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UBS has rated Infineon Technologies AG as 'Buy' with a target price of 41 euros. As a leading semiconductor manufacturer, Infineon's diverse product range serves various sectors, with 50.5% of sales from the automotive industry and significant contributions from power and sensor systems, industrial power control, and networked secure systems. Geographically, the company generates substantial revenue from China, Europe, and the USA.
Chinese stimulus is expected to have a less favorable impact on base metals compared to previous years. While emerging markets show positive earnings and policy changes, risks from U.S. tariffs under the Trump administration loom. The U.S. dollar is seen as a strong hedge against these uncertainties, with a generally overweight stance on global equities and specific currencies like the JPY, while Europe remains underweight due to disappointing economic data.
Kioxia Holdings Corp., backed by Bain Capital, has set its indicative IPO price at ¥1,390 per share ahead of its debut on the Tokyo Stock Exchange on December 18. This move aims to leverage the renewed interest in Japan's stock market, following Tokyo Metro Co.'s successful $2.3 billion listing in October.
US equity markets surged, with the Dow Jones gaining 461 points as investors shifted to cyclical stocks amid a resilient economy, while the ASX 200 hit a record high of 8446, driven by strong energy, banking, and resource sectors. Key economic indicators showed a decline in US housing starts and a drop in jobless claims, while inflation rates in the UK and Japan saw mixed results. Upcoming data releases include the US FOMC meeting minutes and Australia's monthly CPI indicator, which may influence future monetary policy decisions.
Asian markets are poised for a positive start, with major indices like the Nikkei and ASX showing gains. The Singapore Blue Chip index is nearing its November 2021 high, having surged nearly 33% since August, while Japan's CPI data supports potential rate hikes by the Bank of Japan.
The U.S. dollar remains near a 13-month high as investors evaluate the Federal Reserve's interest rate trajectory, with the euro struggling amid European uncertainties. The dollar index slightly dipped to 107.01, close to its one-year peak, while U.S. jobless claims fell to a seven-month low, suggesting potential for rate cuts in December.
Japan's Prime Minister Shigeru Ishiba announced that the forthcoming stimulus package is expected to have an overall impact of ¥39 trillion ($250 billion), which includes private sector spending. He emphasized the urgent need to raise wages across all generations, highlighting its importance for the present and future.
Alain Bouchard, founder and chairman of Alimentation Couche-Tard Inc., has ruled out a hostile takeover of Seven & i Holdings Co. while maintaining his ¥7.3 trillion ($47.3 billion) buyout proposal. This follows a competing ¥9 trillion management buyout offer from the Ito family, backed by banks and Itochu Corp.
Japan's core inflation in October remained above the central bank's 2% target, with a key index excluding fuel costs showing an acceleration. This persistent inflation is increasing pressure on the central bank to consider raising its currently low interest rates.
Asia-Pacific markets surged as investors reacted to Japan's October inflation data, with core CPI rising 2.3%, slightly above expectations. Japan's Nikkei 225 and Topix gained 0.54% and 0.51%, respectively, while Australia's S&P/ASX 200 increased by 0.71%. In the U.S., major indexes also rose, with the Dow Jones up 462 points, as crude oil prices climbed following geopolitical tensions.
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ubs rates infineon as buy with target price of 41 euros
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