In today’s briefing:
- Ohayo Japan | Concerns over Deficit Spending Post-Election
- Japan Morning Connection: Tokyo Metro IPO Should See Strong Demand
- [Blue Lotus Daily-TMT Update]:BABA US/700 HK/NTES US/JD US/PDD US/BABA US/VIPS US/1024 HK
- [Blue Lotus Daily]:XPEV US/1810 HK/MNSO US/1519 HK/ZTO US/Macro News Update/Travel Market Update
- Furniture/Furnishings Weekly: BYON Strikes Deals with TCS and KIRK for Bed Bath & Beyond Brand
- Biopharma Week in Review – October 21, 2024
- Sustainable Investing Surveyor – October 21, 2024
Ohayo Japan | Concerns over Deficit Spending Post-Election
- U.S. stocks ended mixed on Tuesday as investors assessed rising Treasury yields and concerns over deficit spending post-election
- Ahead of Japan’s October 27 election, PM Ishiba and major parties pledge to raise minimum wage to 1,500 yen ($9.94) by 2029, a 40% increase from current 1,054 yen
- Aerospace stocks generally weaker overnight despite relatively strong results. GE Aerospace (-9%), Lockheed Martin (-6%) and RTX (-1%).
Japan Morning Connection: Tokyo Metro IPO Should See Strong Demand
- Nervous markets overnight with a number of earnings misses adding downside pressure.
- Tokyo Metro IPO kicks off today which should see strong demand especially from risk-adverse retail investors.
- Tokyo Metro grey market last Y1400 vs Y1200 listing price, although bookrunners are calling higher levels to start.
[Blue Lotus Daily-TMT Update]:BABA US/700 HK/NTES US/JD US/PDD US/BABA US/VIPS US/1024 HK
- 700 HK: Tencent’s <Delta Force> Global Version Launch Scheduled for December 5 (+)
- 700 HK: Tencent Meeting Announces Free Meeting Time Limit Reduced to 40 Minutes (+)
- BABA US/700 HK: New user installs reach new high in September (+/+)
[Blue Lotus Daily]:XPEV US/1810 HK/MNSO US/1519 HK/ZTO US/Macro News Update/Travel Market Update
- XPEV US: Xpeng MONA M03 suffers large scale delivery delays (/)
- 1810 HK: Government official announces that Xiaomi has developed a 3nm smartphone SoC (+)
- MNSO US: Toptoy Expands Stores to Southeast Asia (/ )
Furniture/Furnishings Weekly: BYON Strikes Deals with TCS and KIRK for Bed Bath & Beyond Brand
- A relatively quiet week for the markets as earnings growth through the start of earnings season, increasing confidence around the no/soft landing scenario, and China stimulus offset growing concerns over luxury spend.
- The WTR Commercial/Contract Furniture Index was up 2.2% and the WTR Residential Manufacturers & Suppliers Index was up 1%, while the WTR Home Goods Retailers Index was down 0.9%.
- The DJ30 and S&P 500 were both flat at +0.1%, while the R2K was up 1.2%. The WTR Mass Retailers Index was up 0.7%.
Biopharma Week in Review – October 21, 2024
- We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A.
- Last week, LBPH was acquired, providing a boost to comps PRAX, MRNS, JAZZ, and DRUG.
- Biopharma M&A may start seeing an uptick after a slow summer.
Sustainable Investing Surveyor – October 21, 2024
- The WTR Sustainable Index was down 1.9% W/W versus the S&P 500 Index (up 0.9%), the Russell 2000 Index (up 1.9%) and the Nasdaq Index (up 0.3%).
- Energy Technology (13.2% of the index) was down 0.9%, while Industrial Climate and Ag Technology (48.4% of the index) was up 1.1%, ClimateTech Mining was down 5.8%, and Advanced Transportation Solutions (20.2% of index) was down 5.7%.
- Top 10 Performers: LTBR, AZRE, GEVO, NXH, HTOO, NGPHF, SMR, NRGV, PEGY, FTCI
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