Strong US retail sales and economic recovery are confirmed again. How long does it continue at the current pace?
This is the graph of retail sales and three paychecks by the government. Consumer spending is 70% of GDP in the US, crucial for growth. The value of US retail sales climbed to $619bn.
US property market is also booming. You have only five days before you decide.
The actual selling price is above the listed price first time for at least a decade.
Looking at Japan, Osaka’s pandemic situation is horrendous. The medical system has finally crashed. The utilization of beds for serious patients surpassed 100%, no bed for a serious condition. Epidemic Prevention Measure is declared everywhere. Hospitals are never in such tight.
[Osaka beds]
The negative GDP impact of two lockdowns were 1.1%, disappeared JPY6tn personal consumption.
[GDP negative impact]
When it comes to the Equity market, Germany is running ahead of the US and Japan.
I think the positives from global recovery is more than offset the pandemic resurgence of Germany with no inflation.
[Germany, US, Japan]
Coinbase shares down by 16% from the first print, but still +37% from IPO price.
Limited access for institutional investors. bears in mind that this is one of the platforms, not cryptocurrency.
[Coinbase]
Inflation expectation is still getting higher despite lowering US 10 years yield. It's a good entry point for Japanese investors, but it seems to me that the yield will try 2.0%.
[BEI]
[US 10 years yield]
Toshiba
CVC didn’t come up with concrete plans after heavy pressure from banks.
Did CVC give up?
A. TOB is designed by Mr Kurumatani and nogo without him.
B. CVC had a setback to find partners for the deal
C. CVC is preparing a plan C given A and B didn’t work.
D. KKR is in a better position to get support from the banks and the government.
It's too early to give up. The government knows governance has been an issue for Toshiba and needs to be fixed. Stick with the position in the meantime. Effisimo has been patient since 2017. The best active fund's turnover is 70% in Japan.
[Toshiba]