Daily Brief Thematic (Sector/Industry): Japan Weekly | The Deflationary Macro Read; SONY; What's up with Auto Stocks and more

In today’s briefing:

Japan Weekly | The Deflationary Macro Read; SONY; What’s up with Auto Stocks
US Bank Sector Stress – Old Fashioned Risks and a Regulatory Loophole Meet the Digital Age
Commercial/Contract Furniture/Consumer Hardlines Industry News

Japan Weekly | The Deflationary Macro Read; SONY; What’s up with Auto Stocks

US stocks up, bonds down, commodities down, Japanese stocks down = deflation
The UK CMA is getting closer to a decision on the Microsoft acquisition of Activision. The provisional findings are in, the responses are in….now we wait
Auto stocks were clear underperformers. You can chalk that up to yen strength or a growing realization of the cost of electrification.

Interest rate risk in the system increased with the Fed’s steep interest rate hikes and due to the opt-out for many US banks on the AFS securities market-to-market capital hit
Uninsured and concentrated deposits, at the first hint of bank trouble, can take flight very quickly especially in the case of concentrated, key elements of the Silicon Vally Bank collapse
We believe that it is premature to look for buy opportunities in US banks, although we believe that the largest US banks are sound in terms of their balance sheets

This note addresses the Business Institutional Furniture Manufacturers Association’s (BIFMA) Monthly Market Pulse (MMP) of incoming orders and sales for January 2023.
About 50+ BIFMA member companies voluntarily submit monthly sales and orders to a national accounting firm that aggregates and reports composite data.
Neither BIFMA nor any individual member has access to the raw data.

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