In today’s briefing:
- Ohayo Japan | Turmoil in Washington, Stocks & JPY; Japan Rail Lifting Tourist Pass Prices
- Singapore – New Monthly B/S: Trade Finance Loans -24% YoY, Fixed Deposits +37% YoY at 50% of Total
Ohayo Japan | Turmoil in Washington, Stocks & JPY; Japan Rail Lifting Tourist Pass Prices
- OVERSEAS: US stocks sink, bond yields surge on hot jobs data. SPX dropped -1.4%
- JAPAN: NKY futures continue to decline -1.6% vs cash. JPY volatility as hits 150/$. Weak September sales at Uniqlo; strong US sales for Toyota
- JAPAN X – JR companies raising prices for tourist passes another sign that bosses keen to protect ROE
Singapore – New Monthly B/S: Trade Finance Loans -24% YoY, Fixed Deposits +37% YoY at 50% of Total
- New monthly balance sheet is out for Singapore banks, so we have a window on 3Q23 with data through 1 August. Total loans -6.0% YoY worse than -5.5% preceding month.
- Trade finance loans are moving well lower. Growth rate is -24% YoY in latest month with negative double digit growth YoY since January.
- Fixed deposits are surging, latest month +37% YoY and these higher cost monies are now 50% of total deposits, compared with 37% of total one year ago.
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