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Japan has announced an additional 800 billion yen (US$5.4 billion) in funding for semiconductor manufacturer Rapidus, raising total support to US$11.5 billion. The funds will enhance Rapidus' production capabilities as it aims to mass-produce advanced 2-nanometer chips, with prototype production starting in April at its Hokkaido facility. A proposed bill could also make the government a shareholder in Rapidus and allocate an extra 100 billion yen (US$668 million) to the company.
UBS has maintained a "Neutral" rating on Renault with a target price of 47 euros. Analyst David Lesne highlighted the company's new strategic projects, including the acquisition of Nissan's 51 percent stake in the Indian joint venture, and noted that Renault has reaffirmed its annual forecast.
Barclays' Montgomery Koning discusses the volatility in currency markets driven by ongoing tariff headlines and trade policies under the Trump administration. As the April 2nd deadline approaches, uncertainty remains regarding the implementation and sustainability of tariffs, particularly affecting the dollar and euro. The yen, however, has regained its safe haven status, bolstered by Japan's economic resilience and less exposure to U.S. tariffs.
Granite Asia and Japan’s Integral Corporation have launched Granite-Integral, a joint venture focused on cross-border investments in Japan, with an initial capital of US$100 million from both partners. The initiative aims to support high-growth tech companies entering Japan and assist Japanese firms in expanding internationally, particularly in Southeast Asia. Co-led by CK Choun and Joe Yan, the venture will tackle regulatory and cultural challenges faced by global tech companies in Japan.
Global stocks plummeted as investors braced for President Trump's upcoming tariffs, with the ASX losing $42 billion and Japan's Nikkei index dropping 4.05%. Goldman Sachs raised US recession odds to 35%, predicting more Federal Reserve rate cuts as tariffs threaten economic stability. Safe-haven assets like US treasuries and gold surged amid the turmoil.
Japan is emerging from a prolonged deflationary period, with February's industrial production rising 2.5% y/y, driven by demand for manufactured goods ahead of new US tariffs. However, uncertainties surrounding US trade policies are impacting global sentiment and expectations for the Bank of Japan's rate hikes, with a forecast suggesting USD/JPY may end the year lower at 145.
Huawei Technologies reported a 28% drop in net profit to 62.6 billion yuan ($8.6 billion) in 2024, despite a 22% revenue increase to $118.2 billion, driven by strong sales in consumer goods and automotive services. The profit decline was attributed to increased investments in advanced technologies and a lack of business sales gains. The company spent over 179.7 billion yuan (nearly $25 billion) on R&D, employing more than half of its workforce in this area, while facing challenges from U.S. trade restrictions and security concerns.
Hedge funds are rapidly selling off global tech stocks, with U.S. tech making up 75% of the net selling, particularly in semiconductors. This shift, driven by macroeconomic pressures and a bearish outlook, has reduced hedge fund exposure to the tech sector to a five-year low of 16.4%. Concerns over AI valuations and trade tariffs have further fueled the selloff, despite reassurances from Goldman Sachs about the sector's strong fundamentals.
European stock markets, including the EuroStoxx 50, are experiencing declines as investors secure profits ahead of impending "reciprocal" tariffs. The index is facing bearish pressure below 5,300 points, with a critical support level at 5,100 points, while upcoming US employment reports could further influence market sentiment.
Market volatility is escalating as the US prepares for new reciprocal tariff announcements, leading to a 3.9% drop in the Nikkei and a 1% rise in gold prices. Investors are seeking safety, reflected in falling German Bund and US Treasury yields, while key economic indicators are set to be released soon.As global economic tensions rise, the implications of impending tariff talks and mixed currency positions are under scrutiny, prompting investors to assess whether these fluctuations are temporary or indicative of a broader economic realignment.
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