In today’s briefing:
- Good Morning Japan |SPX Hangs on Ahead of Key CPI Print; BOJ Gov Candidate Shocker->ChatGPT’s View
- Chinese Banks: New Asset Classification Rules | You Can Run but You Can’t Hide
- The Innovations Portfolio – Week Twelve
- Weekly Stock Bullfinder – Week of 2/13
Good Morning Japan |SPX Hangs on Ahead of Key CPI Print; BOJ Gov Candidate Shocker->ChatGPT’s View
- OVERSEAS. SPX stays positive; Energy leads as Russia cuts oil production; CPI print in focus – as market looks for Fed Pause clues; TEREX – solid print/outlook..what Recession?
- JAPAN. NKY Fut -0.3% vs Cash; USDJPY 131.36; Shock at Professor Ueda as BOJ Gov; Yen rallies then weakens post his Presser; Govt to guarantee 15% margins for Defense suppliers?
- DAILY NUGGET. Fun take – ChatGPT on BOJ Governor to be Kazuo Ueda.
Chinese Banks: New Asset Classification Rules | You Can Run but You Can’t Hide
- We welcome the regulators’ formalization of financial asset classifications. This will gradually remove regulatory arbitrage and pave the way for further bank reintermediation.
- The new rules will likely have limited impacts on bond holdings that have active secondary markets, but illiquid debt investment plans will come under more intense regulatory and auditor scrutiny.
- We see an impact of 10-15bp on the listed banks’ reported NPL ratios. That said, a handful of banks may be at risk of capital shortages if the environment worsens.
The Innovations Portfolio – Week Twelve
- The three companies we write about this week are L’Oreal SA (OR FP) , Electricite De France Sa (EDF FP) and 10X Genomics (TXG US)
- For the twelve weeks since inception ended 10 Feb the combined innovation portfolio was +3.3%, versus DJIA +0.4%, S&P500 +3.2%, Nasdaq +5.1%, Russell2000 +3.7%, MSCI-ACWI-ETF +4.4%, all in US$ terms
- Researchers from The University of Queensland found the lion’s mane mushroom had a significant impact on the growth of brain cells and improving memory
Weekly Stock Bullfinder – Week of 2/13
- Microsoft news of rolling out ChapGPT into its Bing search browser and eventually into its Microsoft Office product suite has dominated the news cycle the past few weeks as AI computing has garnered Wall St.’s full attention.
- Within two months, OpenAI’s ChatGPT app has registered 100 million users – nearly one-third of the U.S. population.
- Microsoft has not hidden it plans to challenge Google search dominance and erode its existing market share.
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