Daily Brief Thematic (Sector/Industry): Ohayo Japan | Higher Yields Pressure Stocks and more

• Stocks fell on Wednesday as rising Treasury yields overshadowed gains from Nvidia. The Dow Jones Industrial Average dropped 411 points
• After hours, stocks had a mixed performance as Salesforce shares plummeted over 14% after its revenue missed estimates, despite beating earnings expectations
• Japan plans to allow companies to use share delivery for acquiring stakes in foreign firms by 2025, easing global M&A deals

• Gerald Stack, Ben McVicar, and Ofa Karlina discuss investing in infrastructure and the opportunities it offers
• Infrastructure assets provide essential services like energy, water, and transport, leading to reliable and predictable long-term demand
• Short-term problems or opportunities in infrastructure companies can impact share prices, creating investment opportunities for savvy investors

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• UK refining sector facing challenges including competition from overseas refineries, transition to electric vehicles, and sustainability targets in aviation
• Closure of Grangemouth refinery in 2025 highlights broader trend of refinery closures in UK
• Exxon Mobil’s Forli refinery investing in new diesel production capacity to address UK’s growing diesel deficit and decrease diesel imports by a quarter

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• Wells Fargo Strengthens Investment Bank with JPMorgan Veteran Fernando Rivas
• ConocoPhillips to Acquire Marathon Oil in $ 17 Billion Deal
• Biden Administration Expands Clean Energy Tax Credits Beyond Wind and Solar

• RIL signs deal with Russian major to source crude at discounted price
• Adani Promoters buys stake in group companies ahead of fund raising
• Paytm denies Adani’s hand; Coal India going beyond Coal to diversify

• The clothing sections of GMS chains and supermarkets have declined so far in relevance that most assume the format will disappear entirely. 
• But new efforts by Aeon, as well as collaborations by the likes of Ito-Yokado, could lead to a new lease of life and higher margins.
• This may impact on retailers like Shimamura but the more likely result will be new opportunities to takeover supermarket apparel floors as Adastria is doing already.

• I had the opportunity to talk about the CHIPS Act’s progress with two people at the program office.
• I really think this is a great step in the right direction, and we talk about some of the misconceptions of the CHIPS program, and more.
• Today will be a pretty special interview podcast, and I have Dan Kim and Hassan Khan from the CHIPS program.

• The WTR Sustainable Index was up 0.3% W/W versus the S&P 500 Index (flat), the Russell 2000 Index (down 1.2%), and the Nasdaq Index (up 1.4%).
• Energy Technology (14.3% of the index) was up by 11.0%, while Industrial Climate and Ag Technology (59.4% of the index) was up by 0.8%, ClimateTech Mining was down 6.0%, and Advanced Transportation Solutions (20.3% of index) was down 6.7%.
• Top 10 Performers: VIEW, PEV, PEGY, LIDR, BRDS, VIHD, ARVL, CPWHF, BE, NXT