In today’s briefing:
- Good Morning Japan |SPX Rallies but Uncertainties Remain; NUGGET: 7&I-ValueAct Goes Full John Wick
- Investors Return to Tobacco Stocks After Multi-Year Decline
- China TMT Update (Mar.27) – BABA/JD/ PDD/VIPS/LI/700HK/NTES/BILI/ – Tmall Outlines Upcoming Changes
Good Morning Japan |SPX Rallies but Uncertainties Remain; NUGGET: 7&I-ValueAct Goes Full John Wick
- OVERSEAS. SPX +0.6% on intraday bounce; Defensives led w/Utilities; Financials lag as Banking fears persist; Rates down on recession view WHILE Fed signals more hikes; MSFT-ATVI deal closer to approval
- JAPAN. NKY Futs -0.9% vs Cash; Weaker USDJPY 130.7 ; Kishida Approval Rating Rises; Feb Inflation 3.1%; ValueAct takes off gloves with 7&i; Shippers in focus with ex-div this week.
- NUGGET. 7&i: Activist ValueAct goes Full John Wick calling for removal of 4 Directors, including Chairman/CEO Isaka. 2023 could be the year of accelerated reforms. Stock looks attractive post sell-off.
Investors Return to Tobacco Stocks After Multi-Year Decline
- After a multi-year drop in ownership, Global EM fund exposure in the Tobacco sector is on the rise.
- Tobacco remains heavily under-owned, but key EM funds are raising allocations, led by GQG Partners, Virtus, BNY Mellon and Allianz.
- ITC Limited has been a key beneficiary of inflows and stands as the most widely owned stock in the sector, followed by KT&G Corp.
China TMT Update (Mar.27) – BABA/JD/ PDD/VIPS/LI/700HK/NTES/BILI/ – Tmall Outlines Upcoming Changes
- BABA/ JD/ PDD/ VIPS: Tmall outlines upcoming changes to its platform (-/-/-/-)
- LI: Li Auto CEO reveals six pure EVs in pipeline(+)
- 700HK/NTES/BILI/: Game industry in general: Domestic game codes published by NPPA（+）
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