In today’s briefing:
- Ohayo Japan|Correction Mode as Recession Fears Reassert; NUGGET: Cosmo Energy (5021) – SHAME ON YOU
- China Property Developers In Distress – Weekly News & Announcements Tracker | 23 June 2023
- The State of Retailing in Japan
- The S&P 500 Report: Performance, Profitability, Valuation & Key Metrics – Ed #2
- Weekly Stock Bullfinder – Week of 6/26
Ohayo Japan|Correction Mode as Recession Fears Reassert; NUGGET: Cosmo Energy (5021) – SHAME ON YOU
- OVERSEAS. SPX -0.8% on Friday, -1.8%WoW as recession fears resurface post -ve EU PMI, amidst rate hikes to combat inflation; Carmax +10% on earnings beat, but used car px falling
- JAPAN. NKY Futs -0.6% disc to Cash; USDJPY 143.7 reflecting disparity between Japan rates vs Global; Yet JP inflation remains elevated; JIC ¥1trn bid for JSR(4183); Oriental Land hikes px-es
- NUGGET. Cosmo Energy(5021) – set back for Japan corporate governance. The Fourth Estate – Your turn.
China Property Developers In Distress – Weekly News & Announcements Tracker | 23 June 2023
- A weekly curated selection of around 10 local Chinese news articles or company announcements, focused on developers in distress
- We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
- We do not verify the underlying data or provide any opinion, we only select and summarize the information; see direct links to sources
The State of Retailing in Japan
- The latest Economic Census for the Japanese retail and wholesale industries was published recently, five years on from the previous survey.
- The survey provides a wealth of data on the distribution industry, offering a snapshot macro view of the number of stores, businesses, employees, sales and sales space in Japan
- The key trend is a decline in store numbers but, while e-commerce is expanding, it will not eclipse stores in Japan where a unique model of omnichannel retail is emerging.
The S&P 500 Report: Performance, Profitability, Valuation & Key Metrics – Ed #2
- 1st chart shows us the 2023 % returns & the holdings weightings while the 2nd table is a return attribution analysis which tells us exactly that 10.25% (1025 b.p basis points) are due to just 7 stocks, the M7 (Magnificent Seven) tech stocks: Apple, Microsoft, Nvidia, Amazon, Tesla, Meta/Facebook & Google/Alphabet. Let that sink in!
- The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023
- To continues smoothly here, the S&P 500 with the stocks above their 52-week lows & below their 52-week highs: tech, AI, semiconductors and consumer discretionary are leading and hot, while energy, cruises & travel cooled off in the last year
Weekly Stock Bullfinder – Week of 6/26
- This past week, the S&P 500 snapped a five-week winning streak and Nasdaq snapped an eight-week winning streak.
- Last week also saw the Nasdaq post 4 consecutive days of net new lows, signaling caution.
- A healthy and much needed pullback could offer opportunities ahead of the upcoming second quarter earnings season.
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