In today’s briefing:
- Ohayo Japan| SPX Sell-Off Led by Tech/Discretionary Stocks; NUGGET: China-Double Whammy on Deflation
- China TMT Update-1810. HK/NIO/LKNCY- NIO Phone’s Core Specs/Luckin Sold 7.39mn Cups/Apple’s Earnings
- Japan’s Best Performing Retailers
- SPAC Talk – The SPAC ETF Landscape – Boring Is Good
Ohayo Japan| SPX Sell-Off Led by Tech/Discretionary Stocks; NUGGET: China-Double Whammy on Deflation
- OVERSEAS. US Major Equity Indices fall over night with Tech leading the sell off; Oil prices (and Stocks) in the other direction; Negative China CPI-Deflation confirmed.
- JAPAN. NKY Futures -0.2% vs Cash; USDJPY 143.7; China to allow Group Tours to Japan; EARNINGS: Positive Inpex and Nexon: Strong earnings and Buyback; Sony earnings down on M&A hangover
- NUGGET. Yesterday’s CPI print confirmed that China in Deflation. Looking for more aggressive stimulus. Monetary unlikely to work. Looking for A BIG FISCAL STIMULUS(at some point). Remain cautious China related.
China TMT Update-1810. HK/NIO/LKNCY- NIO Phone’s Core Specs/Luckin Sold 7.39mn Cups/Apple’s Earnings
- 1810. HK: Takeaways for Xiaomi from Apple’s F3Q23 earnings (-)
- NIO: local benchmarking platform revealed NIO phone’s core specs (+)
- LKNCY: Luckin Coffee sold 7.39mn cups on the Start of Autumn（+）
Japan’s Best Performing Retailers
- Results for FY2022-23 provide a snapshot of winners and losers in Japan’s retail sector.
- The data shows a big improvement in performance for retailers with sales of ¥250 billion or more and the outlook is positive for most, particularly for profits.
- This also means that market concentration is intensifying, particularly in sectors like drugstores but also now in supermarkets. We highlight the winners in each sector.
SPAC Talk – The SPAC ETF Landscape – Boring Is Good
- Off to the races again? In terms of deal activity, following an unusually sluggish July, August has started in spritely fashion.
- Only six new IBC deals were penned last month, with a total value of $1.9 billion, making it the slowest month in deal flow since April 2020.
- Meanwhile, the first week of August has already delivered five new IBC transaction announcements worth a total of $3.7 billion.
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