In today’s briefing:
- Ohayo Japan | AI Still Driving Stocks
- Holistic Depression in Hong Kong Property Sector
- #26 India Insight: Vedanta Fund Raise, Tata Steel Q1, 7,000 FPO Joining ONDC
- Biopharma Week in Review – Jul 8, 2024
- Furniture/Furnishings Weekly – Jul 8, 2024
Ohayo Japan | AI Still Driving Stocks
- The S&P 500 and Nasdaq closed at record highs on Monday as investors anticipate key inflation data to gauge the sustainability of this year’s market rally
- Shares of Corning (GLW) surged 12%, after the company raised its quarterly guidance due to strong demand for its optical connectivity products used in AI applications
- Japanese companies, including Sony and Mitsubishi Electric, plan to invest 5 trillion yen in semiconductors by 2029 to boost production of power semiconductors and image sensors
Holistic Depression in Hong Kong Property Sector
- Hong Kong property sector is undergoing a holistic depression in all sectors including residential, commercial, and retail space.
- The RVD residential property price index has dropped by around 25% peak-to-trough. The commercial and retail space has also witnessed similar retreats in recent years.
- Outflow of citizens, northward spending trend, and exodus of foreign companies each contributes the decline in their respective sectors. It will hurt consumption as the wealth effect hit the economy.
#26 India Insight: Vedanta Fund Raise, Tata Steel Q1, 7,000 FPO Joining ONDC
- Vedanta Aluminium Raises USD 250 Mn in Sustainability Linked Loans
- Over 7,000 farmer producer organizations joined ONDC, improving market access and sales
- Ather Energy Plans to Go Global in the Next 12-15 Months
Biopharma Week in Review – Jul 8, 2024
- We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A.
- Eli Lilly and Company (LLY) received FDA approval for donanemab (Kisunla) in early Alzheimer’s, which was largely expected following unanimous support from the June AdComm and multiple delays.
- The cost of Kisunla is $32K/year, which is at a premium to Leqembi (Biogen, Inc. [BIIB]/Eisai Co., Ltd. [ESAIY]) at $26.5K/year, but total cost per patient should be lower for Kisunla, as treatment can be stopped with amyloid clearance.
Furniture/Furnishings Weekly – Jul 8, 2024
- In a holiday-shortened trading week (US Independence Day fell on a Thursday), larger-cap stocks outperformed smaller-cap stocks and the Water Tower Research Furniture/Furnishings indexes trailed the market.
- For the week, the WTR Commercial/Contract Furniture Index (-1.2%), Residential Manufacturers & Suppliers Index (-1.1%), and Home Goods Retailers Index (-3.1%) trailed the Mass Retailers Index (+2.2%) and the broader market indexes (-1.0% to +2.0%).
- The US Federal Trade Commission (FTC) is officially seeking to prevent Tempur Sealy from acquiring Mattress Firm, citing concerns over corporate power and potential anti-competitive outcomes.
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