In today’s briefing:
- Ohayo Japan | Stocks Sink; Hitachi Role in Clean Power Revolution
- China Property – Today’s NBS Macro-Property Data for September 2023
- October Restrictions Implications
Ohayo Japan | Stocks Sink; Hitachi Role in Clean Power Revolution
- Overseas: SPX -1.3%, Nasdaq -1.6%; Tensions in Middle East; higher oil prices; 10Y bond at highest rate since 2006
- Today: NKY Futs -1.2% v cash. JPY 149.9/$; Inbound fully recovered; Socionext to work with TSMC
- JapanX: Hitachi Energy has supplied HVDC systems in the World’s largest wind farm; company well placed to benefit from energy transition
China Property – Today’s NBS Macro-Property Data for September 2023
- Today’s NBS data for September points to further weakening in the housing market year-to-date year-on-year while turning less negative on most indicators on a 12M rolling basis
- It’s in line with our forecast from Dec 2022 data, and also consistent with what the weekly data suggested earlier
- But the main caveat persists – the 2022 data (May-Sep) continued to be revised down (officially) for some key metrics like new home sales
October Restrictions Implications
The new clarification of the October export restrictions came out today, and as far as I can tell, it is a slight liberalization of the previous export restrictions for semicap.
For AI, it looks to be the closing of the A800 and H800 loopholes.
I read both documents. They are pretty dense, and instead of going through a super detailed analysis, I want to give you a spark notes version of the export restrictions and the implications.
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