In today’s briefing:
- Japan Weekly | Advantest, Nihon M&A, Sumi Pharm
- Ohayo Japan|US Equities Gain Post Powell’s Speech; JAPAN X: JP Bank’s $7bn Boost for Local Startups
- The Curious Case of Big Tech
- US Banks – New HFD Shows Loans Down $22bn From 28 Jun To 16 Aug & Large Time Deposits up 76% YoY
Japan Weekly | Advantest, Nihon M&A, Sumi Pharm
- A sharp reversal for Japanese stocks on Friday ahead of Jackson Hole, after four straight days of gains
- Weak PMIs globally point to a cooling of economic activity, but Powell’s speech was fixated on inflation
- Advantest was slammed 10% on Friday following a reversal in Nvidia shares, which initially spiked on record quarterly earnings.
Ohayo Japan|US Equities Gain Post Powell’s Speech; JAPAN X: JP Bank’s $7bn Boost for Local Startups
- OVERSEAS: US Equities rise for the first week in four; Jackson Hole: Powell leaves open possibility of further hikes/ECB’s Largarde strikes hawkish tone for EU; China’s Economic Pain to Continue
- JAPAN: NKY Futures +0.7% Premium vs Cash; USDJPY 146.4; BOJ’s Ueda at Jackson Hole says Japan inflation below target; Kishida’s Approval rating improves; Japan to double EV Charging Stations.
- JAPAN X: Japan Post Bank’s Trillion Yen Boost set to propel the Japan start up ecosystem to new highs – while creating a new revenue stream for the bank.
The Curious Case of Big Tech
- In aggregate, Big Tech was worth $1.1 Tn at the end of 2012.
- Over the last ten years (2013-2022), Big Tech collectively generated $2.3 Tn Operating Cash Flow (OCF), slightly more than double their aggregate market cap ten years ago!
- To say it differently, Big Tech was a form of deep value investing that was deeply underappreciated even though they are all widely followed companies at that time!
US Banks – New HFD Shows Loans Down $22bn From 28 Jun To 16 Aug & Large Time Deposits up 76% YoY
- Large US banks saw loans down USD22bn from 28 Jun to 16 Aug vs 5bn decline preceding
- Weekly data in preceding several weeks shows combined USD18bn decline: it’s worsening
- Large time deposits, at large US banks, up 76% YoY at 16 Aug – growth is ‘off the charts’
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