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Japan's top automakers, Toyota, Nissan, and Honda, reported significant increases in US sales in March, driven by consumer rushes to avoid impending tariffs on vehicle imports. Toyota's sales rose 7.7%, Nissan's by 9.9%, and Honda's by 13.2%, reflecting strong demand ahead of the 25% surcharge imposed by President Trump. Despite being major investors in the US, Japanese companies have not secured exemptions from these tariffs.
UBS indicates that markets have not yet reached their bottom, despite recent signs of improvement in indices. Uncertainty remains, with modest buying interest in Europe. In Asia, Tokyo saw a gain of 0.55%, while Shanghai and Hong Kong experienced slight losses of 0.10% and 1.21%, respectively.
Deutsche Bank warns that the dollar is entering a significant downtrend, potentially reaching its weakest level in 11 years due to growing distrust in US leadership and rising global fiscal spending. The euro is expected to strengthen to $1.30 by 2027, while the yen may rise to 115 per dollar. Analysts highlight a shift in capital flows away from US assets, driven by trade tensions and a reassessment of America's global economic role.
UBS analyst Shingo Hirata has reduced the price target for Murata Manufacturing from JPY 3,300 to JPY 3,100 while maintaining a Buy recommendation. The company, valued at $27.91 billion, is expected to benefit from an 8-12% growth in the MLCC market by 2026, driven by advancements in AI, electric vehicles, and driver assistance systems. Despite a forecasted earnings decline of 20-30% for FY3/26, Murata's strong financial health and strategic market positioning suggest potential for recovery and growth.
Danone, a leading global food group, reports its sales breakdown: dairy and plant-based products (49.2%), specialized nutrition (32.6%), and packaged waters (18.2%). By the end of 2024, the company will operate over 180 production sites worldwide, with significant sales in Europe (26.5%) and North America (24%).
The Bank of Japan is expected to maintain its current interest rate of 0.50% at the upcoming monetary policy meeting, amid mixed economic signals and ongoing tariff uncertainties. While inflation remains above the 2% target, wage growth is crucial for any future tightening. The USD/JPY pair is under pressure, reflecting broader global trade dynamics, while the Japan 225 index faces challenges in overcoming key technical resistance levels.
Deutsche Bank has lowered its price target for Kering SA to €177 from €205 while maintaining a Hold rating. The company's first-quarter revenue fell 14% at constant exchange rates to €3,883 million, missing estimates, with Gucci sales down 25% and Yves Saint Laurent down 9%. The luxury sector's mixed performance has led to increased uncertainty regarding Kering's investment outlook, particularly following changes in Gucci's creative direction.
The Nikkei 225 has surged over 10% in the past two weeks, driven by easing trade tensions and the potential for a swift trade agreement with the U.S. This rebound is particularly beneficial for Japan's heavy industries, which had previously faced significant corrections. Key resistance levels to watch are around 37,365 points, with a target of reaching 39,000 points, contingent on the progress of trade negotiations.
Nintendo's shares rose 5.5% after announcing 2.2 million pre-orders for the Switch 2 in Japan, significantly exceeding expectations. The console, launching globally on June 5, will retail at $449.99 in the U.S. and 49,980 yen in Japan, with limited availability expected due to high demand.
Barclays has lowered its price target on Applied Materials, Inc. to $160 from $190 while maintaining an equal-weight rating. The company focuses on designing and manufacturing equipment for integrated circuits and semiconductor components, with 73.3% of net sales coming from the semiconductor industry. Geographically, 37.2% of sales are generated in China, followed by Korea (16.5%) and Taiwan (14.8%).
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Japanese automakers report surge in US sales before tariff implementation
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15:25 22.04.2025
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