In today’s briefing:
- Ohayo Japan |Hawkish Fed Pause; SPX Falters; NUGGET: The Japan Renewables(+Nuclear) Opportunity
- Carnage in the Swedish Housing Market
- Korea’s Large Banks & Hanwah Ocean – Credit Reversals or Overhang?
- China TMT Update June 15 – 1810.HK/700HK/LI: India Issues Xiaomi Show Cause Notice
Ohayo Japan |Hawkish Fed Pause; SPX Falters; NUGGET: The Japan Renewables(+Nuclear) Opportunity
- OVERSEAS. Hawkish Fed Pause is Powell telegraphs +50bps hikes this year; SPX flat with most Sectors in the Red; PPI comfort as shows inflation declining; NVIDIA on the roll Again
- JAPAN. NKY Futs +0.3% vs Cash; Positive earning revisions driving NKY; Investors Cheer Toyotas revamped EV strategy + votes back in board; Oasis tgts Tsuruha board; Slow Uniqlo China momentum
- NUGGET. The Japan Renewables(+Nuclear) Opportunity. Japan is lagging in it’s Renewables ramp. The government’s 2030 GHG reduction commitment presents signifcant opportunities.
Carnage in the Swedish Housing Market
- Along with the rest of Europe Swedish Real Estate has been hit hard. Most of the loans being 3m to 5y variable rates have been especially painful for Swedish households.
- However optimism is returning to the market as consumers seem to have forgotten that a credit contraction follows pivot hopes
- The cure is simple for the Riksbank: Lower rate. Good luck with that in the current inflationary environment
Korea’s Large Banks & Hanwah Ocean – Credit Reversals or Overhang?
- Daewoo Shipping & Marine Engineering early in May 2023 agreed to takeover by Hanwah Group
- Hanwah Ocean, the re-named entity, reported financial stress for years, a lumpy NPL for banks
- C&P CIQ data suggests that all four major Korean banks are creditors to Hanwah Ocean
China TMT Update June 15 – 1810.HK/700HK/LI: India Issues Xiaomi Show Cause Notice
- 1810.HK: India Enforcement Directorate issues Xiaomi show cause notice (-)
- 700HK: Tencent launched “White Night Aurora” on June 13th (+)
- LI: Li Auto ‘s weekly delivery reaches 8.4k units (+)
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