In today’s briefing:
- Ohayo Japan: Stocks Higher, 10Y Yields Rise Too; JAPAN X – Toyota Embraces Gigacasting
- China TMT Update-700.HK/NTES.US.2400.HK.ZTO/2352/BABA/PDD/U-Game Code/Parcel Volume Remains Strong
- China TMT Update-NIO/BYD/XPEV/NIO/TSLA-August EV Export Growth Decelerated/NIO’ S Sales in Europe
- [Blue Lotus Sector Update]: Chinese Renewable Energy Comes to Crossroads
- Furniture/Furnishings Weekly – SCS Results Boost Commercial/Contract Furniture Sector
- The Highlights – Cannabis News for the Week Ending September 22, 2023
Ohayo Japan: Stocks Higher, 10Y Yields Rise Too; JAPAN X – Toyota Embraces Gigacasting
- OVERSEAS: SPX +0.4%; stocks shrug off moves in the bond market as 10-Years hit 4.54%, highest level since 2007
- JAPAN: NKY futs -0.6% v cash, JPY 148/$; PM Kishida unveils new tax breaks for semiconductor production
- JAPAN X: Toyota is making significant strides in revolutionizing its electric vehicle (EV) manufacturing with the adoption of “gigacasting” technology
China TMT Update-700.HK/NTES.US.2400.HK.ZTO/2352/BABA/PDD/U-Game Code/Parcel Volume Remains Strong
- HK 700/NTES US/HK 02400: NPPA has released the game code approvals for September, but Tencent and NetEase is not on the list (-)/(-)/(+).
- ZTO/002352.CH/BABA/PDD: Parcel volume remains strong, grew 23% YoY last week (+)
- U: Unity Issues Formal Apology and Adjusts Previous Runtime Fee Plans (-)
China TMT Update-NIO/BYD/XPEV/NIO/TSLA-August EV Export Growth Decelerated/NIO’ S Sales in Europe
- NIO ：NIO’ s sales in Europe grew rapidly in August（+）
- BYD/XPEV/NIO/TSLA: Chinese new energy vehicles no longer meet French electric vehicle subsidy standards（-）
- August EV export growth decelerated, batttery export growth rebound while inverter in price war (-)
[Blue Lotus Sector Update]: Chinese Renewable Energy Comes to Crossroads
- Contrast to weak EV demand and solar PV inventory correction abroad, domestic renewable capacities have been growing at such a neck-breaking speed that we foresee a utilization drop in 2023;
- China’s firm and consistent renewable policy and a unified energy vision have been its strength,
- But now have developed a few inconsistencies. Resolution of inconsistency push the sector to higher grounds.
Furniture/Furnishings Weekly – SCS Results Boost Commercial/Contract Furniture Sector
In a week when the broad market indexes retreated by ~3%, the positive earnings report from Steelcase, Inc. (SCS) provided a boost for all the Commercial/Contract Furniture issues.
SCS results supported a view that demand in the office furniture sector had troughed.
CFO Dave Sylvester noted that the weekly pace of orders in its Americas segment was steady through its fiscal 2Q and into 3Q and that the Y/Y order comparison for the first few weeks of September was up by ~18%. For details, see our update note from September 22.
The Highlights – Cannabis News for the Week Ending September 22, 2023
Global equities sold off this week after more hawkish language from the Federal Reserve. The MSCI World Index fell 2.77%, while the S&P 500 dropped 2.92%.
The Fed kept rates at 5.25-5.50% but warned additional rate hikes are possible.
The NASDAQ declined 3.62%, while the small-cap Russell 2000 finished the five days down 3.78%.
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