In today’s briefing:
- US Banks – Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative
- GEMWeekly (19 Jan 2024): China Macro; Baidu, Tencent, ByteDance
- What to Expect In SK Hynix and Samsung Earnings Calls
US Banks – Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative
- US banks show flat lining loan growth, and continued very high growth in Jumbo time deposits, borrowings. Total deposits though, remain in contraction.
- With the liability shift away from checking accounts, loan growth at near zero YoY will not help net interest income growth. Most recent two weeks’ data, loans declined USD58bn.
- Our sample of 36 US banks shows net interest income has just turned negative in 4Q23, and its pace of decline should worsen considerably, in coming quarters.
GEMWeekly (19 Jan 2024): China Macro; Baidu, Tencent, ByteDance
- The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
- Macro data points: China’s GDP growth, industrial production, and retail sales data
- Companies mentioned:Baidu (9888 HK), Tencent (700 HK), ByteDance (1439927D CH)
What to Expect In SK Hynix and Samsung Earnings Calls
- SK hynix’ earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung’s for 10:00 AM Korea, January 31. What can investors expect to hear?
- Three indicators have provided a preview of the two calls’ directions: WSTS, Spot Pricing, and Micron’s earnings call one month earlier.
- The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.
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