dChan
Anonymous ID: d83f87 June 26, 2019, 9:19 p.m. No.6852457   🗄️.is đź”—kun   >>2477

Asian Market Report

 

Crude fills the first gap-from earlier today/yesterday depending where you are: Cap#3 black line. Nice rally in the Nikkei, but they have some issues as the BOJ basically owns half of everything in that index. Still good to see as that is allowing our futures a little bump up, Cap#4. China is still dealing with the same issues. 10lbs of shit in a 5lb bag. SHIBOR frozen at 1% means that the PBOC is forcing the banking system to lend to

each other at 1% so they will effectively keep reporting that as the actual rate. It's no different then the LIBOR issue just a little less subtle.

The Nikkei share average rose 0.9% to 21,267.60 points by midmorning. Overall sentiment improved, with cyclical stocks and companies with large exposure to China in positive territory ahead of a meeting between POTUS and Xi-good luck to both of you.

 

Some Headlines

 

Japan Display to receive $100 million investment from Apple, says report; shares jump

Japan Display Inc is set to receive a $100 million investment from Apple Inc, its biggest customer, the Asahi newspaper reported on Thursday, sending the screen maker’s shares up as much as 32% in Tokyo.

Japan Display is facing a funding crunch due to Apple’s recent shift away from liquid-crystal displays (LCD) and disappointing sales of the iPhone XR, the only LCD model in Apple’s 2018 line-up.

Apple accounts for 60% of Japan Display’s revenue. Representatives for Japan Display and Apple separately declined to comment on the report.

Japan Display had been pursuing a bailout deal with a Chinese-Taiwanese consortium, but the suitors delayed an up to 80 billion yen ($741 million) investment in order to reassess the company’s prospects.

Consortium members Harvest Group and Oasis Management Company Ltd set Thursday as the deadline to decide on its investment.

Taiwanese screen maker TPK Holding Co Ltd and financial firm CGL Group dropped out of the process earlier this month.

 

FCC opens probe into Sinclair disclosures on failed Tribune deal

The Federal Communications Commission has opened a new investigation into whether Sinclair Broadcast Group Inc engaged in misrepresentations or a lack of candor in its failed effort to win approval for a $3.9 billion bid to purchase Tribune Media Co.

In a June 25 letter to Sinclair posted Wednesday on the FCC’s website, the government agency directed Sinclair to answer a series of questions and provide documents by July 9, warning that “failing to respond accurately and completely to this (letter) constitutes a violation of the act and our rules.” Sinclair did not immediately respond to a Reuters request for comment.

An administrative judge in March dropped a hearing into allegations that Sinclair, the largest U.S. broadcast station owner, may have misled regulators. Judge Jane Halprin added however that the allegations “are extremely serious charges that reasonably warrant a thorough examination.”

Tribune terminated the sale of 42 TV stations in 33 markets to Sinclair, which has 192 stations, in August. A month earlier the FCC referred the deal for a hearing, questioning Sinclair’s candor over the planned sale of some stations and suggesting Sinclair would effectively retain control over them.

https://www.reuters.com/article/us-usa-sinclair-fcc/fcc-opens-probe-into-sinclair-disclosures-on-failed-tribune-deal-idUSKCN1TS0BF?

 

China is not going to surpass the U.S. in retail sales this year as trade conflict weighs

China is now on track to grow retail sales by 3.5% in 2019 to $5.291 trillion, according to eMarketer, but that’s well below its 2018 year-end forecast for growth of 7.5% to $5.636 trillion. China currently has a 21.1% share of the world’s retail market, while the U.S. has a 21.9% share.

https://www.marketwatch.com/story/china-is-not-going-to-surpass-the-us-in-retail-sales-this-year-as-trade-conflict-weighs-2019-06-25

 

https://www.dailyfx.com/crude-oil

https://www.cnbc.com/asia-markets/

https://www.bloomberg.com/markets/stocks/futures

Anonymous ID: d83f87 June 26, 2019, 9:49 p.m. No.6852658   🗄️.is đź”—kun   >>2762 >>2855 >>2914

France's Macron says no need to lower government's stake in Renault

 

TOKYO (Reuters) - French President Emmanuel Macron said on Thursday there was no need for the government to lower its stake in Renault and that he wanted the Renault-Nissan alliance to work on strengthening its synergies.

 

Relations have been strained between the alliance members since the shock arrest in November of former boss Carlos Ghosn, but Macron referred to that as an individual situation that should not have a bearing on their partnership.

 

“Nothing in this situation justifies changing the cross shareholdings, the rules of governance, and the state’s shareholding in Renault, which has nothing to do with Nissan,” Macron told reporters.

 

Macron’s comment contradicts recent remarks by Finance Minister Bruno Le Maire that the government was ready to reduce its 15% stake in Renault in the interest of bolstering the automaker’s alliance with Japan’s Nissan Motor.

 

“I wish for the group to maintain its stability concentrating on the essential and that synergies between Renault and Nissan continue to be strengthened,” said Macron, who was in Japan on an official state visit ahead of the G20 in Osaka.

 

“The future of the group is how it can become leader in electric vehicles and one of the leaders in autonomous vehicles … I think the future is more of a growing integration.”

 

Despite the French government’s frequent calls for Renault and Nissan to strengthen their partnership, Nissan has been unhappy with what it sees as an unequal relationship and has rebuffed previous suggestions of an outright merger.

 

Renault owns 43% of Nissan which has surpassed its French partner in size since being rescued by it two decades ago. Nissan holds a 15%, non-voting stake in its partner.

 

Nissan Chief Executive Hiroto Saikawa said at a shareholders’ meeting this week the Japanese automaker would “postpone discussions” on the future direction of the alliance as it prioritized recovery of its financial performance.

https://www.reuters.com/article/us-japan-france-nissan/frances-macron-says-no-need-to-lower-governments-stake-in-renault-idUSKCN1TS0AT