higher Rates; Telsa: Good Vs Bad; ARM IPO Risk?
- OVERSEAS. SPX -1.4% post hot PPI print; Fed’s Meister looking at 50bp hike; Tesla: Model Y sells out but Co issues big vehicle recall; AMAT after hours- looks good !
- JAPAN. NKY Futs -0.7% vs Cash; USDJPY 133.95; Japan set to give up yesterday’s gains but equities look good; Bridgestone earnings-solid; Good AMAT = Good TEL; Citi cuts Fujitsu
- DAILY NUGGET. Future looks bright for Panasonic, supplier of batteries to Tesla in the US. As the IRA takes effect, Tesla’s sales are going through the roof.
China TMT Update(Feb.15-16）：Tencent, Meituan, BEKE – WeChat Is Testing Delivery Platform
- 3690HK：WeChat is testing delivery platform in Guangzhou and Shenzhen (-)
- Gaming Industry: China Game Industry Annual Conference (GIAC) is held（+）
- BEKE：Home price decline narrowed in Jan 2023, where first tier turn positive MoM, and new home outpace existing home (+)
SPAC Talk: Back to the Future for Underwriters?
- Liquidations continue at historically elevated levels. This week produced two more SPAC IPO pricings, with each IPO raising initial gross proceeds of $60 million.
- This brings the total number of pricings in February thus far to five, a number we have not seen since last May.
- However, the revolving door of SPACs continues to register far more exits in the form of liquidations than new entrants.
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