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Tesla is less impacted by Trump's new auto tariffs due to its largely domestic production and supply chain, with analysts noting potential benefits in the U.S. market. However, the company faces challenges in Europe and Canada, where reduced incentives and policy headwinds threaten demand. Despite a recent stock increase, Tesla's shares have dropped over 40% since December amid growing criticism and protests against the company.
Societe Generale is closely monitoring the volatile dollar, which recently fluctuated between a near dip below 100 and a rebound above 110 on the Dollar Index. This instability reflects various economic factors, including Germany's fiscal adjustments and uncertainties in the US political landscape, with a modest GDP growth forecast of 1.7%. While the bank remains optimistic about global fiscal policies, particularly Germany's increased defense spending, it expresses caution regarding the US economic environment and its potential impacts on currency markets.
Saudi Arabia's non-oil exports rose by 10.7% year-on-year in January, with national non-oil exports increasing by 13.1%. The value of re-exports grew by 5.7%, contributing to a decrease in oil exports' share of total exports from 74.8% to 72.7%. Imports also surged by 8.3%, while the trade surplus fell by 11.9%.
Shares of Japan's major automakers fell sharply after President Trump announced a 25% tariff on auto imports, with Toyota down 3.7%, Nissan 3.2%, and Honda 3.1%. The auto industry is crucial to Japan's economy, accounting for about 10% of jobs and a significant portion of US-bound exports. Japanese officials have sought tariff exemptions but have faced refusals, raising concerns about the broader economic impact.
UBS is open to compromise on capital requirements, proposing to limit risky investment banking to 30% of its business and potentially adding $5 billion in equity, though less than regulators demand. The bank faces a €172 million fine for participating in a bond trading cartel, which it may appeal. Additionally, UBS experienced a technical disruption affecting client payment transactions, with double debits reported, but the issue has been identified and will be corrected.
The European General Court has upheld a multi-million euro fine against UBS, UniCredit, and Nomura for their involvement in a cartel manipulating European government bond trading from 2007 to 2011. UBS's fine remains at €172 million, while fines for UniCredit and Nomura have been slightly reduced, totaling €363 million for all three banks. UBS is considering an appeal against the ruling.
The General Court of the European Union has upheld fines against UBS, Nomura, and UniCredit for participating in a cartel related to European government bonds, originally totaling 371 million euros. While the court confirmed the breaches of EU competition law, it reduced Nomura's fine to 125.65 million euros and UniCredit's to 65 million euros due to calculation errors. The banks are considering appeals to the European Court of Justice.
Bank of America forecasts a gradual recovery for the Japanese stock market from April to June, with a full rebound expected in the second half of the year. Analysts note that the market has begun to price in the impact of U.S. tariffs, and improvements in earnings expectations are providing support despite recent capital outflows. The benefits of inflation and corporate reforms are anticipated to outweigh the side effects of interest rate hikes, with ROE expected to surpass 9.5% later this year.
Nintendo shares surged over 6% after Goldman Sachs projected that the upcoming Switch 2 console, set to be unveiled on April 2, will boost active users and sales. The firm reinstated a buy rating with a price target of JPY 13,600, anticipating a renewed growth phase for Nintendo's earnings alongside new software titles. Analysts believe the phased release of games could mitigate scalping issues experienced with the original Switch.
Japan’s Nikkei share average rose 0.3% to 37,890.15, buoyed by investor optimism over U.S. President Trump's potential flexibility on tariffs. The broader Topix gained 0.2%, with semiconductor stocks like Tokyo Electron and SoftBank Group contributing to the gains. However, a stronger yen pressured Japanese automakers, while Nintendo surged 5%, becoming the top gainer on the index.
Japanese Yen
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