In today’s briefing:
- Post Card from Dhaka – A Primer on the Bangladesh Market
- Japan’s Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises
- Good Morning Japan |Positive Start Ahead of Fed/CPI; Energy Gets a Break
- China E-Commerce 2023: Fortunes Unlikely To Change With China Moving To a State-Dominated Economy
Post Card from Dhaka – A Primer on the Bangladesh Market
- Bangladesh is the eighth-most populous country in the world and is the second-largest economy in South Asia after India making it a consumer market that warrants close attention.
- India – Bangladesh FTA promises to accelerate trade, but we find little excitement on the ground.
- For an EM Investor, it may be a bit too adventurous to venture into this frontier market plagued with political dynamics and governance risks which are too large to ignore.
Japan’s Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises
- The long awaited lifting of restrictions on inbound tourists in October seems to have given new confidence to domestic tourists too.
- Major airlines, hotels and railways are all reporting a significant uplift in bookings with several forecasting that figures will exceed 2019 by March next year.
- Retailers have benefitted too, notably department stores and lifestyle retailers. Now all Japan needs is for Chinese tourists to be allowed out.
Good Morning Japan |Positive Start Ahead of Fed/CPI; Energy Gets a Break
- OVERSEAS: SPX +1.4% ahead of Fed/CPI; Energy and Tech lead with Industrials; Boeing +3.8% poised for massive Air India order; GS restructures its Consumer Banking biz
- JAPAN: Nikkei Futures point +0.6% vs Cash; Yen weakens to ¥137.6; Govt clarifiies NISA expansiion-positive flows to stock mkt; Nov Beer sales weak; Mach Tool order in Nov -7.8%YoY
- DAILY NUGGET: We are bullish IHI(7013) on the acceleration of Boeing’s orders but highlight some industry risks coming out of Europe to short-haul flights.
China E-Commerce 2023: Fortunes Unlikely To Change With China Moving To a State-Dominated Economy
- Chinese e-commerce companies have underperformed in the last couple of years with immense regulatory-pressure. Although, there’s been a resurgence lately, we are not expecting a complete change of fortunes next-year.
- Regulatory crackdowns have already had their stab at curtailing Chinese e-commerce valuations but the effects of Common Prosperity and a State-Dominated-Economy will continue to impact the industry over-medium-long term.
- Meanwhile, the Chinese economy looks fragile with high unemployment among youths and many local governments on the brink of bankruptcy.
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